Imagine a world where customer ratings and reviews could be effortlessly analyzed and instantly transformed into practical decisions… Wonderflow is turning imagination into reality by combining sentiment analytics with the revolutionary power of generative AI!
What is Generative AI?
Generative AI can generate original content based on existing data, like audio, images, and text. It can analyze vast amounts of information and produce meaningful insights in seconds.
Most people have heard of the popular AI, ChatGPT, which is used for text-based results. Wonderflow is utilizing a similar, yet more advanced generative AI to enhance customer feedback analysis, making it simple for the user to get valuable insights instantaneously.
Why is Customer Feedback Analysis Important?
Customer feedback is invaluable in today’s business landscape. It gives businesses crucial insights into customer preferences, pain points, and expectations. In fact, 73% of customers stated that a good experience is a key factor in their purchasing decisions, and that starts by honing an effective voice of the customer program.
Manual data analysis is tedious and prone to human error. With large volumes of feedback pouring in every day, manually processing and extracting meaningful insights has become almost impossible, especially for enterprises.
Moreover, traditional market research and keyword-based approaches have their limitations. They often fail to capture the nuances of customer feedback and can miss crucial contextual information. More advanced and efficient solutions like Wonderflow’s VoC analytics are required to keep up with the growing demand for real-time feedback analysis.
How Generative AI Transforms Customer Feedback Analytics?
Generative AI algorithms can quickly process large volumes of feedback data, saving time and resources. These algorithms can identify patterns, trends, and sentiments in customer feedback immediately.
By generating actionable insights and recommendations, generative AI empowers businesses to make data-driven decisions and improve their products and services based on customer preferences.
The Growth of Generative AI
According to MarketsandMarkets, generative AI is predicted to grow from 11.3 billion US in 2023 to 51.8 billion USD by 2028, mainly catering to CX.
Research by Gartner predicts that by 2025, 30% of customer service organizations will utilize AI in at least one of their engagement channels, including customer feedback analysis. A report by MarketsandMarkets estimates that the global market for AI in customer feedback analysis will reach $1.33 billion by 2023, growing at a compound annual growth rate (CAGR) of 21.1%.
Final Remarks
By properly harnessing the power of generative AI, businesses across sectors can achieve higher ROI. Wonderflow is already a pioneering company in the field of decision intelligence and has successfully addressed the challenge of managing and simplifying the abundance of data available to businesses.
Want a front-row seat to the future of business intelligence and to see what Wonderflow has in store? Register now for the Wonder Keynote happening on 6 July 2023.
