Conversational Intelligence: What, Why, How & Top Benefits of CI for Business
15 Apr, 2022
15 Apr, 2022
Our businesses run on virtual conversations these days, and we are all collecting conversation data. But it is tough to get value from this data, and that is why so many businesses are rapidly adopting conversational intelligence technology solutions to gain insights from this conversation data.
If you have not invested in a conversational intelligence platform yet, it is the right time to make it a part of your tech stack. As analyzing these conversations becomes increasingly essential for every business.
If you want to learn more about conversation intelligence (CI), what it is, how it works, and how a conversation intelligence platform can help your business – keep reading!
What is Conversational Intelligence?
It is no secret that since the onset of the pandemic, we have been having many virtual meetings. From connecting with coworkers to customers to candidates every day, we spent a lot of time in these conversations. To be exact, during COVID-19, we spent more than 5.5 billion minutes in these conversations. But do you utilize the valuable information hidden inside these conversations? Well, most people do not – because it is tough to analyze these conversations. And that’s where conversation intelligence technology can help – it can analyze these virtual conversations and provide actionable insights.
In other words – conversation intelligence is the practice of recording and analyzing conversations to drive crucial insights from them.
We have all been recording meetings for months now, especially the ones with customers or prospects, as they contain valuable insights for growing our sales. But we cannot utilize these conversations as extracting insights from them involves the tedious task of reviewing these recordings and noting down important snippets as they come. Revisiting these snippets and collaborating on them itself then requires an additional effort.
With conversation intelligence, these conversations can be transcribed and analyzed to provide actionable insights into the consumer’s mind.
Well, conversation intelligence platforms use a combination of ML (machine learning) and NLP (natural language processing), and facial coding technology to spontaneously deduce intent, sentiment, and meaning from this conversation data. This makes it possible for organizations to assess their conversation data more deeply and quickly.
In short, these platforms use conversational AI (artificial intelligence) to derive insights from your virtual conversations.
Why Conversation Intelligence Is Critical to the Future of Your Business?
Since the pandemic started, most businesses have relied solely on video conferencing tools to connect with their clients, candidates, and team. And they are spending a lot on these platforms as they know the importance of virtual conversation and collaboration for managing and running their business.
But siloed conversation data often makes it challenging for businesses to get value from these conversations. Disparate tools and data sprawl can make it nearly impossible to find these conversations and extract insights from them.
But, if you are not using and getting value from these conversations, it is a lot of money down the drain. Even if some attendees write critical information from these conversations, it becomes tough to keep track of all these conversations and get insights, especially after participating in many of these conversations.
Enter conversation intelligence, which aims to solve this problem. It can help you derive data-driven insights from your virtual conversations by analyzing these conversations at a scale. So, today’s organizations should not ignore the power of conversation intelligence.
Now, before we jump into valuable benefits conversational intelligence technology can bring to your business – let us first discuss what and how this technology works.
How Conversation Intelligence Platform Can Help?
The last two years have changed the way we communicate with each other. Most of our conversations these days are happening virtually, for which we are using video conferencing platforms. A conversational intelligence platform is quite different from your standard video conferencing platform (like Zoom). These platforms not only just let you record these conversations but also transcribe, create a single repository of these conversations, and analyze these conversations.
These platforms let you draw insights from your virtual conversations. For example, if you conduct client meetings online, you can get real-time insights into your customer’s interest levels by analyzing their voice tonality, facial cues, and behavioral nuances. In short, with the conversation intelligence platform, your meetings can be transcribed and analyzed to provide actionable insights into the clients’ minds.
Here is how a conversation intelligence platform can help you get more from online meetings:
- Automated conversation recording and real-time meeting transcription
- Emotion and Conversation Analytics
- Meeting Insights like individual media level insights, speaker participation and tag-level insights
- Aggregated analytics for a collection of recordings
1. Automated Conversation Recording and Real-time Meeting Transcription
The automatic recording and transcription of virtual meetings can help get more value from these conversations. Also, they can make these meetings more productive and save time. How?
Attendees can focus on the conversations as they do not have to worry about taking notes, which is incredibly arduous, especially when on a video call. And this way, they can stay focused on the conversations. Also, people rarely decipher and arrange their handwritten notes, which causes crucial information to be lost, but meeting recording solves this problem too.
