Many a time in business review meetings, the senior management leave their staff tongue-tied by posing questions for which they do not have ready answers. Here’s how conversational analytics can improve business insights.
A lot of review meetings lead to follow up meetings. In fact, many questions remain unanswered due to lack of data on hand. Inevitably, the frantic staff members end up physically and digitally queuing outside their Business Intelligence (BI) unit for obtaining the most updated data for the same.
Usually, it’s a long and cumbersome process to collect insightful data from an organization’s BI assets. Also, the request for data needs to pass through many technical stakeholders. Therefore, they will end up querying multiple databases to come up with relevant facts for the management dashboard. Even if there is a self service BI platform, it still requires some level of technical expertise by the end user. Thus, the final report may take hours. In some cases it would take a couple of days or more depending on data complexities.
These delays can cost a lot to the business. For example, the loss of precious time of senior management or opportunity costs of the resources involved in development of such reports.
So, how do we tackle this challenge in a world which is used to having information on its fingertips? The answer is Conversational Analytics that delivers on-demand business insights.
Conversational Analytics in Business
Consider a management meeting where the CEO asks a loaded question to his sales staff. “What’s the combined future sales potential of the company’s top 10 clients for the next 5 years ?”
It’s highly likely that the sales and BI staff wouldn’t have the answer readily available. Frantically, they’ll pull out their laptops and try to do some last minute wizardry to pull out some figures which may or may not make sense. However, in the midst of this chaos, a voice echoes from a device saying,
“The combined future sales potential of the company’s top 10 clients is 150 million for the next 5 years. The client with the maximum forecasted revenue is General Electric with an order book of 35 million.”
Sounds pretty futuristic, doesn’t it? However, it’s not. It’s already happening in some boardrooms as I write this article. Conversational insights generated through conversational analytics platforms can deliver business insights as a piece of news. With these solutions integrated in BI suites, users can ask business questions in human language to gain instant insights from multiple systems. The platform accesses data from systems that are on-premise, on cloud or data warehouses, data lake and any data feed.
How AI Platforms Provide Business Insights
Conversational analytics platforms understand the user behavior, context and intent to deliver personalized business insights. They use machine learning, data science, knowledge graph and cognitive techniques to provide personalized human interaction.
“Analytics queries using search and natural language will grow exponentially over the years. Gartner predicts that by 2019,50% of analytics queries will be generated using search, natural-language query or voice, or will be auto generated”
Forrester predicts “AI will reshape analytic and business innovation: 25% of the enterprises will supplement point-and-click analytics with conversational user interfaces, and AI will make decisions and provide real-time instructions at 20% of firms.”
Our current and future generations will be increasingly accustomed to voice based search. Moreover, such platforms will do to business intelligence what Google is doing to Search. They leverage voice-recognition hardware and software to create reporting through voice-recognition queries (VRQ).
Breaking Technology Barriers
Now, business users who were struggling to access business insights because of technology barriers can easily take insightful actions. Thousands of reports are being auto-generated from conversational analytic platforms. This is because voice based reply to targeted queries by users across organizational hierarchies. These programs help in reduce BI-led report generation costs to a great extent. Conversational analytics platforms like ConverSight.ai by ThickStat are already helping organizations to cut their BI costs by about 65%.
If you’d like to learn more about how to benefit from on-demand insights from conversational analytics, take a look at our recent webinar here – https://www.youtube.com/watch?v=l64f5vreKCc