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The Value of Speech Transcription for Compliance

Contact centers are facing significant challenges in the modern world.

Not only do agents need to rapidly adapt to new workflows and processes in an age of hybrid and remote work, but they also need to learn how to utilize new omnichannel service tools and adapt to changing customer expectations.

As the digital world transforms, regulatory bodies impose stricter guidelines for how data should be captured, stored, and managed by customer-facing companies. Failure to comply with the latest policies for data management doesn’t only lead to problems with fines and penalties. It can also harm the brand’s reputation and lead to lost opportunities.

Staying compliant in this new world requires companies to invest in new ways to capture data across all service channels and transform raw information into auditable, searchable insights.

Enter speech transcription technology.

The Benefits of Speech Transcription Tools

Speech transcription tools, often included in a comprehensive toolkit for compliant call recording, analytics, and business insights, are essential for compliance. The right tools can automatically and rapidly transcribe spoken content from audio conferencing, voice calls, and video meetings into written, searchable text.

With the right transcription services, companies can leverage accurate records of conversations with customers, which is crucial for complying with essential standards like MiFID II. What’s more, transcribing calls can generate a variety of other benefits. For instance, with compliant recording and transcription tools, companies can:

  • Effectively analyze conversations: Transcribed calls are more accessible to examine for both people and automated AI systems. With transcriptions, it’s simpler for businesses to detect call patterns, determine growth opportunities, and pinpoint potential customer pain points.
  • Preserve communication governance: With transcription, companies can more effectively define instances of non-compliance on the contact center. Automated tools can then be used to trigger alerts to supervisors based on non-compliance instances. This helps to enhance communication governance and improve training opportunities.
  • Improve auditing strategies: Speech-to-text solutions can produce more usable, searchable data for auditing purposes. This helps auditing experts and analysts quickly detect potential problems and security issues and resolve internal problems faster.
  • Boost training opportunities: Transcribed calls and conversations can act as valuable resources for training purposes. Once companies determine examples of positive and negative call flows, they can use them to guide future and existing employees with next-best-action support, suggestions, and in-call coaching.
  • Enhance workplace efficiency: With call transcription tools, companies can automatically transcribe calls from speech into text without human input. Some solutions can even include other automation tools for rapidly redacting or removing sensitive information from documents or uploading data to CRM and other database systems.

Unlocking the Benefits of Speech Transcription Tools

While speech transcription technology can benefit business leaders, companies must be cautious when evaluating solutions. The correct transcription service should improve regulatory compliance, reduce risk, and boost business performance by integrating all the communication tools companies already use.

This means ensuring the ecosystem can work with PBX systems, video conferencing tools, and even collaboration platforms like Microsoft Teams. The best transcription tools come as part of a comprehensive compliance toolkit, enabling voice and video recording on various channels with access to advanced features.

Innovative platforms should be easy to use, powerful, and intuitive. Most importantly, they offer exceptional transcription accuracy to minimize the risk of data issues. Solutions like the Geomant Microsoft Teams recording solution, powered by Verint technology, offer access to:

  • Secure solutions for capturing all forms of business communications
  • Omnichannel coverage for IM, video, screen sharing, and more
  • Tamper-resistant, centralized recording and archiving tools
  • Real-time dashboards and reporting for insights into business infrastructure
  • Automated speech transcription with categorization options
  • Quality analysis tools to ensure the accuracy of recordings
  • Protection for recorded data via encryption and access controls

With Geomant’s call recording technology, businesses can effectively transcribe calls and conversations with streamlined, automated workflows. They can search for interactions, categorize and analyze discussions, and utilize powerful case management tools while still accessing the collaboration and communication tools their staff members already use.

Leveraging the Power of Speech Transcription

Effective speech transcription tools are essential in today’s business world. Not only are they necessary for compliance and auditing purposes, but they are also crucial for surfacing business insights, enhancing training programs, and protecting data.

However, to thrive in today’s landscape, business leaders need to be able to transcribe more than just standard PBX calls. A comprehensive call recording solution, like Geomant’s technology from Verint, brings the power of automated call recording and transcription to a complete omnichannel environment.

Designed for integration with Microsoft Teams, this solution makes it easier to record, archive, retrieve, search, and monitor communications in a digital world.

Contact Geomant today to learn more about the power of compliant call recording and speech transcription technology.

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