To make the best decisions for our businesses we need to have the best information. To get the best and most accurate information we need the best data available. I do not think we have any arguments there.
If we look at the most successful businesses in the past decade (Facebook, Amazon, Google, Apple, etc…), they all have a very similar attribute, amazing data!!!
So I asked Stephen Scheeler, former CEO of Facebook for Australia and New Zealand, how do these hugely successful companies gather such amazing data to make the most informed decisions?
He gave me four amazing insights which I would love to share:
- He said that they are constantly adapting to the way they collect data as most future value we will create for customers lies in data we don’t understand today (quite prophetic).
- 90% of the data in human history was generated in the last two years (see graph).
- Since 2012 Speech recognition has gone from 26% error rate to 4% error rate.
- The ability to apply data & analytics to everyday, long-term and game-changing decision-making is vital to company survival
90% of data ever generated was generated in the past 2 years!!!!! Wow!! That is a staggering statistic. A huge contributor to this statistic is voice capture and voice analytics.
You can get more information out of a few words said than a couple of pages written text, and definitely far more than any surveys and tick box exercises we somehow routinely find ourselves being asked to complete.
So What Does This Tell Us About Voice Data?
The most successful businesses are making the best and most informed decisions for every day, long-term and game-changing strategic movements. They are making these decisions because they have access to the largest and most accurate data sets which give vital insights into people and the way people think and act.
The largest and most accurate data sources that these companies are using is by far voice data of what is said and how it is said.
Voice analytics has come a long way and this is a very exciting time to be in this industry. Voice recordings are becoming a gold mine, which may very well have the answers corporations are searching for, hidden, waiting to be uncovered with analysis.
The biggest mistake companies can make right now is thinking that voice data capture and analytics are a thing of the future. Companies need to start using this technology now and prepare for the future, or risk being left behind, while their competitors make the best and most informed decisions for every day, long-term and game-changing strategic movements.
Sometimes your biggest risk is doing nothing. With regard to voice data, analytics and technology, can your company afford to be left behind?