Why Chatbots are Key to the Future of Business Intelligence

Business intelligence gathers all the IT solutions that optimise the use of data within your company. These tools offer processed and refined data and claim to be a useful means for decision making.

Therefore, the main objective of Business Intelligence is to allow easy access to data, generally via reports and dashboards. However, these modes of access to company data are not always reliable since they have certain weaknesses.

Fortunately, the presence of artificial intelligence makes it possible to obtain this critical information in an efficient, faster and cheaper way—through AI-based chatbots.

With instant access and precisely synchronized data, a chatbot can offer an intuitive solution to democratize data. Let’s take a look at some other possible benefits.

Index- How Chatbots can Boost Business Intelligence

• The Relationship between BI, Business IQ and Chatbots
• 3 Powerful Ways to Raise your Business IQ
• Improve Your BI Analytics and Success Rates  
• The Key Benefits of Integrating a Chatbot into your Business
• What to Expect in the Future?

The relationship between BI, Business IQ and Chatbots

BI has changed how management teams make decisions. With the right BI tools, companies not only know what their customers want but also what triggers their needs. 

Hence, chatbots play a huge role in how Business Intelligence is shaping the way of doing business. They can help companies to detect patterns and relationships between events, market demand and customer behaviour. 

AI chatbots have the power to bring BI, business IQ and data together. But they’re more than just virtual assistants, they’re modern data accumulators for enterprises.

Let’s take a look at some interesting trends and forecasts:

• Chatbots will manage 85% of customer interactions by 2021;
• they can cut operational costs up to 30%.
• By 2021, 50% of businesses plan to spend more on chatbots than on mobile apps.
• By 2020, bank systems will automate up to 90% of customer interactions using chatbots.
• Companies will save 2.5 billion customer service hours using chatbots by the end of 2023.
• 64% of internet users say 24-hour service is the best feature of chatbots.
• 37% of people use a customer service bot to get a quick answer in case of emergency.

 

Read more | E-commerce Chatbots: 5 Ways to Increase Sales, Conversions & Retention

 

3 Powerful Ways to Raise your Business IQ

Artificial intelligence has the ability to gather, manage, and present that data in an accessible format. This allows executives to make data-driven decisions in a more convenient and reliable way.

 

“Your business IQ is connected to how you manage change and performance improvements in all facets of your organization, from operations to product.” – Artful Thinkers

 

Apart from that, there are three powerful ways that chatbots can help to enhance the Business IQ of a company. Let’s take a look at them.

#1 Boost AI Adoption

In order for employees to access any company data, they need to enter the system, download data, go through multiple reports and switch between different apps or tools.

With the integration of a chatbot, instead of logging into the BI software every time, employees can have a chat with the bot and obtain insights from the already available-messaging app, from any device.

AI chatbots use functions such as voice and text recognition, extracting info from pictures and looking for patterns in data to help automate various analytics and business intelligence processes.

To sum up, chatbots enable fast and convenient data gathering which can be used to share reports and metrics with entire teams. They covert complex BI info into human-friendly insights.

#2 NLP for better understanding

There is an essential connection between NLP and Business Intelligence. Natural language processing is an improving and powerful technology that drives businesses.

Chatbots use it to interpret the user’s message and deliver responses in different formats such as auto-generated charts, period-over-period calculations, key drivers, and comparative analysis.

To raise Business IQ, try to surpass traditional chatbot features and focus on analyzing your buyer personas using NLP techniques to obtain as much info as possible about them.

Here is an example of how SIA—an AI sales chatbot—extracts data from the company’s BI system to gives accurate, analytical responses in just a few seconds. 

#3 Customer support assistants

Chatbots serve as the most convenient around-the-clock assistants. They take care of typical requests and questions from customers, faster than any human. They access and process the vast ocean of information to provide you with the requested info in the blink of an eye.

Bots can even ensure your privacy as they can be designed to have custom access to the personal data shared in the conversation. These can range from basic tasks, like email sorting and arranging meetings, to a fully immersive personal chatbot experience.

