Why should you use a business intelligence (BI) tool? Because big data is everywhere, and you need a reliable way to distill and consume that information effectively. Put simply, a BI tool is a type of application software designed to retrieve, analyze, transform, and report data for enterprises.
Since the 1960s, business intelligence has been evolving alongside the technology it accompanies, and when in use, it provides a holistic and comprehensive view of your business data. These tools, such as Tableau, can extract information gathered from your business’ designated data warehouse to provide targeted intelligence in a timely manner, and improve the decision-making process.
Whether they realize it or not, every department is collecting data on a daily basis. VoiceBase helps these 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 insightful data is just sitting there–unorganized and under-utilized. Unstructured data is not only a huge problem, but a growing liability, with Gartner estimating that as much as 80% of the world’s data is unorganized. “We found that while 74% of firms say they want to be ‘data-driven,’ only 29% say they are good at connecting analytics to action. That is the problem,” says Brian Hopkins, VP Principal Analyst at Forrester Research Inc. It’s time to connect the dots, and implement a business intelligence tool. Here’s five benefits to using a BI tool with your speech analytics efforts.
5 Benefits of Using a Business Intelligence Tool with Speech Analytics
There are costs associated with implementing and maintaining a BI tool, but the return on investment (ROI) is worth it! Nucleus Research was able to find that businesses in 2014 earned $13.01 for every dollar they spent on BI solutions, up 22% from three years prior. It’s clear to see from a casual glance how such an ROI is possible: the automation of speech analytics combined with BI tools reduces and eliminates the costs of key business functionalities such as data collection, IT training, report generation, and programming. Not only do these paired tools cut down the time employees would spend analyzing, but it makes them more productive in their other activities as well. It’s no wonder that when businesses were surveyed by Noetix, over half of respondents agreed that the intangible benefits to business intelligence were more important than the measurable.
Enhanced Insights for Better Results
Some of those intangible benefits manifest themselves through insights that wouldn’t be found without through automated analysis. Finding what you need, and making sense of it all manually is a nightmare of overtime and human error. Effective speech analytics helps businesses enrich customer interactions, improve business processes, and optimize their work forces to enhance customer experience and mitigate risk.
By inputting your speech analytics data into a BI tool, you automate the process of analyzing all call data for all those beneficial insights. Collecting call data offers an improved understanding of a customer’s wants, needs, and trends. Predictive insights is one example of speech analytics capability that empowers your business to always be one step ahead of improving overall customer experience.
The ability to visualize your data as it relates to all departments in an organization makes it possible for whole businesses to make informed decisions, rather than a singular department interpreting raw, unrelated data. It’s about gathering the right information, and implementing it in the right analytical tool to accurately address hidden insights.
Business intelligence tools address the “what, how, and why” of your business in a consumable and communicable format to empower you and your team in making educated decisions based on what is happening right now, instead of what you think could be happening.
Data in Near Real-Time
Even though technology has developed to respond faster to our requests, it doesn’t always keep up with expectations. In data analytics, over 70% of the businesses surveyed by CBR are not satisfied with how long it’s taking to synthesize all that information. Even the most well trained analyst can take days to organize raw data, and when a decision-maker is forced to wait for the translation of their information, the organization runs the risk of the data becoming outdated before it can even be applied.
Implementing VoiceBase into an enterprise-grade contact center solution allows your business to gain access to actionable insights in a matter of seconds. Instead of hiring a specialist to review the raw data, your organization can use a BI tool to visualize your speech analytics data. By utilizing these dashboards, businesses can quickly gain access to large amounts of relevant information that is easy to comprehend. Overall, this enables businesses to improve products and services efficiently.
Reliable and Improved Data
Intelligent reporting minimizes risk in a business. With quick turnaround using speech analytics and visual reports, BI tools support organizations in better understanding call data to eliminate the need for guesswork. Providers like Tableau have brought complex data sets to life with dynamic and interactive visualizations. Companies can now shed light onto discrete aspects of the business, allowing for decision-makers to take their insights further, and develop deeper intuitions about products and end users.
Analyzing every customer call provides you with a complete understanding of the voice of the customer. Visualizing your speech analytics data in a business intelligence tool allows your enterprise to compete like a champion. Analyzing call data lets your business automatically optimize sales, scrutinize marketing campaigns, and evaluate overall customer experience.
Data is everywhere, so 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.