Introduction
In today’s rapidly evolving business landscape, staying ahead of the competition is crucial for success. To do so, businesses must constantly adapt and innovate, making informed decisions based on data and insights. As a researcher, marketer, or organization, understanding the intricacies of your business and its performance is vital for growth and success.
One key aspect of business analysis is the process of retrieving and generating valuable insights, also known as Retrieval-Augmented Generation (RAG). In this article, we will dive into the world of RAG and its benefits for businesses.
Defining Business
Before we delve into RAG, let’s first define what we mean by “business.” In simple terms, business refers to any commercial activity that involves the buying and selling of goods or services to make a profit. It can be a small local store or a large multinational corporation, and it can operate in various industries such as retail, finance, healthcare, and more.
In today’s digital age, businesses generate a vast amount of data, from customer interactions to sales figures, market trends, and more. This data serves as a goldmine of information that can be used to make informed business decisions and gain a competitive advantage.
The Benefits of Business Analysis
Business analysis is the process of using data to understand and improve business processes, identify opportunities for growth, and make informed decisions. It involves collecting, analyzing, and interpreting data to gain insights and drive strategic decision-making.
As a researcher, marketer, or organization, there are numerous benefits to conducting business analysis, such as:
1. Identify Trends and Patterns
Business analysis allows you to identify trends and patterns in your data that may not be apparent at first glance. These insights can help you understand customer behavior, market trends, and other factors that may impact your business.
For example, by analyzing customer data, you may discover that a particular product is more popular during a specific time of the year. This insight can help you plan your inventory and marketing strategies accordingly, leading to increased sales and customer satisfaction.
2. Improve Decision-Making
Business analysis provides valuable insights that can inform strategic decision-making. By understanding your data, you can make informed decisions that are backed by evidence, rather than relying on intuition or guesswork.
For instance, if your analysis reveals that a particular marketing campaign is not performing well, you can adjust your strategy or allocate resources to other initiatives that show better results.
3. Increase Efficiency and Productivity
Business analysis can also help you identify inefficiencies in your processes and operations. By analyzing data, you can pinpoint areas that require improvement, such as bottlenecks or redundancies, and make necessary changes to increase efficiency and productivity.
For example, by analyzing sales data, you may discover that a particular product is always out of stock, resulting in lost sales. By addressing this issue, you can ensure that your inventory is well-stocked, leading to increased sales and revenue.
4. Stay Ahead of the Competition
In today’s competitive market, staying ahead of the competition is critical for business success. Business analysis can provide you with valuable insights into your competitors’ strategies, allowing you to identify gaps and opportunities in the market.
For instance, by analyzing your competitors’ pricing strategies, you may discover that you can offer a lower price for a similar product, attracting more customers and gaining a competitive advantage.
Retrieval-Augmented Generation (RAG)
Now that we have a better understanding of business analysis and its benefits, let’s dive into RAG. RAG is a combination of two powerful techniques: retrieval-based and generative-based natural language processing (NLP).
Retrieval-based NLP involves retrieving relevant information from a pre-existing database or knowledge base, while generative-based NLP involves creating new text based on learned patterns and language models.
With RAG, businesses can leverage the power of both techniques to retrieve relevant information and generate new insights, providing a more comprehensive understanding of their data.
The Benefits of RAG for Businesses
1. Increased Efficiency and Accuracy
RAG can significantly improve the efficiency and accuracy of business analysis. By combining retrieval and generation techniques, RAG can quickly retrieve relevant information and generate new insights, reducing the time and effort required for manual analysis.
Additionally, RAG’s use of large language models and data visualization tools can provide more accurate and comprehensive insights, leading to better decision-making.
2. Better Understanding of Unstructured Data
In today’s digital age, businesses generate vast amounts of unstructured data, such as customer reviews, social media posts, and more. RAG’s use of generative-based NLP allows businesses to make sense of this unstructured data by generating valuable insights and patterns.
For example, by analyzing customer reviews, RAG can identify common themes or sentiments, providing businesses with valuable insights into customer satisfaction and preferences.
