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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.
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.
Lymbyc, being the world's first virtual analyst has proven its mettle in the industry . Be it the "Most innovative Data science Product" by Aegis or "the top 10 emerging Analytics startups in India to watch out for in 2018" by Analytics India Magazine, Lymbyc is making heads turns and making headlines