 

“In the last three years, ChatBot handled 313406 chats (35% of the total traffic) which equals the workload of 10 support agents“.  -ChatBot

 

 

Improve your BI Analytics and Success Rates

Businesses need accurate and relevant data insights to help them take crucial decisions—that’s where chatbots come in. 

First, by activating push notifications. This helps increase user engagement among employees. They will receive messages every time new data is collected or significant trends are detected.

Based on their roles, department and preferences, the chatbot can send out custom notifications. This way, everyone from the team is always up to date on changes, anomalies and outliers in data sets.

Second, by extracting additional information from third parties. Think of data and analytics from messaging apps like Skype For Business and Slack. But also take LOB systems into account such as ERP, CRM, Data warehouses etc.

The speed factor combined with the easy access to multi-format data, chatbots boosts BI adoption and success rate improvement. 

 

You might be interested  | Augmented Intelligence: humans and AI joining forces

 

Key Benefits of Integrating a Chatbot into your Business

Besides giving analytical insights, chatbots can have a direct impact on the growth of a business. Let’s take a look at a few examples.

Grow without adding overhead 

Growing your business doesn’t necessarily mean increasing costs. The implementation of chatbots doesn’t have to be expensive, especially if you weigh it up against the results.

The costs are, in general, lower than customer support salaries, management and training expenses etc. According to Juniper Research, in the banking industry, chatbots will save $209 million in 2019 and $7.3 billion by 2023 on a global level. 

Increase the conversion rate

When receiving a lead from a contact form or phone call, it usually takes time to obtain all the information you need. A chatbot, on the other hand, can collect this information in a more direct and efficient way.

Another important factor is the chatbot’s interface. If it’s attractive and intuitive enough, it can help to increase the conversion rate. Therefore, take the various CTAs, colors, copy and images into account.

According to a survey from HubSpot, 47% of consumers are open to making a purchase through a chatbot. The company Gamma, for example, decided to invest in conversational marketing and generated:

• 150 new opportunities;
• a value of $2 million in their sales pipeline;
• increased their website’s conversion rate by 33%.

A tool for Market Research

An NLP powered chatbot helps to better understand your customers. Besides discovering what their most common questions or needs are, it can give you new insights on how they’re feeling about your services or brand.

A chatbot can also ask users specific questions that would usually be included in a marketing survey. Only in this case, the response rate will probably be much higher. The answers can help to detect what, how and when to market (new) products or services.

Generate qualified leads

Conversational marketing encourages your customers to interact proactively. Bots can use advanced logic to conduct lead qualification and ultimately connect with the potential ones in real-time—resulting in sales acceleration.

A chatbot can use different questions to filter leads, starting with the typical “Are you…?”, for example, a business owner, DMU at a company, current client etc. This helps to identify the buyer persona behind the lead.

Then the “Tell me more about…” question or the “What brought you here today?” to be able to identify who has buyer intent.

The next question would be “What do you know about our product/ service/ brand?”, this will give you insight into how many and what information the lead will need.

And the last one to ask “Do you need any help with that?”.  The answer to this question will determine, for example, if the lead will be contacted by a sales representative or not. This first screening can save your team time, energy and effort.

 

Related article | Business Intelligence solutions for your company’s business strategy

 

What to expect in the future?

With the constant improvement of NLP, the evolution of IA,  and the development of modern BI tools, the interaction between humans and chatbots will continue to become smoother. 

At a certain point, their human-like interactions will become so advanced, and their use so widespread, that we won’t even notice the difference between interacting with a human or a bot. By 2021, 85% of customer interaction will be handled without human agents.

A successful human-simulated experience occurs only when a chatbot fully understands the human request. Thanks to machine learning, the chatbot will never stop learning and improving its responses, becoming more intelligent and precise than ever.

By 2022, 75% to 90% of customer support queries are going to be handled by bots. However, many companies have planned to develop bots for internal use.

Are you looking for opportunities to boost your Business Intelligence? Or are you planning on integrating a chatbot to your company soon? Count on our experts to help you out!