What is Conversational Analytics?

Consumer technology often leads the way in digital innovation, but there’s no reason why the enterprise world should lag behind.

Worldwide adoption of natural language-enabled assistants, such as Google Home, Amazon Alexa, and Apple's Siri, is on the rise and proving to be pivotal to customer experience.

VentureBeat reports that enterprise NLP budgets are up 10% in 2021, and even 30% in some organizations.

Gone are the days of lengthy reports and Excel sheets that take days to create and consume.

Organizations that invest in self-service conversational experiences enable their users to access information quickly and efficiently, accelerate insight-driven business decisions, and democratize data for all.

What is Conversational Analytics?

Conversational Analytics is a type of analytics technology driven by NLP (Natural Language Processing). It leverages AI and BI to deliver consumable insights in simple language.

Users can ask conversational questions and receive auto-generated responses and insightful suggestions for them to explore further. Understanding the search intent of user queries is essential to returning accurate results, so conversational analytics solutions must use advanced algorithms to interpret and learn business context.

Why analytics tools need Conversational Analytics to remain competitive

Business intelligence and analytics solutions help leaders transform data into actionable insights to enhance decisionmaking, identify new opportunities, and anticipate potential challenges.

The future of BI is conversational. Gartner anticipates that voice and chat will be the two fastest-growing ways of interacting with data.

Conversational Analytics empowers companies to discover actionable insights and access tailored reports and insights on a real-time basis for all domains of data. Conversational analytics reduces latency between data acquisition and data analysis.

Today, Augmented Analytics platforms incorporate NLP and conversational technology to improve the accuracy and digestibility of results. By driving insights with Artificial Intelligence algorithms, augmented analytics solutions understand users’ context, intent, and behavior to deliver personalized business insights.

In addition to displaying query suggestions, the system will begin to recommend and refine search results to users based on historical queries and interests – leading to deeper data exploration. These comprehensive solutions find users the right insights at the right time.

Benefits of Conversational Analytics

According to a recent Gartner report, “By 2021 NLP and conversational analytics will boost analytics and business intelligence adoption from 35 percent of employees to over 50 percent, including new classes of users, particularly front-office workers.”

By leveraging conversational analytics, businesses can derive meaningful insights and communicate them effectively to meet user needs at the point of decision-making.

Self-Service Consumable Analytics

Conversational analytics enables businesses to provide the intelligence that people need, right when users are looking for it. When combined with robust search-based analytics, it offers a quick and easy way to ask and answer questions. With no manual human effort required, analyzing and visualizing data is accessible to all users regardless of technical training.

Conversational Analytics is an Investment Rather than a Cost

Conversational analytics, augmented with AI and NLP functionality, helps to automate the analytics process and deliver desired results with minimal analyst intervention. It surfaces expected trends and outcomes, translating raw data into actionable insights. Saving analytics time and effort helps companies achieve revenue goals and grow their business.

Conversational Analytics Creates Better Decisions

To stay ahead of the competition, businesses need better and faster insights to make better decisions. Conversational Analytics is a powerful way to operationalize existing data science investments and make AI & ML insights more accessible. Getting the right insights helps organizations extract the most value from their data and make better insight-driven decisions at all levels.

Conversational Analytics Reduces Complexity

With conversational analytics, business users do not need to worry about how or where to get data. They only need to consider their next questions and decisions. Analytics becomes more seamless, relevant, and personalized, enabling users to streamline insight generation and action.

How to start with AI-Powered Conversational Insights in minutes

Compared to some conversational analytics tools that only focus on natural language processing, MachEye offers the entire spectrum of augmented analytics in a single platform. We provide instant actionable insights for everyone with a “play” button for data.

MachEye’s Google and YouTube-like experience is the most efficient way to add conversational search, AI-driven insights, and data storytelling to your current Business Intelligence process.

To understand customers better within a data-driven world, all businesses need to strive for the most effective and efficient analytics. The best way to survive cutthroat competition is to make augmented analytics a part of your organization's business strategy.