What is Call Transcription? (+5 Resourceful Benefits)

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Remembering every detail of customer conversations is an impossible task, and sometimes you need access to past client interactions.

That’s where call transcription comes in handy.

Transcribing calls can help you train a new call center or sales team, understand customer needs, and protect yourself against legal action.

But how does call transcription work?

In this article, we’ll cover what call transcription is and what its benefits are. We’ll also introduce you to the ultimate call transcription solution and answer some FAQs regarding call transcription.

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What is Call Transcription?

Call transcription, also known as speech to text transcription, is the process of converting voice or video calls' audio track into written words to be stored as plain text.

Many live transcription technologies allow you to do a real-time transcription of the recorded conversation from a phone call, conference call, podcast, or video meeting from a VoIP channel, like Zoom, and more.

And that’s not all.

You can even choose between transcribing every minute of ongoing calls, in real time or previously recorded call audio.

But who wants to transcribe calls, and why?

Call transcription is particularly useful for businesses that wish to gather information from previous customer interactions. You can train new agents, figure out customer needs, and protect yourself against legal action, using the transcribed data.

Conference call transcription also makes it easy to go back and understand the key points from a meeting. This is a great way to find important information and save time.

Moreover, speech to text transcription is super useful as written text is far easier to analyze and highlight than an unedited audio recording.

With that said, let’s explore the benefits of audio transcription.

5 Benefits of Transcribing Calls

Let's look at how call transcription software can be a useful tool for businesses:

  1. Makes it Easy to Look for Specific Data

    When a video meeting or telephone call audio file is converted into a text-based format, it’s far easier to search, reference, and understand.

    Having a piece of the written text, from an agent to customer conversation or conference call lets you easily search for keywords, highlight important information, and examine customer-rep interactions.

    Live transcribing also saves the time that would otherwise be spent taking meeting notes.

    You can store audio file or video file transcriptions in a shared database for as long as you need.

    This makes it way easier for team members to reference previous speech conversations, skim important interactions, and analyze customer data.

  2. Helpful for Legal Purposes

    Access to past records of conversations between the agent and client is good for the legal health of your company.

    A recorded call provides you with the evidence you need to both make a case against someone and protect yourself against legal scrutiny.

    But remember, calls that you record or have recorded must abide by the law.

  3. Aids in Employee Training

    Transcription software can help you develop resources for a sales team or customer service agent during the onboarding process.

    Think about it:

    If you provide new contact center and sales call reps with a script containing the perfect customer-rep interaction, they can study the conversation as a guideline for how they should speak to potential clients.

    A telephone call or conference call recording can help new reps understand and meet expectations, as well as help them prepare for questions or queries that customers may have.

  4. Improved Customer Service and Satisfaction

    This benefit goes hand in hand with better employee training and performance.

    It goes without saying — the better equipped your contact center employees are at dealing with customers, the more satisfied customers will be with your customer service.

    Automatic transcription from calls with clients provides actionable insights about customer needs and wants. The recorded info could also give you insight into how customer support streamlines the process of dealing with complaints and requests.

  5. Better Accessibility

    All companies should aim to be inclusive and create a diverse workforce without discrimination. This means that companies must also cater to all types of customers.

    Transcribing calls allows you to offer access to written records and accurate meeting notes to people who are hard of hearing. This means you can provide training and useful resources to all your employees and customers.

So, are you ready to start transcribing calls?

Let’s find out how.

The Ultimate Call Transcription Solution: iovox Insights

iovox Insights is a conversational AI call transcription service that you can use to both record calls and transcribe those recorded conversations.

Its API also employs speech recognition and analytics technology along with a live transcribe feature with which you can draw key customer information from recorded calls.

This will allow you to spot customer trends, perform real-time employee training, and scan conversations for keywords and phrases.

Here are some of the most impressive things you can do with iovox’s automatic transcription software.

  1. Make Every Customer Interaction Searchable

    With iovox Insights, you can live transcribe calls and easily improve CRM by reading through old customer conversations.

