Organizations spend hefty amounts on buying data from different data brokers, most of which are not fully leveraged or optimized. Through this blog, we will learn how organizations can use chatbots for high-performance data analytics.
Organizations across the world generate vast amounts of data, regardless of how big or little they are. While organizations have quickly realized the immense value that can be gained from the massive amounts of data generated, they are still failing to capitalize on the potential that may be derived from good data analysis.
Data has become a key core for enterprises, especially in terms of establishing competitive advantage, thanks to the rapid expansion of big data and analytics. Effective data analysis is the key to discovering valuable insights into crafting growth strategies, discovering new business opportunities, and determining effective employee recruitment, and retention strategies. Leveraging troves of customer data also give companies relevant insights into buying behaviors – information that can be used to craft growth strategies, discover new business opportunities, determine effective employee recruitment, and retain strategies.
Organizations that have used data & analytics to improve their business operations have achieved significant results. A recent Harvard Business Review reveals – organizations that use big data and analytics have witnessed 5 to 6 percent higher production and profitability than their competitors. Another McKinsey study report concludes that harnessing data-driven analytics results in a 6 percent rise in earnings, which increases to 9% after five years.
Data is Being Captured but not Being Utilized
On a surprising note: Despite the fact that 53% of companies have effectively implemented big data analytics, only a few have been able to fully use the value of their data. Organizations of all sizes are now gathering data on their processes, operations, customers, competitors, and partners, among other things. However, despite all of this data being collected and all of the excitement surrounding big data and its uses, only about 12% of it is now being evaluated for actionable intelligence*.
However, the situation is gradually changing. Data is currently being used for a number of purposes, including better decision-making, a deeper understanding of customers, cost reduction, revenue growth, and so on. And everyone wants to jump on board. With the rapid growth of digital media and adoption of modern technology as IoT and the increase in the number of people using it, there has been a disproportionate rise in the growth of unstructured data.
Unlimited data
This vast amount of data is partially to blame for the fact that so much of it is useless. It’s also challenging to integrate and analyze data across many departments and teams inside an organization. Data is created in silos, making it difficult to draw conclusions from disparate data sets. Analyzing data and generating actionable insights necessitates the use of sophisticated technologies, which may be too expensive for a mid-sized company.
Even if these tools are purchased, there is always a challenge in finding experts to manage the data. The use of a business intelligence (BI) tool has a number of drawbacks. It necessitates the use of professionals to pick and download certain data from which reports can be generated. This data set is then imported into your business intelligence system. This data set is then uploaded into your BI tool, where it will be evaluated and business insights generated. The process is then performed numerous times with different data selections each time the findings are achieved.
Organizations are deprived of the knowledge and insight needed to make lucrative and well-informed decisions as a result of this. In fact, most leaders are left with no choice but to sign off on judgments made solely on instinct. However, in the long run, this will be negative. Organizations no longer have the luxury of dismissing the value of data analytics in the modernized and automated work environment in which they operate. This is where bots come in: they assist businesses in connecting the dots between multiple data points to derive favorable outcomes.
Chatbots: How do they work?
Chatbots make it simple and efficient for businesses to make data-driven decisions. Bots can be used to quickly generate analytics responses instead of relying on human analysis for a report. To acquire valuable insights, employees do not need to go through a time-consuming procedure of examining many dashboards or juggling different applications. Bots can handle even massive data sets, saving time and boosting employee productivity. BI tools are both costly and difficult to use. On the contrary, a bot provides all of the benefits of BI tools while also facilitating interactions between humans and large data.
Bots use artificial intelligence (AI) and specific bot frameworks to translate natural language and allow employees to ‘talk’ with the bot and acquire relevant data on important metrics. Bots can use natural language processing (NLP) to take chat-based inputs and respond with appropriate information for faster and more efficient decision-making. This means that a bot can address concerns and enable meaningful information as and when you need it.
- During your interaction with an application or a website, bots can ask relevant questions to add to the knowledge base and further use it to deliver valuable information.
- Bots can automate the process of data lookups and extract data from a variety of corporate systems, including ERP, CRM, Data Warehouses, and others, in order to analyze and generate crucial insights.
- Bots can be used for sending updates, alerts, and real-time information to employees.
The combination of a good bot architecture and the unfathomable potential of big data analytics is bound to add unmatched value to a company.
Perks of Chatting with Your Data
- Data and analytics can be obtained via business intelligence chatbots in third-party messaging apps such as Skype For Business, Skype, Slack, and others.
- One can ask natural inquiries like “What are my expected sales?” and the bot will respond immediately via text or any other multimedia format (image, graphs, pie charts, etc.).
- When employing a bot, you don’t need to log into a BI system or navigate between various apps to obtain analytics and data.
- A bot allows decision-makers to access granular company information and data right in their favorite messaging app.
- The bot provides a BI system and a personality and reduces the time-consuming process of switching between dashboards and filtering data.
- It employs AI, Natural Language Processing, and Machine Learning to feature natural conversations.
- It can readily understand user intent and can adapt to workplace lingo.
- It has real-time notifications, which send the user essential data/analytics updates and alerts that are relevant to them, as well as timely updates in the event of data discrepancies.
- It also sends out tailored warnings based on the user’s department, location, and seniority, among other factors.
- User Authentication, User Authorization, Multi-Factor Authentication, One-Time Authorization, and Channel Authorization are all aspects of business intelligence bots.
- Another significant advantage of BI bots is their seamless integration. The bot can harvest data from BI and LOB systems including ERP, CRM, and data warehouses with ease.
- It allows for a simple and quick connection with existing business intelligence software.
- It can also be utilized to conduct business.
Concluding Note
Given its numerous benefits, we are anticipating bigger and more astounding changes in the way businesses operate with the evolution of Artificial Intelligence and Machine Learning. While business players are considering bots to enhance their operational performance, it would be right to accelerate their search for suitable bots to boost the efficiency of their technology stack.
Whether you are looking to improve your existing business processes or transform the way businesses operate in a tech-driven world to retain customers, Polestar Solutions has got you covered. Our industry-proven solutions are set to help you achieve sustainable business growth.