Executives in the major telcos will be feeling heat as Google unveiled their latest communications move this week – welcome Google Voice.

Google Voice is “an application that helps you better manage your voice communications.” Says the Google product managers.

The new application improves the way you use your phone. You can get transcripts of your voicemail (see the video below) and archive and search all of the SMS text messages you send and receive. You can also use the service to make low-priced international calls and easily access Goog-411 directory assistance.

The Google Voice service is built on the Grand Central platform that Google acquired a couple of years ago.

GrandCentral offers many great features, including a single number to ring your home, work, and mobile phones, a central voicemail inbox that you could access on the web, and the ability to screen calls by listening in live as callers leave a voicemail.

It’s the sort of offering that will really shake up the telecommunications industry. Google has been befriending many of the telcos in an effort to break into the mobile space, but this latest move might have many of them rethinking the relationship.

Google Voice will eventually integrate with Google apps meaning users will have a seedless journey across all Google services – providing a powerful tool for consumers and business owners alike.