'Voice-first' strategy will become norm for businesses by 2023
Research by Red Box identified that a lot of businesses don't have the tools to analyse voice data
Red Box thinks most businesses will adopt a voice-first approach to data in the next five years.
According to a study carried out by Sapio on behalf of Voice Box, more than three-quarters of businesses have their eyes set on a voice-first data strategy, with 95% of CIOs, general C-suite and IT management enterprise employees saying they recognise the importance of voice data in their business.
The idea behind such data collection is to have datasets for the training of staff, improving customer service, and having data for Ai systems to be trained upon.
However, companies are still failing to collect data relating to business conversations, with less than half (49%) saying they haven't yet started capturing such conversations.
Of those that have started collecting the information, more than half said the information isn't accessible to analytics platforms, making it a pretty pointless exercise collating the data.
"Today, voice is a critical data set for the digital transformation of the enterprise," Richard Stevenson, Red Box CEO said. "It holds much more value than any other means of communication because it conveys context, sentiment, intent, emotion and actions, providing real intelligence and driving valuable business outcomes."
The most common processes involved in voice data is automatic transcription, used by 52% of businesses to train staff, prove compliance or improve customer service.
Businesses are also using AI to analyse voice conversations in order to protect customers and businesses from fraud, improve customer experience and influence strategy.
"The research we've conducted is quite astounding, showing how few organisation-wide voice conversations are being captured and how much of that data is inaccessible," Stevenson added. "This is a significant risk in terms of data silos and a missed opportunity that Red Box is looking to help organisations overcome."