How BI helps enhance your Business Performance
Two-and-a-half quintillion bytes of data is generated every single day. Individuals and businesses are constantly consuming, cleansing, and transforming data to make raw data more useful and meaningful. 73% percent of customers use data to generate more operative purchases that produce the most cost-effective outcomes. Google and Amazon customer reviews, for instance, dictate a consumer’s decision-making process significantly. Today, companies are leveraging the power of data to enhance their business strategies by combining internal data with external data to draw in customers by providing them with the maximum benefits.
So, how can data be advantageous to you? With access to data, companies can uncover insights about the customer, or a specific product or service and in turn use this information to alter current processes to offer a better overall customer experience.
Data can also be beneficial to companies in numerous other ways. For example, a company like John Deere, which specializes in agricultural machinery, equips their tractors with sensors that are capable of gathering information on equipment usage and can predict future breakdowns. These sensors can also supply data to farmers on when to plant, where to plant, and the best planting practices, which ultimately helps maximize their revenue. Due to this data, John Deere has created a new revenue stream and improved their customer service significantly.
However, making sense of the available raw data and discovering customer requires in-depth analysis. An influx of raw data flooding in from different sources is unlikely to benefit your company in any way. The key is to take the raw data and convert it into data that is tactical, operational, and provides the most effective insights to your company. A good example would be a built-in analysis tool in social media platforms that helps realign your business strategy based on key metrics and findings.
Looking at data with fresh eyes
The good news is that today there are vast amounts of BI&AI tools and platforms available. These tools take large volumes of raw data and convert it into actionable and useful information, to aid decision making.
However, there are a few features you must look for when it comes to using a BI tool—one that not only adds value to your current applications and infrastructure investments but also provides you the ability to optimize your business processes. It must focus on the key aspects that are important to your company—KPIs for example. This tool must provide you with ease and convenience should be easy for your employees to navigate and must act as your partner when it comes to offering your business insights.
One of the most crucial aspects of a business intelligence tool is time-sensitivity. Enterprises require real-time actionable insights as opposed to retrieving information in hours or even days.
How can a tool alter your customer interactions and improve your business outcomes? For instance, business intelligence derived from conversations between customers and contact center executives can be recorded and analyzed. The tone of a customer’s voice and how they respond to certain phrases can be studied with a voice analytics tool. BI can also measure campaigns and sales performance, call quality, compliance, and first-call-resolution rates to enhance agent performance. Based on this data, agents can be re-trained and assessed for improvement. The results are improved agents and business performances. The possibilities with a BI tool are endless!
Lumenore is an integrated technology solution that encapsulates all the above and more. It is driven by BI(Business Intelligence), AI(Artificial Intelligence) and RPA(Robotic Process Automation). It takes your raw data and converts it into operational insights in an easy-to-understand, dynamic and visual platform.
The solution offers a variety of benefits including access to all employees, no CAPEX, ensured high-speed deployment, and maximum results with the minimum disruption.
Features of Lumenore
- Ask me: Natural language query with Amazon Alexa, Google Home, and Apple Siri integration
- Do you know: Augmented Analytics: Self-driven insights powered by Machine Learning and AI packages designed for what business wants to know up front
- KPI bank: Pre-configured KPI’s and ready to deploy dashboards and applications
- Self Service: Create data connections, design and customize your own dashboards.
- Multichannel Accessibility: Business Analytics Apps on iOS and Android platform for fast and easy access to insights with high-class visualizations.
- Collaborative analytics: Make strategic decisions instantly by enabling your business users to collaborate, annotate, share views, and assign and manage workflow and tasks.
- Voice Analytics Plus: A module that leverages the best-in-class call recording and natural language solutions with the user-friendly BI Plus platform.
- Training Audit Plus: The module gauges the efficacy of training programs, how training is facilitated, and its operational performance impact.
- Complete Coaching Plus: Create customized and targeted agent self-coaching plans. It ensures continued improvement with built-in progress tracker and monitoring as well as providing effective coaching content assignments and predictions for improvement with AI.
Improve your organization’s performance with Lumenore. See it yourself. Schedule your free demo today.