Business

How to get the most from your business data

It’s one thing to collect your business’s data, but turning that information into insights that propel your organization toward growth is quite another. Analyzing your data can be daunting, but it shouldn’t get pushed to the bottom of your to-do list. Here are a few tricks you can use to make better forecasts.

Many businesses shy away from data analytics due to the perceived costs and resources required to get anything of value. However, even the most humble mom-and-pop stores and home-based entrepreneurs have access to a broad range of worthwhile information.

It doesn’t make sense to spend half your week mired in spreadsheets and charts if you’re not extracting information that helps increase revenue. Basic data analytics solutions from companies like Microsoft and Google offer solutions to streamline the collection and examination of company information. But with an array of different tools to choose from, what should you consider before investing in one?

How easy is it to use? There’s no point investing in a dashboard solution if you don’t understand the way the insights are presented. Analysis functions must be straightforward and user-friendly.

Are the results actionable? Great insights are worthless if applying them requires another staff member that you can’t afford. Test drive an analytics solution before investing to ensure that its insights are easy to understand and apply.

Does it save you time? If you’re already relying on data analysis for growth, your first priority should be boosting productivity. Look for solutions that will enable you to complete your current analytics tasks in less time.

Is it compatible with other apps? You need a solution that cuts down on manual data entry and doesn’t add steps to any existing processes. Make sure any analytics software you’re considering can integrate with your existing solutions before signing on the dotted line.

Whether your aim is to attract new customers, retain existing clients, expand your services, or decide on a new location, your data is an indispensable asset. It’s there in good times and bad times, just waiting for you to take a closer look.

If you’d like to learn more about adding value to your business with data analysis, or want to explore data analysis software options, get in touch with us today – we’ll be happy to recommend options based on your needs and requirements.

How AI improves customer service

Exceptional customer service should be solution-driven, accurate, and fast. For many companies, that means recruiting the best crop of talents who can quickly learn their systems. But nowadays, businesses are turning to artificial intelligence (AI) to improve customer service.

How AI capabilities enhance customer service

AI has two capabilities that enhance customer service: machine learning and natural language processing.

Machine learning studies historical customer data in your systems and equips your customer service staff with all the information they need to address concerns much faster and provide personalized product suggestions, discounts, and offers. It’s the same mechanism that enables Facebook to suggest friends and brands to add or follow, and allows Amazon to personalize product recommendations.

On the other hand, AI’s natural language processing capabilities make it possible for businesses to deploy computerized customer service systems that don’t require human support staff. AI-enabled systems can ‘talk’ to customers via software similar to that of Apple’s Siri, Google’s Alexa, and Windows’ Cortana.

Automated, accurate, and agile responses

Although well-trained employees can multitask and solve customer problems, humans make mistakes. Automated systems like chatbots provide accurate and quick responses because they can be programmed to respond rapidly and accurately, handle large volumes of queries, and be available 24/7.

For example, a restaurant chain that often receives queries about a branch’s opening hours can use a chatbot to handle questions about store hours, reservations, and other simple concerns. A retail store chatbot can also make online ordering seamless by answering questions about product sizes and/or availability.

Overall, AI-enabled chatbots can reduce or eliminate pain points commonly encountered with human customer service representatives, such as long wait times, inefficient escalation of complex concerns, and negative human emotions from irate customers, all of which affect customer satisfaction levels.

Cost-efficient support

Businesses spend thousands of dollars to hire and train customer service representatives. But based on studies, the high attrition rates in the call center industry cost them a lot of money. Some companies even let operations staff handle customer support, which then affects productivity and reduces profitability.

AI-powered platforms reduce the time and money spent on customer service because you don’t need to hire more support staff in case of business expansion. Instead, you can reprogram customer service software so that queries about new products or new business locations can be easily addressed.

Many customers still prefer to have their problems solved by humans. And for banks, hotels, hospitals, and businesses where complicated concerns require human customer service agents, an AI-powered support system can facilitate seamless issue resolutions.

Fortunately, there are plenty of technology options to make customer service and other functions more efficient. Call us today for innovative business technology solutions.