Since the conversation intelligence platform will record and transcribe the conversations, people can quickly scan these meeting recordings to find the important stuff. Also, CI tools allow you to search across these transcriptions for every word or snippet, and highlight the most important parts of conversations, eliminating the need to listen through the whole meeting recording.
2. Conversation Analytics
These days we are all communicating virtually through video conferencing platforms. These platforms are helping us stay connected and keep businesses running. Also, these platforms are letting us record these work conversations. But are you extracting insights from these conversations? With conversation analytics, you can do that.
Conversation analytics is the process of evaluating these conversations and deriving insights from them. This technology uses artificial intelligence (AI), machine learning (ML), natural language processing, and (NLP) to analyze virtual conversations and find insights from them.
Building better customer experiences starts with listening to conversations and ends with action. Conversation data is the key for companies to provide a great experience, but only if you can unlock this data. CI helps you unlock insights from this data. It lets you tap into your customers’ emotions and comprehend the subtle human elements, behavioral nuances, and context of these virtual conversations by using technologies like facial coding, voice tonality, and text-based sentiment analytics.
For example, you can analyze your customer conversations for sentiment with this technology, and you will get insight into these conversations’ context and emotional content. You can quickly discover what customers really want by understanding the sentiment. And can improve your customer experience (CX) by using these insights.
3. Meeting Insights/Leveraging Conversation Intelligence for Success
Everyone knows that nowadays, our businesses run on virtual meetings, and to leverage these conversations, most organizations are recording them. The problem is, across a working week, this could result in a jungle of meeting recordings that collect dust on the shelf – as it is tough to find and navigate through these conversations, forget about deriving insights from them.
Conversation intelligence platforms can help businesses overcome these obstacles; these software’s standard features are conversation recording, real-time transcription, conversation management, MOM generation, insight generation, search, highlight, and share.
Conversation intelligence software can analyze a large volume of conversation data to generate insights, but most businesses think it can only analyze sales conversations (calls). However, you can use conversation intelligence to analyze any conversations, from HR conversations (recruiting) to customer service calls to market research conversations, and more. You can use CI tools anywhere – where a lot of conversations happen, and conversation insights are needed.
We all know virtual conversations are here to stay, so you may as well start leveraging these conversations and get value from them.
How Conversation Intelligence Tools Can Help Your Business?
Want to use CI tools but unsure how they can help your business? Given below are a few ways CI can take your entire company to the next level.
1. Save Your Valuable Data from Vaporizing
Record and transcribe 100 percent of your conversations to make them accessible at your fingertips. CI platforms let your team document and internalize knowledge from all your meetings. No matter whether it is an all-hands, sales meeting, design review, stand-up meeting, or client meeting so that every member of your organization has access to this conversation data and can leverage it.
2. Making Better Data-driven Decisions
Recording meetings is easy; extracting insights from them is not. With CI tools, you can extract insights from one of the largest existing sources of data in a company, which is virtual conversations. You can find everything you want to know about your customers, sales reps, team members, and business decisions in these untapped systems of recordings.
3. Improve Your Team Productivity
Virtual meetings are a mainstay of human collaboration in this remote-first world, and conversation intelligence lets you focus on these conversations instead of scrambling to take notes. Want to make your communication more efficient? CI tools make sending notes and meeting recaps to teammates who could not attend the meetings easy.
Also, these tools make your virtual conversations searchable, so you can cut through the noise and find whatever you are looking for from these conversations quickly, helping businesses unlock new data and insights from these conversations.
Do not Ignore Conversation Intelligence
We all have a lot of virtual conversations these days. If you want to make more out of these conversations, you need to invest in CI tools especially, as analyzing your conversation data has become increasingly essential. And, yes, conversational intelligence is a relatively new technology, but there is a lot of buzz about the value companies are getting from their use of CI solutions. In fact, many organizations today are using it to improve the effectiveness of their sales and support teams, but this technology can do much more than that, and so these CI platforms should be a part of your tech stack.
Author Bio: Reshu Rathi is an online marketing and conversion rate enthusiast. She specializes in content marketing, lead generation, and engagement strategy. Her byline can be found all over the web. Reach her @ LinkedIn