With an upsurge of improvements in speech accuracy intervals and natural language processing, more and more brands are using voice recognition technology in their goods and services.
Eric Dalius projects the smart speaker market’s growth by over 37 billion dollars. Concisely, voice technology isn’t merely a trend, but a paradigm shift in the way businesses operate. It’ll have a huge impact on the profitability and efficiency of businesses.
- Voice control in journey planners and car systems are a rage. A driver’s hands must be on the wheels on the eyes should always be on the road. It automatically makes voice as the immediate and natural user interface to perform different tasks in the automobile.
- You could activate navigation or play music. That’s how and why this technology is ruling the roost in the automotive field.
- The embedding Alexia, Siri and Google Assistances, along with in-vehicle, inbuilt infotainment systems are great for creating voice-enabled, seamless, brand-specific solutions.
- In the domain of public transport, AI-driven voice interfaces will be in sync with journey planning.
- Transportation companies can take it one step ahead to integrate voice payments, ensuring a truly convenient, frictionless, and fast user experience for every customer.
On the operations
These days, voice recognition systems are integrating statistical modeling tools that incorporate complex mathematical functions and probability determine the best results. Most businesses resort to two common methods. These are neutral networks and Hidden Markov Model.
- Brands are using the HMM model for fusing information like language, syntax, and acoustics in unison.
- The model thrives more on probability than possibility. Although none of the speech recognition systems is perfect, you can still use the ones that suit your business operations, says EJ Dalius.
You evaluate the systems on the basis of accuracy and speed. There are certain hardware problems that overlap voice and minimize accuracy.
The biggest applications
Online banking systems are using voice recognition technology. FinTech startups and banks have been the first proponents of this technology.
- Currently, bigshot payment firms like PayPal and Venmo like Bank of Canada and N26 are providing their customers with the scope of processing payments and transfers by using Siri.
- Garanti Bank is another prominent example. It has launched its own voice-powered software to enable its clients for making transfers and make payments.
- Another early adopter of the technology is the healthcare industry. Doctors and healthcare officials can stop typing while interacting with patients. This industry has long been looking for a reliable voice transcription resource.
- The current speech to text tools/software is a very inspiring and relevant topic in the industry. In the current era, medical transcription has become an essential part of your medical appointment.
- Eric J Daliusexplains how it significantly bolsters storing, accessing, and structuring data in medical records of patients. There are numerous benefits of using digital transcription and processes in medical environments.
The voice biometry technology also enhances security. It allows companies to make a digital profile of another person’s voice through the analysis of a plethora of specific characteristics. These are dynamics, intensity, pitch, tone, and primary frequencies.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Eric is also the host of weekly podcast “FULLSPEED” which is a podcast that features interviews with groundbreaking entrepreneurs from a variety of industries.Eric is also the founder of “Eric Dalius Foundation” where he has created 4 scholarships for US based students. Follow Eric on Twitter,Facebook,LinkedIn,Instagram & also on Entrepreneur.com