“Okay Google, is Conversational Analytics here to stay?”

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“Okay Google! When did the US women’s football team last win the World Cup?”
“The US women’s team won the football World Cup in 2015, and have won 4 World Cups overall.”

“Alexa I want to buy the US women’s football championship jersey.”
“Here are some jerseys you can buy.”

Our online browsing and searches have turned conversational. People everywhere are increasingly using voice-activated technology to get answers to their questions in real-time. Enterprises and businesses have thus realized that the conversation has shifted from “mobile first” or “cloud first” to a “conversation first” landscape. This paradigm shift in Conversational AI – having a conversation with a device-assistant like Siri, Cortana, Alexa or Google, powered by AI – seems to be the natural corollary to text and text-to-speech interactions.

With the conversational AI market set to grow exponentially from USD 4.2 billion in 2019 to USD 15.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 30.2%, according to a “Conversational AI Market” report published by MarketsandMarkets, it’s crystal clear where the next wave of data analytics and business intelligence is headed. In fact Gartner reveals that conversational AI is going to be the new normal where 50 percent of analytical queries will be generated via NLP (natural language programming) or voice by 2020.

Given this imminent and significant shift in our interaction with devices, it is imperative for businesses to think about how they’re going to mine this abundance of data, lying in wait in Sales, Customer Service, or Marketing systems. It is incumbent upon the right technology to surface the rich intelligence that resides there and pave the path to understand your customer better and create experiential impact.

Benefits from Conversational Analytics 
Conversational Analytics is gaining momentum due to several factors that can and will transform the way businesses conduct business. Every byte of data that is collected in real-time brings you closer to understanding your customer better. Businesses that are investing in conversational analytics can benefit from:

Businesses no longer have to be constrained by lack of data analysts, the time taken for analysis or the expense incurred on the same. From banking to retail and e-commerce, industries are moving to harness the power of conversational analytics and investing in technology that can mine speech data quickly, efficiently, and cost-effectively. What you say is being heard and understood, breaking down the erstwhile barriers to business intelligence.

  • Increasing personalized audience engagement – Conversational analytics can help businesses personalize shopping experience. For instance, based on user metrics and interest, notifications on athleisure or sports memorabilia could be pushed to the customer asking for the US women’s championship jersey, increasing conversion rates and succeeding in making a sale.
  • Democratization of data with access to anyone in the enterprise – Data and its analysis has always been privy to a select few within an organization. With specialist data scientists and analysts taking time to unlock the intelligence, data analytics have become inaccessible to those who could actually benefit from the insights. But conversational analytics can be a game-changer by opening up data analytics to a wide swathe of executives who could leverage it for business gains.  For instance a Talent Acquisition Manager could simply ask, “What are my hiring spends for the last quarter?”
  • Granular insights leading to better strategy - The harmonization of data presentation by conversational analytics driven by AI, can gain wider acceptance within the enterprise. From sentiment analysis to Root Cause Analysis, conversational analytics can, over a period of time, unearth lines of enquiry for other business teams, leading to discovering new market opportunities and developing better business strategies

Businesses no longer have to be constrained by the lack of data analysts, the time taken for analysis or the expense incurred on the same. From banking to retail and e-commerce, industries are moving to harness the power of conversational analytics and investing in technology that can mine speech data quickly, efficiently, and cost-effectively. What you say is being heard and understood, breaking down the erstwhile barriers to business intelligence.

Blog Author: 
Satyakam Mohanty
Categories: 
Evolving Landscape
Tags: 
Personalization

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