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Conversational Analytics in Business

A recent Gartner report confirmed that only around 30% of employees in organizations are using Business Intelligence.

For CIO’s, it’s a disheartening statistic. Costs for creating BI reports are anywhere in the range of 500-1000 USD, and large organizations generate thousands of reports regularly. So, there is certainly a large amount of money being spent on creating BI reports for stakeholders. However, the ROI is questionable due to the poor usage from the Gartner report. Lets take a deep dive on the reasons which plague the poor usage of BI within organizations and how conversational analytics can help.

Conversational Analytics and the Thematic Apperception Test

Different business users have different needs from BI systems. The one-size-fits-all approach to BI may not work in an organization. A lot of potential BI user bases are looking at efficient ways to access enterprise data. However, the IT staff usually cannot deliver real time and accurate reports due to higher cost, time to market, or lack of talent.

Power users tend to demand robust data discovery and visualization tools for deep analysis and accuracy. Casual business users need customizable self-service BI systems with dashboards for executives and other stakeholders.

However, there is a steep learning curve for business users when they have to create their own custom dashboards and reports out of self service BI systems. In the current scheme of things, a lot of training time is required to cater to such a learning curve which ends up eating into business productivity.

So, the real challenge lies in the Thematic Apperception Test (TAT). This is a projective measure that assesses an individual’s patterns, observational abilities, attitudes, emotional responses, costs and accuracy of reports and dashboards, irrespective of the creators or users of the reports themselves

New Age Conversational Analytics Solutions

Conversational analytics platforms understand user behavior, context and intent. Altogether, this allows them to deliver personalized business insights in natural human language. It uses machine learning, data science, knowledge graph and cognitive techniques to provide personalized human interaction. A conversational BI analytics platform generates charts and graphs on the fly. Thus, eliminating the need of manual intervention.

Conversational analytics leverage the power of adaptive analytics. Therefore, this helps anticipate future behavior or estimate unknown outcomes. When BI users query adaptive platforms, data is continuously gathered during the learning process and models are trained. Thereby improving the level of personalization and bring context into communication. This feature ensures that right from front line associates to CXO’s. Everyone can extract the maximum potential of BI without undergoing a steep learning curve.

Enterprises Are Doubling Their BI Adoption

Such a transformational approach is expected to double the BI adoption in enterprises. Business users struggling with numerous reports and technology barriers can now easily make insightful actions. Thousands of charts and data grids are being auto-generated and presented as on-demand voice based replies. This helps in reducing BI led report generation costs to a great extent.

Conversational analytics tools like ConverSight.ai by ThickStat are already helping organizations to cut their BI costs by about 65%. They have recently helped a logistics client to cut the need of sending excel based order data to their customers through the user friendly conversational system. This solution enables them to save 200-250 hours every week.

If you’d like to learn more about how your organization can benefit from on-demand insights, take a look at the recording of ThickStat’s recent webinar here – https://www.youtube.com/watch?v=l64f5vreKCc

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