    This allows your company to improve transparency and create study material for analysis using a previous transcript.

    You can use past customer interactions, data, and analytics to train new agents. These actionable insights will help trainees understand what is expected of them when meeting new customers.

  2. Track Customer Calls Using Keywords

    iovox Insights’ transcription service has speech recognition and keyword-spotting features that identify and automatically detect keywords from a transcript.

    Keyword monitoring helps with:

    • Boosting customer experience
    • Improving customer retention through examining previous use cases
    • Building trust and customer relationships via transparent business practices
    • Influencing sales
    • Creating timestamps of important information
    • Influencing customer decisions
    • Knowing what’s happening on inbound leads
    • Understanding the quality of leads
    • Improve employee workflow and engagement
    • Monitoring how agents handle incoming inquiries
    • Spotting trends and outcomes
    • Finding revenue through complimentary services

    iovox’s keyword technology also allows you to highlight customer conversations by matching your business criteria and sending out trigger alerts when a match is complete.

  3. Evaluating KPIs to Improve the Customer's Experience

    By using iovox Insights’ transcription software, you can spot trends and predict outcomes based on previous customer interactions.

    This will provide you with important sales call data that you can use to increase call interaction standards and improve the overall customer experience.

    Use this valuable data and insight to improve operational efficiency by:

    • Understanding total call time
    • Knowing on average how many calls take place per day
    • Spotting preferred keywords in a customer phone call transcription
    • Understanding call outcomes

    The best part?

    As time progresses, you will be able to train the artificial intelligence by exposing it to higher volumes of customer interactions. This way iovox Insights becomes an ever-evolving automation tool that shifts with the needs of your business.

    And that’s not all!

    Here are some other iovox features you won’t want to miss:

    • The iovox mobile app allows you to track a conversation by adding notes and tags where necessary.
    • You can also replay conversations after calls have been transcribed.
    • The app allows you to search large databases of transcribed calls using the keyword technology described above.

Still have some questions about call transcription?

Let’s go through a few FAQs.

2 FAQs About Call Transcription

Here are some answers to common queries about call recording software and text transcription.

  1. The legality of call transcription in the United States varies from state to state. In some states, you’ll need explicit agreement from all the parties in a call before you can record.

    This explicit agreement is also required in Canada. It’s essential that you consult the local law experts in your location before recording and transcribing any video or voice calls.

    For European countries, companies need to abide by the European Union’s General Data Protection Regulations (GDPR). It demands that you ask for clear and unambiguous consent before call transcription.

    Note: Even if you’re not legally obliged to obtain consent before a recording, it’s a good legal practice to let callers know if you’re going to put a call on file. This will further improve brand transparency and trust.

  2. Single Channel vs Dual Channel Recordings: Which is Better?

    Phone and video calls present many variables and obstacles that affect the audio recording and subsequent transcript accuracy. Whether that be fluctuations in volume, caller accents, connection quality, or the quality of the final mixed track, there’s a lot to account for and consider.

    It’s essential that you choose the right type of recording to get the most accurate transcription.

    Here are the two types you can choose from:

    • Single-channel recordings: A single-channel recording stores one high-quality, mixed recording track, pre-transcription. This is the ideal option for compliance purposes, as only your agent's side will be recorded. Single-channel recordings are not ideal in situations where there are multiple speakers.
    • Dual-channel recordings: A dual-channel recording will store both sides of the phone or video call. These can be used to improve transcription accuracy, for example during a conference call, where there are multiple speakers. Dual-channel recordings can, however, cause legal issues if you’re not careful.

Final Thoughts

Call transcription can have a hugely positive impact on your business in terms of employee training and customer satisfaction.

That’s because logging voice calls and their context can help you pinpoint business problems so that you can deploy resources in an evidence-based manner.

If you’re seeking this for your company, get on board with an efficient conversational AI technology like iovox Insights.

Start using iovox Insights to transcribe calls within seconds and analyze data you pull from every minute of a phone or conference call recording.

Visit the iovox website for pricing information and more.

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