Why Chatbots Are Key to the Future of Business Intelligence

There is a bit of a misunderstanding surrounding artificial intelligence. Some people believe that businesses will somehow be replaced by AI as it becomes more advanced. They believe that people will start losing jobs and then the world will spin into chaos. So let me clear up any potential worries right now. Businesses are always going to be run by people, and they are going to need real humans to thrive. Machines cannot express creativity, which is where they become limited. The goal of business intelligence is not to replace people. It’s to leverage data and replace business processes that are dependent on intuition.

Business intelligence provides executives with the tools to reach wider markets and improve their internal processes. However, they still have to be the ones to make the decisions moving forward. One of the most notable ways of leveraging BI is through the use of chatbots. Let’s look at some of the ways that chatbots are being leveraged right now:

• The overall market for chatbots is going to continue to grow in the coming years. We’ll see 85% of all customer interactions happening via chatbots by next year.
• Nearly one-third of business executives say that their AI technology is mostly comprised of chatbots.
• Almost half of the marketing executives plan under the belief that automated customer communication provides essential data used for decisions.
• Chatbots are going to manage 40% of all interactions by next year.
• There are over 10,000 app developers on Facebook who specialize in creating chatbots.

What is the IQ of your Business?

Artificial intelligence provides a ton of essential information to businesses. It has the potential to gather, manage, and then present that data in a useable format. So executives have the comfort of making data-driven decisions. The level to which a business uses these systems is known as Business IQ.

We’re not only using data to look at past metrics, but businesses with a high Business IQ can make accurate predictions. It’s why you see game-changing companies like Amazon being the first in line for new trends. They see these trends before anyone else!

Business intelligence combined with artificial intelligence is a recipe for success!

Chatbots are the next step to further ascend towards this relationship. They don’t just stand in for customer service representatives. They can serve as a liaison between executives and data. Chatbots are much easier to communicate with than some data scientists!

In short, what this means is that business intelligence has become more accessible for small businesses. There is no longer a requirement to bring inexpensive data scientists to work within your company. Let the big players pay the big bucks for those people. Instead, invest once to bring in experts like those on the Research Optimus Team and let them set it up. Once the ball is rolling, anyone can start taking advantage of these amazing systems.

Quality is More Important than Quantity

As with all forms of technology, not all chatbots will work in the same way. Some are used for customer interactions, while others are more advanced and can be used by executives to serve as a data analyst. These chatbots communicate directly with company executives to communicate information regarding essential data that has been gathered from customers by other chatbots. Essentially, we have the technology to create an entire team of these bots to gather and relay information that can then be used to make important business decisions.

Chatbots Fast-Track Businesses to a Higher Business IQ

There are three specific ways in which this happens, but before we describe them, let’s look at the bigger picture here. The goal with data is to be able to gather data from a lot of different sources, mine through this vast amount of data to pull out key metrics, and then present those metrics in a way that executives can quickly understand. This must happen in real-time if you want to stay caught up with the current times because data needs to change so rapidly. With that said, let’s look at three powerful ways that chatbots enhance the Business IQ of a business.

They Boost AI Adoption

• Fast data gathering and reporting without sacrificing data integrity.
• It can easily be integrated with your current BI system.
• Chatbots will gather data from customers and then extract useful metrics from that data. Then they communicate this data with the right team members.
• Communication through mobile devices is essential today, so we can use chatbots to communicate with mobile devices. This data can also be shared with team members via their mobile devices.
• Team members can pull up essential data from any location whenever they need it.

Chatbots are Amazing Assistants

• Chatbots are easy to use regardless of skill, so even non-power users will be able to tap into their powerful reporting tools.
• They eliminate the need for sophisticated navigational tools since they utilize voice commands. In short, you can ask them a question, and they will answer.
• Chatbots are much easier to communicate with than a data scientist. Plus they are available 24/7.

Chatbots are Intelligent

• Chatbots can be added to any group messenger app and serve as a liaison between data and an entire team.
• Group bots will also provide the right information on-demand, eliminating the need for users to stop and research during important meetings.

The Future is Full of Possibilities

Experts like those on the Research Optimus Team know that the future of business is going to be based on becoming data-centric. It’s important to start equipping your business with more BI tools. Chatbots are a logical place to start.

We see businesses with the highest IQ achieve the most success. Chatbots are going to become commonplace as we make the transition into 2020 because of their powerful data-centric abilities.

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