Forget water. Our world is swimming in data.
Oceans of data – a staggering 2.5 quintillion bytes – are produced every single day. That’s the number 25 followed by seventeen zeroes, or 2 and a half million terabytes adding up daily. And 90% of all the data in the world has been produced in just the past 5 years.
And it’s growing faster and faster. By 2025, it is estimated that the world will produce a mind-blowing 463 exabytes (or 463 million terabytes) of data daily. To put that into perspective, it is estimated that every word ever spoken by human beings would amount to less than 5 exabytes.
That’s not just a lot of data, but an enormous amount of potential value. Especially as far as voice data is concerned. The market for voice analytics alone is expected to grow at a CAGR of 22.14% over the next 4 years to about $5.5BB by 2026.
But that’s just the value of the analysis market. It says nothing about the value of the data itself, which can be mined for business intelligence insights that fuel enterprise growth in a number of ways.
But only if it’s put to use.
Compliance Data for Voice Analytics
So much of this massive data pile is collected by enterprises out of necessity – for compliance within financial services industry regulations. Originally, this was voice data’s sole purpose, and recorded voice data did nothing more than take up storage space and collect digital dust.
CallCabinet changed all that when we invented cloud-based call recording. Not only did this move voice data into the Azure cloud where limitless storage awaits, but it also kept it actionable. So, not only could the voice data our platform recorded be easily stored and accessed, but it could also be analyzed.
So, CallCabinet implemented a cutting-edge artificial intelligence (AI) system that utilizes natural language processing (NLP) to transcribe and (more importantly) interpret collected voice data. This AI-driven voice analytics system understands voice data so well that it can even include sentiment analysis within the structured data, allowing managers to search through mountains of data effortlessly, and isolate calls by words or phrases, or by emotional content.
The Business Intelligence Boost
Because of the nature of voice data (i.e., it is usually recorded from sales or customer service calls), the potential business intelligence contained within it is extremely valuable to enterprises. From it, businesses can better understand their customer experience, and actively monitor their quality assurance performance to significantly improve how their customers view them.
As stated above, it’s nearly impossible to calculate the value this brings to enterprises, but it’s estimated that the business intelligence market itself is on its way to reaching $43BB by 2028.
However, the important thing to remember about business intelligence is that the value it offers is ultimately competitive. Not only is it good practice to know how your enterprise is viewed by your customers, this data is massively valuable insofar as it can help you outpace your competitors. And your competitors are very likely trying to do the exact same thing.
As much as 70% of companies are currently using AI to help them improve their customer experience (CX). So enterprises that have not yet adopted these practices are already operating at a disadvantage.
Taking Advantage of Advantages
With all this valuable data accumulating, today’s enterprises truly need to implement a workflow that incorporates data analytics for business intelligence.
Not only can voice analytics improve a company’s CX and QA, but systems such as CallCabinet’s platform can even help improve efficiency and reduce average handling time by as much as 40% or reduce repeat calls up by 15%.
There is also reason to believe that having AI voice analytics in place can even reduce employee churn at call centers by improving agent job satisfaction as much as 69%.
All-You-Can-Consume Voice Analytics
Regardless of industry, today’s enterprises need voice analytics more than ever. Fortunately, CallCabinet is now making it easier than ever to put voice analytics to work.
Rather than leverage the profound value of our best-in-class AI-driven voice analytics on a more granular (i.e. per agent) level, CallCabinet is giving enterprises access to ALL of the voice analytics they can possibly handle with our “all-you-can-consume” pricing structure.
This allows enterprises of all sizes to extract maximum value from their voice data with a minimum investment. Further, this allows our channel partners, such as carriers and service providers, to pass on this tremendous power to their own customers seamlessly, creating a wonderful “win/win” scenario.
As noted above, voice analytics is highly sought-after by enterprises in nearly every industry today, and CallCabinet is proud to rise to the occasion in helping businesses around the world to better serve their customers, and better challenge their competitors.