3. Personalized Insights and Recommendations
RAG’s ability to retrieve and generate insights based on specific queries or topics allows for personalized insights and recommendations. This can be especially beneficial for marketers, as it can help them tailor their strategies and campaigns to specific target audiences.
For instance, by analyzing customer data, RAG can generate personalized recommendations for products or services based on individual preferences and behavior.
Conclusion
In conclusion, business analysis is a crucial process for any researcher, marketer, or organization looking to understand and improve their business. With the rise of RAG, businesses can now leverage the power of both retrieval and generative-based NLP to retrieve relevant information and generate new insights, leading to better decision-making and a competitive advantage.
By utilizing RAG and other advanced technology such as data visualization, businesses can gain a deeper understanding of their data and stay ahead of the competition in today’s fast-paced business landscape. So, don’t wait any longer, embrace RAG and take your business analysis to the next level.
How To Use Speak’s Retrieval Augmented Generation For Business
Step 1: Create Your Speak Account
To start your transcription and analysis, you first need to create a Speak account. No worries, this is super easy to do!
Get a 7-day trial with 30 minutes of free audio and video transcription and analysis included when you sign up for Speak.
To sign up for Speak and start using Speak Magic Prompts with retrieval augmented generation, just visit the Speak app register page here.
Step 2: Upload Your Business
We typically recommend MP4s for video or MP3s for audio.
However, we accept a range of audio, video and text file types.
You can upload your file for transcription in several ways using Speak:
Accepted Audio File Types
- MP3
- M4A
- WAV
- OGG
- WEBM
- M4P
Accepted Video File Types
- MP4
- M4V
- WMV
- AVI
- MOV
- FLV
Accepted Text File Types
- TXT
- Word Doc
CSV Imports
You can also upload CSVs of text files or audio and video files. You can learn more about CSV uploads and download Speak-compatible CSVs here.
With the CSVs, you can upload anything from dozens of YouTube videos to thousands of Business files.
Publicly Available URLs
You can also upload media to Speak through a publicly available URL.
As long as the file type extension is available at the end of the URL you will have no problem importing your recording for automatic transcription and analysis.
YouTube URLs
Speak is compatible with YouTube videos. All you have to do is copy the URL of the YouTube video (for example, https://www.youtube.com/watch?v=qKfcLcHeivc).
Speak will automatically find the file, calculate the length, and import the video.
If using YouTube videos, please make sure you use the full link and not the shortened YouTube snippet. Additionally, make sure you remove the channel name from the URL.
Speak Integrations
As mentioned, Speak also contains a range of integrations for Zoom, Zapier, Vimeo and more that will help you automatically transcribe your media.
This library of integrations continues to grow! Have a request? Feel encouraged to send us a message.
Step 3: Calculate and Pay the Total Automatically
Once you have your file(s) ready and load it into Speak, it will automatically calculate the total cost (you get 30 minutes of audio and video free in the 7-day trial – take advantage of it!).
If you are uploading text data into Speak, you do not currently have to pay any cost. Only the Speak Magic Prompts analysis would create a fee which will be detailed below.
Once you go over your 30 minutes or need to use Speak Magic Prompts, you can pay by subscribing to a personalized plan using our real-time calculator.
You can also add a balance or pay for uploads and analysis without a plan using your credit card.
Step 4: Wait for Speak to Analyze Your Business
If you are uploading audio and video, our automated transcription software will prepare your transcript quickly. Once completed, you will get an email notification that your transcript is complete.
That email will contain a link back to the file so you can access the interactive media player with the transcript, analysis, and export formats ready for you.
If you are importing CSVs or uploading text files Speak will generally analyze the information much more quickly.
Speak will automatically embed your data in a well-architected vector database which allows you to use retrieval augmented generation for Business.
Step 5: Visit Your File Or Folder
Speak is capable of analyzing both individual files and entire folders of data.
When you are viewing any individual file in Speak, all you have to do is click on the “Prompts” button.
If you want to analyze many files, all you have to do is add the files you want to analyze into a folder within Speak.
You can do that by adding new files into Speak or you can organize your current files into your desired folder with the software’s easy editing functionality.
