• Facebook
  • Twitter
  • LinkedIn
  • Youtube
  • RSS
IVR Featured Article

The Rise of Speech-Based IVR

February 14, 2008

IVR systems vendors in the United States have been facing challenges in recent years stemming demand saturation in traditional end-user verticals such as telecommunications, financial services, insurance and travel. Vendors have been hard at work restructuring their product offerings to suit the changing preferences of customers. As a result, the bulk of sales has been in the form of replacements or upgrades, as the majority of enterprises are expected to step up the incorporation of speech-based IVR systems that are rapidly gaining in popularity.

A recent report from Frost & Sullivan (News - Alert) examined the current and future prospects of the U.S. IVR systems market by analyzing the significant challenges, drivers and restraints faced by participants.
The advent of advanced speech technologies such as automatic speech recognition, 'text to speech', and speaker verification provides complete automation of customer-centric business processes and is gradually dispelling the apprehensions associated with the earlier IVR systems. Driven by these technological advancements, the IVR market has begun to live up to the initial expectations.
"Speech-enabled IVR systems have a flat menu structure and callers are spared from the painful experience of traversing through hierarchical touchtone menus to access information," said a Frost & Sullivan analyst. "This has reduced the 'opt-outs' for a live agent during a caller-system interaction, while increasing overall enterprise productivity."
In many cases, enterprises have managed to increase return on investment (ROI) and productivity within a year of deployment of speech-enabled IVR systems. This is mainly because of the fact that call centers could engage their agents in more meaningful functions.
"The quickness of ROI has been directly proportional to the complexities of applications and it has been generally more in case of composite functions," said the analyst. "To put it in a nutshell, providing hosted IVR systems with speech functionality could prove to be decisive in increasing the revenue flow of IVR vendors."
Brian Solomon is a Web Editor for TMCnet, covering news in the IP communications, call center and customer relationship management industries. To see more of his articles, please visit Brian Solomon’s columnist page
Don't forget to check out TMCnet’s White Paper Library, which provides a selection of in-depth information on relevant topics affecting the IP Communications industry. The library offers white papers, case studies and other documents which are free to registered users.


Learn More About the IVR Playbook

Featured Whitepapers

Driving Performance with Embedded Business Intelligence Analytics

Driving Performance with Embedded Business Intelligence Analytics
Download this white paper and see how BI analytics can help you turn customer data into a competitive advantage.

Migrating Legacy End of Life IVR

Migrating Legacy End of Life IVR
Download this white paper to learn how migrating a legacy IVR can improve your customer retention strategy.

Self-Service Performance Analytics Creates Greater Customer Engagement

Self-Service Performance Analytics Creates Greater Customer Engagement
Business intelligence increases customer loyalty and reduces costs. Learn more in this new Genesys white paper.

Product Showcase

Genesys Cloud IVR Solution

The Genesys Cloud IVR Self-Service offering provides business owners 100% control of their self-service applications through our award-winning on-demand platform.

Set your company apart from the competition by:
- Designing a customer-centric inbound IVR experience

Learn More About the IVR Playbook

IVR Featured Articles
| Industry News | Resources | RSS Feeds
Technology Marketing Corp. © 2015 Copyright. | Ph: (800)-243-6002 (203)-852-6800 Fx: (203)-853-2845 | Contact Us |