Why use a BI tool? Because big data is everywhere. Whether they realize it or not, every department including, sales, marketing and customer support is collecting data on a daily basis. VoiceBase helps businesses gain a better understanding of their customer’s wants, needs, and concerns by automatically transcribing, analyzing and predicting events within customer data using AI-powered speech analytics.
Without a BI tool all of this analyzed, insightful data is just sitting there, unorganized and under-utilized. Gartner estimates that as much as 80% of the world’s data is unorganized, and according to Forrester, 74% of businesses say they want to be “data driven,” and only 29% say they are good at connecting analytics to action.
A business intelligence (BI) tool is the only practical way to take advantage of all this data. Put simply, a BI tool is a type of application software designed to retrieve, analyze, transform, and report data for businesses. These tools, such as Tableau, can extract data from a data warehouse identified by the business, aiming to provide targeted information in a timely manner and improve the decision-making process.
5 Benefits of Using a BI Tool with Speech Analytics
1. Reduced Cost
True, there are costs associated with implementing and maintaining a BI tool, but the ROI is worth it! Nucleus Research found that businesses earned $13.01 for every dollar they spent on BI solutions and analytics. And it’s clear to see from a casual glance how such an ROI is possible: the automation of speech analytics and BI tools reduces and eliminates the costs of data collection, IT training, report generation and programming. Not only do speech analytics and BI tools cut down the time employees would spend analyzing, but it makes them more productive in their other activities as well, for the reasons we’re about to review.
2. Enhanced Insights for Better Results
Finding what you need and then making sense of it all manually is a nightmare of overtime and human error. Speech analytics should help businesses enrich customer interactions, improve business processes, and optimize their work forces to enhance customer experience and mitigate risk. Inputting your speech analytics data into a BI tool automates the process of analyzing all call data. Collecting call data offers an improved understanding of a customer’s wants, needs, and trends; which empowers your business to always be one step ahead of improving their overall customer experience.
3. Context-Relevant Decisions
The ability to visualize all the information as it relates to all departments in an organization, rather than raw, unrelated numbers, makes it possible for businesses to make informed decisions.
Extracting the RIGHT useful information and implementing it in a BI tool to visualize your data enables businesses to make effective decisions. BI tools address the “what, how, and why” of your business to empower you to make educated decisions based on what is happening right now. Providing your business the ability to visualize their data across all departments.
4. Data in Near Real-Time
According to Computer Business Review, 72% of business and analytics leaders “are not satisfied with the amount of time it takes to get data analytic results,” and 67% of organizations “do not have analysts who are able to bring together data from various systems.” Let alone, data analysts can spend days organizing raw data that most business decision-makers do not understand without an analyst. When a business decision-maker is forced to wait for this data, the organization runs the risk of the data becoming outdated before it can be put to use. Implementing VoiceBase into an enterprise-grade call center solution allows your business to gain access to actionable insights in a matter of seconds. Instead of an analyst reviewing the raw data your organization can use a BI tool to visualize their speech analytics data. Utilizing these fast processing dashboards businesses can quickly gain access to large amounts of relevant information that is easy to comprehend. Overall, this enables businesses to improve their products and services efficiently.
5. Reliable and Improved Data
BI reporting helps minimize risk in a business. With quick turnaround using speech analytics and visual reports, BI tools help organizations to better understand call data and eliminate the need for guesswork. BI tools like Tableau have brought complex data sets to life. With these dynamic and interactive visualizations companies can now shed light onto discrete aspects of the business, allowing decision-makers to take their insights further and develop deeper intuitions about products and end users.
There is no greater way to gain customer insights, then by analyzing every customer call to help better understand the True Voice of the Customer. Visualizing your speech analytics data in a BI tool allows your business to compete like a champion. Analyzing call data lets your business automatically optimize sales, analyze marketing campaigns, and evaluate overall customer experience.
Data is everywhere, why not use it to your advantage?
Check out how our customer Proactive Dealer Solutions utilized speech analytics to accelerate sales by $100K/ month in the auto industry.