Data is often what keeps many businesses going. They compete based on how well they use the business intelligence they get from their huge amounts of data. With this information, they can invest in the right growth strategies, find their way to new business opportunities, and figure out the best ways to find and manage talent. They also give them detailed information about their customers, which they can use to make programs, such as those for customer retention, loyalty, cross-selling, and advocacy, that get the best results.
According to a study by McKinsey, companies that use data-driven analytics see a 6% increase in profits in the first year. After five years, that number goes up to 9%.
The Data Analytics Challenge
There is definitely a lot of information out there. Every two years, the amount of data doubles, and by 2020, there will be 44 zettabytes. How much does this really cost in terms we can understand? Imagine 6.6 earth-to-moon trips made with mobile tablet devices placed on top of each other.
Companies of all sizes collect data about their operations, partners, and customers. This includes everything from marketing campaigns to the traffic and activity on their websites to their operations. Despite all the talk about big data and how it could change the world, only 12% of it is being evaluated for actionable intelligence right now. Several reasons much of the data is unused is its vastness. Correlating data across one’s organization, which is typically locked in separate silos, is also very challenging. The fact that few businesses can afford the tools required to analyze the data and offer predictive insights is another factor. Even if you have the right tools, very few people possess the knowledge necessary to manage the data.
Analytics Data Speak by Chatbot
The walls between people and big data are broken down by bots. Human-to-machine (H2M) uses Natural Language Processing (NLP) to give every professional access to data-driven analytics, which were previously only available to data scientists and BI experts who knew how to use complex toolkits. Bots translate consumer queries and issues into “machine speak” and then use “human speak” to translate the analysis into insights that can be used. They also know where to look for the information they need to answer a question or solve a problem, and if they need to look in more than one place, they can do that too. Once the necessary data is collected, bots figure out what BI toolsets are needed to arrange it and get business insights that are both predictive and prescriptive.
Businesses start new conversations with chatbot
Chatbots are a big data option that makes the conversation louder by allowing your processes and data silos to talk to each other and letting your decision makers talk to them in their own language. All of a sudden, people who know a lot about the science of big data are no longer the only ones talking. Instead, anyone can join in if they want to.
Bots make it easy to use chat to look at analytical data, so it can be seen on a small screen. This quick and easy view is great for showing KPIs and alerts with simple graphs and charts while you’re on the go.
Adding alerts as well as report delivery through a bot to business intelligence can make it more popular and valuable right away. Leaders can keep an eye on how their business is running without having to log into the BI system (this is especially helpful when they are traveling). For example, managers would like to know right away if the number of items in stock drops below a certain level. If a manager needs to keep up with important KPIs while on a business trip, reports and dashboards can be emailed to them on a set schedule, and a bot can let them know when the data is ready.
Read more: Why ai chatbots are essential for scaling recruitment process