Speech recognition applications are not such revolutionizing IVR, defined for this article as enabling dual-tone multiplex frequency (DTMF) or TouchTone(TM) interactions, but instead appears to be supplanting it as the key means of automated voice interaction. That victory, which may be in sight, sets the stage for integrating voice with web, e-mail, and SMS to provide a unified user-friendly automated solution that will reduce agent engagement time and, for an increasing number but far from all interactions, eliminate agent involvement.
The value proposition of speech rec is that offers superior usability compared with DTMF for much lower cost than live agents: typically 50 cents compared with $5-$9 per transaction.
Implemented right, speech rec, along with the text and web applications can cut costs and maintain if not increase customer service satisfaction and retention.
Yet while speech rec technology has come a long way, it still places significantly lower than live agents in customer satisfaction surveys, though higher than DTMF.
“Speech rec has a customer satisfaction ranking of about 4.5 on a 10 point scale while DTMF IVR is typically between 1 and 2, points out Bob Lyons, General Manager and Vice President, Avaya’s customer service business. “In contrast, live agent interactions score a 7 on average. The real opportunity is in finding a way to get speech interactions to begin approaching scores seen by live interactions.”
To achieve that goal will, however, require resources. Speech rec software and integration can costs upward of several hundred thousand dollars, can take nine to 12 months to implement followed by one year of operation before achieving return on investment (ROI).
It will also require speech applications to be more user-responsive and integrated with multiple sources of rich content such as web, voice and user-specific data. These sources are typically in application silos, which will require large investments to integrate…