How AI Will Enhance the Value of Voice
For a long time, AI has had a bad reputation. In movies, it has always fallen somewhere between nightmare and fairy tale. In business, it’s been seen as a way to eliminate companies rather than enhance them. The truth? Artificial intelligence is going to do far more to benefit our lives and ease up the strain of mundane tasks than it’s ever been given credit for.
The global research firm Gartner actually predicts the business value derived from AI could be as high as $3.9 trillion by 2022. That value will come from things like cost reduction, increased revenue, and higher customer engagement.
But how will the business value offered by artificial intelligence benefit the world of voice technology? One way is its ability to enhance the nature of voice interaction. The trick is understanding how to use it your advantage.
Begin by understanding at least part of what makes artificial intelligence so valuable. At its core is the powerful combination of speed and accuracy that can turn massive amounts of data into actionable insight. This is at the heart of where the value is for voice. It will put all that speed and accuracy behind the characteristics of what already makes voice so powerful.
Let’s start with the example of how it will go from just hearing you, to listening to you. With the help of AI, voice technology apps on devices such as Amazon Alexa or Google Home will hear with more clarity, recognize different voices (even in crowded rooms), and gain insight from everything it hears. It will then begin to store that insight as knowledge for future use allowing it to not only listen intently but also intuitively.
For businesses, this insight stored as data holds the key to a much greater understanding of the customers using their voice app. Cost reduction comes from the technology doing all the heavy lifting when it comes to processing that data. The fresh revenue comes from feeding that insight back into the customer engagement or marketing machine. We will cover this more in depth in a future blog post, so bookmark our blog now!
Voice and AI Will Increase Adoption
Then, look at how the adoption of smart speakers is about to hit a massive tipping point. In one year, the percentage of American homes with an Amazon Alexa, Google Home, or Google Home alternative, increased more than 120% to 16% of the population. This is before the combination of AI and voice technology has even been widely adopted and thus, a perfect reason to begin riding that wave of innovation now.
AI will accelerate voice adoption because it will enhance the give and take. Voice technology will take in more value for businesses (in the form of consumer data) and in turn, give more value to customers. In a nutshell, the insight from better listening means voice will get faster and more effective at giving customers what they need, and its use will go from a novelty to a necessity.
As consumer popularity grows, voice technology will close in on other sectors, like health, government, finance, and many more. Now is the time to map out your business’s voice app. More and more homes will utilize voice, and your app can be ready and waiting for them on any Amazon, Google or Google alternative device they choose.
If you’re curious about how voice can work for your business, let our team at Silver show you how it can be done.