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How is Conversational Business Intelligence Shaping the Future of Business Intelligence?

Conversational BI (business intelligence) uses various technologies, such as voice assistants or chatbots, that users can interact with (talk to or chat with) to obtain interactive and focused visualizations and business intelligence capabilities. These visualizations may be in the form of charts, dashboards, and reports. 

Conversational BI technologies use large data volumes, natural language processing (NLP), and machine learning (ML) to imitate human interactions. These technologies are also used to recognize speech, integrate with enterprise software or databases, aggregate the data, and output the user’s results. 

Conversational business intelligence consulting services is getting more mainstream by the day and received a major fillip due to the emergence of the coronavirus pandemic. This pandemic arose in China in late 2019 and quickly spread to almost all corners of the world. Many employees and customers now found themselves in the peculiar position of having to deal with new forms of working, the major one being remote working or working from home. Given this limited interaction, users were forced to deal with robots such as chatbots and voice bots. This made it all the more necessary to refine conversational BI technologies to deal with the huge influx of interactions with BI. Data science services also proliferated.

Nowadays, conversational business intelligence consulting services are getting out of the boundaries of solely implementing AI technologies. The main user of conversational BI technologies is the user of business software. These users often consume large datasets to make everyday decisions, and BI is allowing them to do so by providing them with insights derived from large datasets. However, it is prudent to work with a robust provider of data science services to fully benefit from conversational BI.

Components of Conversational AI

Three main components are integrated to give rise to conversational BI. These are data visualization, natural language processing integrated with machine learning, and a connection to business software or databases. While these three technologies do exist side by side, conversational business intelligence consulting services are integrating them into one piece to extract from the integrated solution what is not possible when using them in silos. The key components are:

  • Machine Learning (ML)

This is a subset of artificial intelligence (AI) and consists of a set of features, algorithms, and datasets that are continuing to improve with time. With a growth in the input, the AI machine becomes better at identifying patterns and then uses these patterns to make predictions. Natural language processing is one form of machine learning and is used to analyze language. NLP allows users to use human language to interact with a machine. Then, it understands the meaning of the input, understands the context, and continuously learns.

  • Data

The efficacy of conversational BI lies in how robust the data set it uses is. All business activities and information is stored in databases and the amount of this data is growing rapidly. Conversational BI solutions allow users to read the data using various business software that connect to these databases. Data science and business intelligence consulting firms can tell you exactly how to go about collecting, aggregating, cleaning, analyzing, and transforming this data so that your business objectives are furthered.

  • Conversational UI

The conversational BI user interface allows users to write/talk in human language and receive a response in the form of charts, reports, dashboards, tables, lists, cards, and other UI components. In simpler terms, it means that conversational BI user interfaces allow for the embedding of data visualizing components into the chatbot conversations it has with users.

How Conversational BI is Shaping Business Intelligence

As part of conversational AI, conversational BI provides a cost-effective solution for a range of activities and tasks for many business processes. Some of the benefits of conversational BI include:

  • Ease of Getting Analytics

Conversational BI makes the task of getting the analytics data easier than ever before. No longer do users have to learn complex new analytics solutions and how to use specific applications. Conversational BI allows users to use natural human language to receive the analytics. It is like having a personal assistant working for you. This assistant prepares the reports for you based on your input and the data in your dataset.

  • Real-time Analytics

Conversational BI allows you to get insights into business activities and processes in real-time. You are no longer constrained by having access to and using data solely from the past. Right from financial KPIs to IoT data, users can get real-time analytics to help them make sound business decisions based on advanced technologies.

  • Self-service Analytics

A conversational BI solution, which can be implemented by using the services of a data science firm or business intelligence consulting provider, can be used to obtain self-service analytics. No longer do you have to bear the cost, complexity, and data security risks of multiple solutions. You can just make use of conversational BI which provides a single place to work with your data.

  • AI-powered Answers

Conversational BI allows users to take full advantage of cutting-edge artificial intelligence technologies and capabilities to derive insights rapidly and seamlessly from both unstructured and structured data. With conversational BI, you can ask questions in the form of text or voice and receive sophisticated and accurate results provided by AI based on a thorough analysis of the massive number of factors that might be playing a part in the values in the data.