Data analytics is examining data sets to conclude the information they contain, increasingly with the aid of specialized systems and software. Data analytics may be used to solve business problems using statistical methods that use descriptive statistics and predictive models to analyze past and current data.
Data analytics as a practice has evolved over the years to become a powerful force in making or breaking businesses on a global scale. In its most modern avatar, data analytics is taking the form of conversational insights – where humans interact with their data using natural language.
Conversational insights is the surest way to reinvent data analytics for today’s business leaders and understanding why there is a need for conversational insights is essential before discovering its wonders.
Decoding the Modern Data Analytics Practice
The amount of time users spend using predefined dashboards will decline
The need for data analytics for modern businesses cannot be overstated as data-driven decision-making is helping organizations stay competitive. Modern business intelligence tools with the most potent weapon in their arsenal – the dashboard have played a significant role in reimagining data analytics forward.
Or so everyone thought.
The pandemic was a watershed moment for organizations worldwide. They reevaluated their business models and propelled digital transformation projects, to ensure business continuity. The data practices came under more scrutiny, given their role in furthering business goals. The results were surprising and every business leader had only one question for their team.
The downfall of dashboards is not a surprising event. Many analytics gurus across the world had predicted it, and the pandemic just accelerated the event. Given the obvious pitfalls of modern self-service BI tools, the world needed a better, smarter, and simpler way for data analytics. The search for that ended with conversational insights.
We have previously explained why you need conversational insights. However, if you as a business leader still have the “what’s in it for me?” question, proceed further to read this article.
Why Business Leaders should invest in Conversational Insights?
By 2025, context-driven analytics and AI models will replace 60% of existing models built on traditional data.
Conversational insights is more natural and intuitive for users, who can get their data questions answered without being technologically sound in query languages. Its uses are varied across industries and functions to improve productivity, efficiency, operational gains, and ultimately the bottom line.
Irrespective of whether your organization is a small one or a large enterprise with dedicated data teams for each function, conversational insights will fit your bill. It has brought down the time to insights from 5 business days to less than one minute. Conversational insights is built to serve the data needs of users irrespective of the volume of data for the simple reason that all data questions are momentary.
Humans are prone to errors, especially when they are not the primary consumers of the intended insights. They also have inherent biases when it comes to repeating the exercise over time. Conversational insights has neither bias nor error. It all depends on the quality of data being fed into the system or simply garbage in garbage out.
Improved User Satisfaction
There is always external dependence to create impactful dashboards. But the dashboards always go through multiple rounds of back and forth before being presented. This is because the end users better understand the context of the data story and the dashboards will get redesigned multiple times until the right format is achieved. Conversational insights improve user satisfaction by removing this dependency and iterations. It helps end users engage in a conversation with data.
Improved Employee Satisfaction
The impact of data fetching, analysis, and presentation getting automated with conversational insights is huge for your team of data analysts and data scientists. Tedious, repetitive, and transactional tasks like preparing dashboards and reports will be replaced by more meaningful tasks. This helps fuel innovation in the team and the data team will end up adding more value than before. In simple terms, conversational insights helps improve their satisfaction by effectively addressing the problems faced by data analysts.
Conversing through 2023!
It’s imperative to arm your data users with the right analytics tools powered by conversational insights. It’s equally important to ensure the data team, who create tons of dashboards across functions, switches gears. This renewed focus will lead to creative solutions and foster out-of-the-box thinking from the team. On the user front, immediate access to insights will bring down decision time tremendously, thereby ensuring organizations can leverage previously missed opportunity costs, just like the global leader in commercial vehicle manufacturing.