How Can Businesses Leverage Conversational BI for a Competitive Advantage?
“Data data everywhere, and not a thought to think!” – John Allen Paulos
Enterprises today are generating data at an unprecedented rate. However, most organizations fall flat when it comes to utilizing the data to its full potential, deciphering the information, and deriving meaningful insights from available data. Almost 48% of employees frequently defer to making decisions based on gut feeling instead of data-driven insight. This indicates even if data is available, organizations fail to make decisions.
Following a Conversational BI approach, businesses can talk about their data and directly get the needed information within seconds. Conversational BI combined with Natural Language understanding, automated machine learning, and explainable AI, empowers enterprises to access business data with advanced insights to make smarter moves, operate more efficiently, and identify growth opportunities.
Kea – iLink’s cloud-based low-code platform mines millions of rows of data to provide meaningful answers for your momentary information needs in the language you speak. It’s a virtual data analyst built on Azure cognitive services, including Custom Speech and LUIS. Kea turns gigabytes of unstructured data into valuable insights helping business leaders refine decision-making strategies for higher profits and happier customers.
Sivaram Parameswaran, Director of our CAI Department, will give a live demo on how Kea tackles the modern-day data challenges and provides pointed insights into the data information you seek.
What is Conversational BI?
When we talk about Conversational AI, the first thought that crosses our mind is chatbots and virtual assistants providing customer or IT support. In the bigger picture, these smart assistants can do more than that.
Conversational BI, also called conversational analytics, automates data analysis and turns it into a conversation for users to talk to and get immediate answers to questions. The goal is to help companies make better and more proactive business decisions.
You can ask questions like – What were my sales in the Middle East last year? Or request the bots to show graphs about the past three years of expenses. The bot will get you the answer and even explain the visuals like charts, graphs, and pie diagrams displayed on the screen.
Conversational BI is an emerging technology helping businesses achieve operational excellence. Teams can collaborate, share information and work towards common goals and strategies, improving productivity and communication within the company.
Free Infographic: Conversational AI: All things intelligent and more than just conversational.
How does Conversational BI work?
Conversational BI leverages Natural Language Processing, machine learning, logic-based programming, and big data analytics to obtain data and business metrics via chatbots or voice bots. Though these technologies work in synergy, let’s take a closer look at how each component works.
NPL & Machine Learning
Machine Learning extracts meaningful patterns that are usually not possible in human capability. It processes complex datasets, analyses patterns, and then makes predictions. Natural Language Processing (NPL), a subset of machine learning technology, converts human language into computational expression allowing users to interact with machines. It analyzes the user’s intent in the query and then formulates a series of highly tailored and relevant answers in seconds.
The nature of your datasets decides the efficacy of your Conversational BI. Since all your business activities and information is in your datasets, it needs to be collected, aggregated, and cleaned before machine learning analyzes them.
Earlier communication was possible by entering syntax-specific commands or by clicking icons. With conversational UI, users have the privilege to interact in human terms and get an immediate response in the form of dashboards, charts, reports, lists, cards, and other data visualization components.
Benefits of implementing Conversational BI
Unlike legacy BI tools, Conversational BI does not follow a one-size-fits-all approach. It can automate data collection, incorporate new data sources irrespective of volume and offer a rich array of options to developers building custom solutions. Conversational BI puts users first instead of technology – delivering personalized insights to everyone.
Easy Personalised Analytics:
With Conversational BI, your team doesn’t have to spend time learning new BI tools and their applications. You can use natural human language to ask questions and get analytics. You don’t even have to prepare the reports. Conversational BI prepares it based on your input and data in your dataset.
Conversational BI provides a single place to access and work with your data. Your business no longer has to bear the additional cost of a BI consulting firm, reduced complexity, and fewer security risks of multiple solutions.
Analytics in real-time:
Unlike traditional BI, Conversational BI provides analytics considering real-time business activities and processes. Users get insights from the present data and not just use data from the past, helping businesses make sound business decisions.
Make confident and proactive decisions with iLink Digital!
Data analytics is more than just automating data extraction. It’s about drawing helpful insights from the data sets without painful time delay. With Kea – iLink’s digital virtual analyst lets you have enriching conversations with data while saving you valuable hours. Business leaders can ask questions and receive answers after deep analysis of both structured and unstructured data within seconds on their devices – anytime, anywhere.