Driven by investments in data science and deep learning technology, Marchex delivers best-in-category insights on customer conversations
Marchex (NASDAQ: MCHX), a leading provider of call analytics that drive, measure, and convert callers into customers, today announced that is has reached a new industry standard in automatic transcription accuracy for consumer-to-business phone conversations, driven by enhancements to and investments in its proprietary speech analytics solution.
Marchex’s speech recognition functionality was put to an independently verified test against several other commercially-available solutions, based on a series of factors to directly compare capabilities. Using the same sample audio data from the business conversation domain, the test measured the word error rate (WER) which tracks the number of words that are inserted, deleted or substituted in order to discern overall accuracy of a transcription. The internal evaluation, which was verified by enterprise technology analyst Frank Ohlhorst, found that:
- Marchex achieved an overall WER of 8.4 percent, which is a 20 percent improvement since 2017, and considerably better compared to other voice recognition systems.
- Marchex’s speech analytics solution performed 38 percent more accurately than IBM Watson, 37 percent more accurately than Azure Cognitive Service API, 13 percent more accurately than Google Cloud Speech-to-Text API and more than 11 percent more accurately than Amazon Transcribe API.
- Marchex speech analytics technology is nearing parity to human accuracy, which is roughly a 5 percent WER1.
For industries with a significant reliance on phone calls to drive sales, such as the automotive, travel and home services industries, AI-powered conversation analytics technology is critical to delivering sales enhancing personalized solutions. Accuracy plays a significant role in being able to automatically pinpoint the reason why a customer is calling, the outcome of the conversation, and the ability to classify calls in real-time.
“Marchex takes a multi-pronged approach to resolving the issues associated with human to human interactions in the enterprise business space,” said Frank Ohlhorst, technology analyst. “Processing accuracy is a viable benchmark and Marchex was able to outperform other solutions, especially where accuracy was concerned.”
Marchex invested in several key enhancements to its speech analytics technology, including additional deep learning capabilities, which have expanded both the accuracy and capacity of consumer-to-business conversation analysis. In addition, Marchex has invested heavily in internal resources, including the launch of the Marchex Innovation Development (MIND) Lab and the addition of several new data scientists. These investments represent Marchex’s ongoing dedication to lead and innovate within the speech analytics sector.
“In recent months we’ve prioritized resources and targeted investments to further advance our speech technology,” said William Li, vice president of engineering at Marchex. “With our data science team leading our MIND Lab, Marchex is delivering meaningful insights that help businesses accelerate sales and deliver a better conversational experience for their business.”
Human WER, as published in the Microsoft Research Blog and IBM Watson’s English Conversational Telephone Speech Recognition by Humans and Machines report.
About Marchex’s speech analytics
Introduced in April 2017, Marchex speech analytics technology has analyzed more than 140 million consumer-to-business conversations comprising over 500 million minutes. This purpose-built solution leverages machine, deep learning algorithms and AI-powered conversation analysis functionality designed to help enterprise brands solve complex, industry-specific business challenges in managing, monitoring, and tracking phone calls at scale. With the intelligence and insights from Marchex’s conversational analytics solutions, brands are empowered to optimize their media spend and accelerate sales.
Marchex is a leading provider of call analytics that drive, measure, and convert callers into customers. The company understands that the best customers are those who call a company – they convert faster, buy more, and churn less. Marchex provides solutions that help companies drive more calls, understand what happens on those calls, and convert more of those callers into customers. Marchex’s actionable intelligence strengthens the connection between companies and their customers, bridging the physical and digital world, to help brands maximize their marketing investments and operating efficiencies to acquire the best customers.
Please visit the Marchex blog or @marchex on Twitter (Twitter.com/Marchex) to learn more.