The 2021 business intelligence (BI) industry generated approximately $22.8 billion in revenue, according to market insight. The market value for 2022 is estimated to climb to roughly $29.48 billion. This growth is being fueled by surging demand for business intelligence solutions.
While many organizations realize the benefits of business intelligence solutions, far fewer of them have discovered the nexus between chatbots and BI. If you are not familiar, you can read all about the Good and Bad of Chatbots in our previous blog. When leveraged together, chatbots can further business intelligence initiatives while improving overall organizational productivity.
The chances are that your company already leverages chatbots in some capacity and likely has invested in business intelligence as well. Understanding business intelligence will help you better utilize the advantages of merging these two productivity resources.
What Is Business Intelligence?
The term “business intelligence” refers to a set of technologies and strategies that businesses can use to gather, analyze, and use information more efficiently. Data-driven decision-making is what separates the average organizations from the dominant ones.
Business leaders who learn how to get the most out of the information they collect can increase their company’s overall competitiveness and achieve critical organizational goals more efficiently.
Modern business intelligence technologies allow organizations to put their initiatives into action. These technologies can be leveraged by companies operating within a wide range of industries and can help provide insights into customers’ minds.
Why Companies Must Invest in BI Initiatives
Businesses everywhere are collecting more information than ever before. However, a large percentage of this data is unstructured and goes unused. Business intelligence seeks to remedy this pain point by structuring and analyzing customer intelligence through a series of processes and methodologies.
Investing in business intelligence initiatives and technologies can give companies a distinct advantage over their competitors. This approach has become increasingly important in the crowded modern business landscape. Additionally, investing in BI technologies will allow businesses to use other resources better. Chatbots are a prime example.
On their own, chatbots can improve the customer service experience and enhance performance along key metrics like the customer effort score. However, chatbots do not typically improve a company’s ability to use customer data unless this software is paired with business intelligence technology.
How Chatbots Enhance Business Intelligence
As you know, chatbots are unique software applications that can simulate a conversation with customers. Chatbots vary significantly in terms of sophistication. Rudimentary chatbot software can only provide a set of limited, generic responses to customer inquiries. Conversely, the latest chatbot technology can use natural language processing (NLP) and machine learning (ML) software to carry on more active conversations.
Chatbots can also improve your organization’s ability to adopt business intelligence initiatives and technologies. Specifically, integrating chatbots with your business intelligence platform offers the following benefits:
#1: Optimize Data Extraction Speed
Once chatbots are integrated with your business intelligence platform, this advanced software can harvest information from your database. This previously hidden information can be relayed to employees, customers, or anyone else engaging with the chatbot software.
Chatbots can be used for employee-facing purposes in addition to customer service-centric applications. For instance, employees can communicate with chatbots to rapidly locate important business intelligence data. This setup streamlines the data retrieval process, allowing your staff to be more productive.
On the customer-facing side, chatbots can extract information and relay it directly to your business intelligence platform. The BI technology can then structure and analyze the data so that other teams can leverage the information for important business purposes. Optimizing data extraction speed is the first step to improving the efficacy of your BI initiatives.
#2: Facilitate Multi-Device Support
Modern consumers expect to receive omnichannel support. Chatbots can provide some of this support when they are deployed on messenger platforms and the company website. However, optimizing the quality of this support requires companies to integrate their chatbots with business intelligence software.
The purpose of merging chatbots with business intelligence software is to increase adoption while simultaneously eliminating barriers to the flow of information. In turn, this will allow your organization to serve clients across more than one communication medium effectively.
#3: Harvest Relevant Data
Before business intelligence solutions can structure and analyze data, you must first harvest this information. When business intelligence software and chatbots are effectively integrated, you can more efficiently gather data from your customer base.
This strategy will improve the accuracy and thoroughness of your database. In turn, this will enhance your ability to leverage data to guide decision-making.
The latest iterations of chatbot technology can analyze information using natural language processing, artificial intelligence and machine learning software. This analysis allows the chatbot software to efficiently harvest the most relevant data and then route it to the appropriate location.
#4: Engage in Proactive Communication
Chatbots can be an integral component of your service model and business intelligence initiatives. Unlike passive on-site or messenger-based resources, chatbots can proactively reach out to customers when they navigate to your page.
They can analyze relevant business intelligence data in order to tailor greetings to better suit your customer base. For instance, chatbots can deliver different greetings depending on whether a user is a returning site visitor or a first-time guest.
Chatbots equipped with NLP and ML capabilities can initiate conversations with customers seeking support. This approach can improve the overall service experience while also expediting the issue resolution process. Integrating chatbots with business intelligence technologies can also enhance first response time.
#5: Enhance Employee Productivity
Ultimately, business intelligence technologies and chatbots were created to improve operational efficiency.
Cumulatively, these technologies will allow your business to collect, analyze, and use customer intelligence more effectively. Chatbots that are enhanced by BI software will also alleviate the burden on your staff, which will allow them to become more productive.
If you would like to learn more about the connection between chatbots and business intelligence, talk with Goodbay Technologies. We connect organizations with outsourced support services and cutting-edge customer experience technologies, including chatbot software.
Contact our team today to explore Goodbay’s full suite of customer experience services.