With the emerging technologies in this digital era, there has been a drastic change in the way customers interact with brands and devices. This revolutionary change is via conversation. Businesses are now able to provide customers enhanced conversational experience through chatbots and voice-enabled assistants like Alexa, Google Assistant, Siri, etc. This provides companies with first-party data about their customers. These digital voice assistants provide real-time insights for marketing, sales forecasting, changing customer behavior, and preferences as well as other critical business information. Conversation analytics, the technology that translates speech and converts it into data, so that conversations can be analyzed for insights is becoming a basic need for those businesses who want to know their customers much better.
With the massive chunks of data getting generated day by day, both structured and unstructured, organizations are flooded with information from various sources. Upon separating this useful information, advanced cognitive computing technologies such as conversational analytics can offer accurate first-party intelligence that can be leveraged by companies to understand the customer sentiments and enhance their business performance. The voice assistants, through Machine learning and AI technologies, assist customers in their verbal queries and clarifications which accumulates voice generated data. Conversational analytics is a Natural Language Processing driven analytics solution that uses either Artificial Intelligence or Machine Learning to derive valuable insights for business. This helps organizations to analyze this voice generated data and provide personalized reporting as it occurs.
Data privacy regulations like the General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA) have prevented organizations from exploiting third-party data sources. So organizations largely rely on the data generated by their sources. And there comes the relevance of Conversational Analytics that enable businesses to leverage opportunities through insights generated by its large voice data sets. The valuable insights generated thus help organizations to understand their customer behavior much deeper such as their buying patterns, sentiment analysis, purchase history, and other parameters as well. The enormous amount of voice data sets generated through voice assistant not only helps in leveraging insights but also helps in improving the performance of the company by creating a neural network of algorithms for deep learning.
Certainly, conversational analytics is becoming beneficent day by day as AI-driven technologies are marking the new era of customer service and interaction taking it to new heights, thereby making it more relevant for businesses to grow.
