So, the implementation of your chatbot is done. The cutting-edge, conversation-based interface is working well, engaging your customers and collecting data. What next? The role of a chatbot doesn’t end in just serving the customer. It can measure all your actions and collected data too.
Until and unless you’re analyzing the data captured from your marketing measures, you won’t be able to decide which way to head to for further developments. As Peter Sondergaard from Gartner Research said: “Information is the oil of 21st century, and analytics is the combustion engine.”
Here’s how the AI-driven platforms like a chatbot do the trick with data crunching:
1. The volume of data is big, but not for AI:
In a recent study IDC estimated that by 2020, all the online B2B and B2C transactions will reach up to 450 billion per day. The amount of digital data created per year would be almost 40 zettabytes. So, more than data collection, data analysis is going to be the concern. Trust us, unutilized data hurts more than love does.
Analyzing zillions of bytes of data and generating practical insights require the use of sophisticated and expensive Business Intelligence tools. Which is definitely not an economical solution for most businesses.
For instance, think of travel agencies. They receive a lot of user queries, which means a considerable amount of data, and not all the agencies are large enough to crunch the data manually. A travel industry chatbot can save the day. What say?
2. Simplify the otherwise not-so-simple user metrics:
When you’re depending largely on chatbots for customer support and brand promotion, it’s important to make sure that the user feels comfortable interacting with it. You need to measure how helpful the chatbot is. User metrics like the total number of users, active users, returning users & new users help you measure the success of the chatbot.
You can also monitor the recurring active users of your chatbot to get a feel for how often users are coming back to use your chatbot after the initial interaction. That too without letting you go through the cumbersome process of examining multiple dashboards.
Chatbots can also automate data look-ups and extract data from disparate business systems, such as ERP, CRM, Data Warehouses and so on to analyze and generate key insights.
3. Time is money and it saves a lot of it: This is where automation comes into play. Imagine analyzing mountains data manually. It may take days or months considering the manpower you have. You still can’t ensure accuracy. After all, to err is human.
Solution to this is a no-nonsense chatbot which collects and analyses data almost in a jiffy. As the data analysis is AI driven, chances are you are getting the most accurate report. All you need is a date range and a couple of button clicks and your report is ready. Yes, it’s that simple!
4. Facilitates your future business moves: The time and labor you save not analyzing data manually can be used to plan your next business move. Accurate and timely analytics reports help enterprises connect the dots between multiple data points, facilitates data-driven decision making and restructuring business processes without spending ages for the same. As a consequence, you derive profitable outcomes.
So, to be precise, chatbot analytics help us understand customer behavior; what makes them happy, what disappoints them, what is in demand and what is not. A better understanding of your customer helps to chart out a better strategy to retain them. Analytics matter and chatbots know it!
Have a point or an experience to share? Comment below and let us know.