Star Performers: Nexidia's Analytics Addresses 'Enormous Volume and Scale'
Nexidia is a company best known for its speech analytics technology and has expanded to include other channels, such as Web chat. Its patents for phonetic indexing and searching capabilities are the catalyst behind its analytics offerings, including its latest solution, Nexidia Interaction Analytics 11.0, released in June 2014.
The enterprise solution captures and breaks down big data gathered from Neural Phonetic Speech Analytics, a technology invented by Nexidia. The Neural Phonetic solution combines phonetic indexing with large vocabulary continuous speech recognition, which is used to build transcripts, and it also understands how words or phrases relate to other words or phrases. The integration of all of these technologies provides word-level transcription, phonetic indexing, and sentiment scoring.
Additionally, Nexidia has extended the amount of metadata that can be combined with data generated through speech. This allows companies to monitor contact center agent activity and provide information to improve performance.
Industry insiders have been impressed by the 11.0 release, which is still in beta and slated to launch in a hosted model in the third quarter of 2014 and as an on-premises solution in the fourth quarter.
"The 11.0 release blurs the lines between pure speech analytics and other technologies, such as sentiment analysis," says Dan Miller, senior analyst at Opus Research. "Nexidia is addressing the demands of enormous volume and scale. This new technology is enabling the company to do more of what they've been doing all along, which is speech analytics to build reports to support business objectives."
"Nexidia [has added] proprietary techniques for [automatic speech recognition] and transcription that simply are not available to other solutions relying on third-party speech engines for analytics," wrote Paul Stockford, chief analyst at Saddletree Research, in a research note. "The result...significantly expands the functionality of speech analytics in the contact center, while simultaneously improving accuracy and simplifying the analytics process. Analytics 11.0 stands as tangible evidence of the growing role of speech analytics in the enterprise."
In 2013, Nexidia entered the realm of closed captioning with the release of Nexidia QC for Caption and Language Verification. Aimed at customers such as Turner Broadcasting, the software analyzes live broadcasts and recorded media in real time by using quality control technology for closed caption, language verification, and video descriptions.
In March 2014, the company released an update to its Nexidia QC solution, Version 2.1. The software automatically verifies quality at each point in a closed captioned broadcast so that the correct caption file appears against the right media in the right language, and is properly timed from start to finish. "The product uses Nexidia's same core analytic technology and serves a market that "needs enhancements," says Ryan Pellet, the company's chief strategy officer.
"This is a natural expansion for us," Pellet says. "There are billions of hours of audio that some of our large clients have on the contact center side. To me, this is the same. It's still about understanding and realigning a market that's underserved right now. This is tangential and not a departure from what we've been doing."
The speech analytics market is alive and well, and will only get better with the emergence of instant analysis.
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