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.
In fact, a lot of review meetings lead to follow up meetings as many questions remain unanswered due to lack of data on hand. The frantic staff members inevitably end up physically/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. The request for data needs to pass through many technical stakeholders, who 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 to access the relevant information. The final report may take hours and in some cases a couple of days or more, depending on data complexities.
These delays can cost a lot to the business - loss of precious time of senior management, opportunity costs of the resources involved in development of such reports.
How do we tackle this challenge in a world which is used to having information on its fingertips? The answer lies in Conversational Analytics, which delivers on-demand business insights.
To explain Conversational Analytics better, let me give you a scenario.
Consider a management review 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 many of the sales and business intelligence staff present in the meeting would not have the answer on the tip of their tongues. Frantically, they will pull out their laptops, try to do some last minute technical wizardry to pull out some figures which may or may not make sense.
However, in the midst of this chaos, a voice echoes from the centrally placed voice 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. It’s enabled by conversational insights garnered through conversational analytics platforms which deliver business insights as a piece of news.
With such solutions integrated in your organization's BI suite, business 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.
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.”
To a generation which will be increasingly habitual to voice based search, such platforms will do to business intelligence what Google is doing to Search. They will leverage voice-recognition hardware and software to create the next iteration of reporting through voice-recognition queries (VRQ).
Business users who were struggling with numerous reports and technology barriers to access their business insights, can now easily take insightful actions. Thousands of reports are being auto-generated and presented as on-demand voice based replies in response to targeted queries by business users across functions and organizational hierarchies. This helps in reducing BI led report generation costs to a great extent.
Conversational analytics platform 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 your organization can benefit from on-demand insights generated by conversational analytics, take a look at the recording of our recent webinar here - https://www.youtube.com/watch?v=l64f5vreKCc