In the current business scenario, understanding customer data is crucial to enable organizations gauge customer expectations and, accordingly, deliver the most appropriate or relevant customer experience. Over the years, companies have made use of web analytics data, for instance page views, or even click rates, to be able get a proper understanding of consumer behavior. Though this method does show how customers behave and react when something is presented to them, this method fails to accurately offer insights about consumer wants.
To deal with this, companies are now going for what is known as Conversational Analytics. A key area of Artificial Intelligence, this method focuses on capturing the intention of the customers. All companies have a huge amount of structured and unstructured consumer data. By using conversational analytic, one can navigate efficiently through all this data, pull out the right sets of data from various sources, and then make it available as verbal questions.
By offering easy access to the huge data bank and making it more personalized, Conversational Analytics can help organizations transform their businesses. The technology basically helps data analysts interact with the data. Using conversational interfaces, business organizations can easily capture the intent data making them more proactive in their interactions with their customers and, thus, become more capable to deliver personalized experiences. This in turn would give the organization a stronger foothold in the market.
There a several answers that users seek from the data available. What conversational analytics does is that it allows there questions to be asked verbally. It basically enables verbal interaction through digital assistants like Amazon Alexa or even Siri. With the use of this trending technology, company do stand to gain a lot in various ways. Firstly, in terms of time, how and from where one can obtain data is no longer a matter of concern. Whatever data is required, one only either needs to ask or just type it out. Secondly, there is a greater degree of accuracy as there is complete absence of human involvement in data preparation. Every activity, right from selecting and collating to preparing the data, is automated. As a result, human errors are completely avoided when preparing the reports. Thirdly, there is greater degree of mobility. The conversational analytics interfaces are not independent applications but are like a regular chatbox. With this one can perform multiple tasks like book a ticket or even perform a data analysis.
The market for conversational analytics is expected to grow to close to $15.7 billion in 2024. With its ability to offer valuable insights on the customer journey, it will prove beneficial for organizations who adopt this technology early. But to the able to use its full potential, organizations will have to go beyond analyzing customer intentions with natural language understanding. Though collecting consumer intent data is essential, companies also need to obtain data about a consumers feelings and sentiments. This will enable automation to adjust to a customer’s nature and find a resolution to their queries. For example, for a customer who feels happy on seeing a particular product, artificial intelligence can throw up certain offers and then collect more specific feedback that can be worked upon to define customer journeys.
Conversational Analysis has revolutionized the way how organizations are now tracking consumer behavior. It is replacing traditional modes of understanding consumer intent and is set to bring about transformation in customer experience, thereby enabling organizations remain competitive in the market they operate. AI technology is fast changing the way enterprises are doing business and inclusion of Conversational Analysis for better consumer experience is, therefore, only natural and important.