How Chatbots are redefining Data Analytics for Businesses

Without data, everything that anyone says is just an opinion, and that’s certainly not enough especially when it comes to taking critical business decisions.

Importance of data doesn’t come as a surprise to businesses. Companies spend massive amounts of money and time to capture and gain data from different sources.

But that’s not enough.

Even with all that tremendous quantities of data, businesses worldwide struggle in harnessing available data to benefit from them. The two most important aspects of data are a) Timing and b) Analytics.

If they are not able to retrieve relevant data in time, it’s a loss.

If they are not able to comprehend and analyse data well, and well-in-time, it’s the biggest loss.

Unfortunately, most of the time, all these data points are generated and analysed in isolation. That again sets for more of a liability than an asset.

Data alone is meaningless. It needs to lead to actions, i.e., Actionable Data.

Imagine you have a flight scheduled at 10 a.m. today. You are running a little late. You either take a cab or a metro. What kind of data will help you to make a decision? You can check Google Maps to check how much time it will take a cab. You can check traffic congestion on maps. You can check Metro maps to see how many stops it will make before making it to your destination.

These are actionable data. But you need to collect all these pieces of information from different sources to make a decision fast. If you are not fast enough, you run the risk of missing your flight.

Now imagine a 1000 times more critical decision to be taken, with scores of stakeholders and decision-makers in consideration, with even less time to decide and much more at stake. What happens when all those stakeholders and decision-makers do not get comprehensible, actionable data in time?

It’s been happening for quite some time now. But the emergence of AI and Machine Learning technologies has turned a corner in data accessibility and analytics space.

One of their best solutions is – Chatbots. 

According to Business Insider, by 2023 chatbots are going to save banking, healthcare and retail sectors up to $11 billion annually. 

What are chatbots?

Know Amazon’s Alexa or Apple’s Siri? Yeah, those are chatbots. Ask questions and get relevant responses immediately. Chatbots are conversational agents built on NLP technology. So far, in many industries they have been used for customer service. They are trained to give solutions to user queries with a human connect.

But chatbots for data analytics is another space to conquer.

Chatbots for Data Analytics

This is a long-awaited technological disruption that holds massive potential to redefine how businesses operate. Chatbots for data analytics means that you can talk to a virtual agent, ask for data in real-time, and access all relevant information instantly. Not just data, these bots also provide you with insights on those data points.

These bots are smart and powerful. They are built to think, perceive and analyze information. 

They understand your language and they understand what you need. They give you insights that lead you to ‘What to do Next’, i.e., towards decision making.

Power and Potential of these chatbots –

Chatbots for data analytics are intended to do exactly and much more than the ‘term’ suggests.

They talk to you and your people and in turn enable them to talk to data and for data to talk to them. It’s all about conversations. Good conversations lead to good relationships, that’s what these chatbots are capable of doing for your business.

They provide an immersive experience across all environments, be they for individual purposes or a team setting.

Here are a few direct and indirect features/benefits for adopting chatbots for data analytics-

  • Seamless integration with workplace collaboration tools – Chatbots are built to seamlessly integrate with modern-day communication tools at workplaces like MS Teams, Slack, WhatsApp, and the like. So when you are running a business meeting, you don’t need to navigate away and filter through different apps/data sources to share relevant data with all stakeholders. It can be done within the communication app. Just talk to your chatbot for it and there you go!
  • Provides actionable insights for decision-makers – Advanced chatbots not only give businesses access to data, they also provide actionable insights that make it easier to make quick and effective decisions. We live in a volatile world.

This empowers the non-data-savvy audience to the maximum, thereby, bringing the speed of the business to its best potential.

  • Facilitate push reminders and alerts for latest updates – Chatbots connect dots of information lying in different planes to empower businesses for a shape. What does that mean? It means they help you collaborate – the most important aspect of accelerating business growth. Most of the time-critical stakeholders are working in silos. By the time they get aware of the latest update from peers, it’s too late. These chatbots for data analytics send reminders and alerts every time there is an update on shared data. Connect. Converse. Collaborate.

Chatbots for data analytics hold untapped potential for accelerating business growth. These technologies will define the success of the future of businesses.