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.”
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
Please visit the Marchex blog or
@marchex on Twitter (Twitter.com/Marchex) to learn more.
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