Step 6: Select Speak Magic Prompts To Analyze Your Business
What Are Magic Prompts?
Speak Magic Prompts leverage innovation in artificial intelligence models often referred to as “generative AI”.
These models have analyzed huge amounts of data from across the internet to gain an understanding of language.
With that understanding, these “large language models” are capable of performing mind-bending tasks!
With Speak Magic Prompts, you can now perform those tasks on the audio, video and text data in your Speak account.
Retrieval augmented generation is what makes these Magic Prompts work so well.
Step 7: Select or Create Your Assistant Type
To help you get better results from Speak Magic Prompts, Speak has introduced “Assistant Type”.
These assistant types pre-set and provide context to the prompt engine for more concise, meaningful outputs based on your needs.
To begin, we have included:
- General
- Researcher
- Marketer
- Sales
- Recruiter
Choose the most relevant assistant type from the dropdown.
You can also create your own custom Assistant Template Type.
If you visit the new page Account Preferences, you can see there is now an area where you can create your own custom Assistant.
This allows you to set the context of the engine for higher quality and more consistent outputs.
For example, you could say:
“We are [COMPANY NAME]. We are analyzing [DATA] to understand how to improve [GOAL]. We want all responses to be concise and in table format.”.
This becomes a reusable template in any of your manual or automated Magic Prompts.
You can create multiple templates for different use cases.
As an example, the analysis you run on a focus group may be different than a one-on-one interview.
Step 8: Create Or Select Your Desired Prompt
Here are some examples prompts that you can apply to any file right now:
- Create a SWOT Analysis
- Give me the top action items
- Create a bullet point list summary
- Tell me the key issues that were left unresolved
- Tell me what questions were asked
A modal will pop up so you can use the suggested prompts we shared above to instantly and magically get your answers.
If you have your own prompts you want to create, select “Custom Prompt” from the dropdown and another text box will open where you can ask anything you want of your data!
Step 9: Review & Share Responses
Speak will generate a concise response for you in a text box below the prompt selection dropdown. With Chat enabled, you can also continue to query that data to reveal more insights and reformat the information to your needs.
In this example, we ask to analyze all the Business in the folder at once for the top product dissatisfiers.
You can easily copy that response for your presentations, content, emails, team members and more!
Speak Magic Prompts Pricing
Our team at Speak Ai continues to optimize the pricing for Magic Prompts and Speak as a whole.
Right now, anyone in the 7-day trial of Speak gets 100,000 characters included in their account.
If you need more characters, you can easily include Speak Magic Prompts in your plan when you create a subscription.
You can also upgrade the number of characters in your account if you already have a subscription.
Both options are available on the subscription page.
Alternatively, you can use Speak Magic Prompts by adding a balance to your account. The balance will be used as you analyze characters.
Completely Personalize Your Plan 📝
Here at Speak, we’ve made it incredibly easy to personalize your subscription.
Once you sign up, just visit our custom plan builder and select the media volume, team size, and features you want to get a plan that fits your needs.
No more rigid plans. Upgrade, downgrade or cancel at any time.
Claim Your Special Offer 🎁
When you subscribe, you will also get a free premium add-on for three months!
That means you save up to $50 USD per month and $150 USD in total.
Once you subscribe to a plan, all you have to do is send us a live chat with your selected premium add-on from the list below:
- Premium Export Options (Word, CSV & More)
- Custom Categories & Insights
- Recorder Customization (Branding, Input & More)
- Media Player Customization
- Shareable Media Libraries
We will put the add-on live in your account free of charge!
What are you waiting for?
Refer Others & Earn Real Money 💸
If you have friends, peers and followers interested in using our platform, you can earn real monthly money.
You will get paid a percentage of all sales whether the customers you refer to pay for a plan, automatically transcribe media or leverage professional transcription services.
Use this link to become an official Speak affiliate.
Check Out Our Dedicated Resources📚
Book A Free Implementation Session 🤝
It would be an honour to personally jump on an introductory call with you to make sure you are set up for success.
Just use our Calendly link to find a time that works well for you. We look forward to meeting you!
