The Future of Business: AI-Driven Analytics
Elon Musk put it rightly, “Some people don’t like change, but you need to embrace change if the alternative is a disaster.”
The same concept applies to the business world of today. The past years have seen a tremendous boost in the way data is collected and synthesized for personalization and marketing. There is a lot at stake here for the organizations not choosing to incorporate AI-driven analytics for business – the other alternative, in contemporary times, is a disaster. Big Data Analytics would be standing at a global market size of $68 billion by 2025, predicts Statista; that alone poses dire consequences if organizations don’t figure out how to collect, segregate, collate and process data into useful insights that aid growth.
AI-driven analytics for businesses provide more than just insights to act on; this technology helps orient growth strategies in the right direction through empowering decision-making with sound data collected in real-time.
Let’s understand AI-driven analytics for business in a better light.
What is AI-Driven Analytics for Business?
Evolution is the driver of business – and the pandemic of 2020 has caused a major paradigm shift in how businesses approach data. Traditionally, companies would employ statistical modeling which was either handled by PC-run barebones software or manually. Artificial intelligence is changing that, and for the better.
AI-driven analytics for businesses provide simpler and easier scalability, speed, and attention to every single detail regarding data – this isn’t possible manually. AI-driven analytics are a part of business intelligence, in a way, employed in tandem with machine learning to:
- Discover patterns and relations in the collected data
- Derive insights by synthesizing the collected data to align with the company’s goals and targets
- Replace or assist the data analysts at a company
- Automate the handling and management of data at a company
$16 billion is contributed to the AI analytics market by business intelligence and analytics software alone. Although it requires a little patience and investment initially to incorporate AI analytics solutions at an organization, the benefits are tremendous and worth every penny invested. The fact that manpower can be reorganized with the automation capabilities of AI-driven analytics makes it an efficient solution for big data at any organization.
Let’s look at a few more compelling reasons to invest in AI-driven analytics for business.
Why Invest in AI-Driven Analytics in Business?
Apart from the reason that your company gets improved insights from the data it collects, the benefits are many.
“Data” is an umbrella term for a dangerous tide of text, numbers, figures, dialogue, and other forms of entities that could potentially benefit your business. The sheer complexity of it is difficult to look at, let alone organize or use.
AI-driven analytics helps data analysts separate useful data from the noise at the source, categorize it according to specified labels, and store it into easily retrievable packets organized as per specified class. All of this is digital and automated – no human intervention or physical storage is required. The task that would otherwise take human hours to accomplish can be handled in mere minutes using AI analytics software.
Democratized Data Analytics
One major problem that companies face with analytical insights is making it available on a common-access platform. Collected data is useful only when a business can derive useful insights from it, AND make it available for access universally across its operational spheres. When insights and analytics are present, ready for use, but the adoption is low, your business is only wasting its resources.
For example, the marketing and sales departments of a company need to be equipped with consumer behavior insights at the same time for these analytics to be useful, and for the teams to work in tandem. That is when the strategies they prescribe will truly be effective.
Shortened Operational Lifecycles
When meaningful, relevant insights and inferences from data are readily available to view, the decision-makers at a company feel empowered and confident in implementing business strategies and developmental activities without second thoughts or doubts. Quickness in taking decisions backed by solid data reduces the time-to-action, causing a quickening in pace in the overall operations of the business.
For example, whether or not to launch a product before a festival can be answered easily by looking at consumer buying trends in the niche at the same time of the year. AI-driven analytics produce the required insights in record time.
Added Value Through Structured Data
Most of the data at an organization are just a huge information dump – a pile of disused numbers and text that nobody knows how to use. AI-driven analytics for business structures that ignore piled-up data, cleans things up so you can actually “see” the value in it. Every new byte of data coming in gets sorted automatically and stored for later retrieval, according to the protocol prescribed by the company. The inefficiencies associated with data collection thus get uprooted at the source itself, making data inflow smooth.
Economized Business Intelligence
Supporting an entire team of data analysts, training and nurturing them, giving them time to create reports and prepare insights – takes up precious time and resources. While data analysts are still needed to validate what software does, AI-driven analytics applications for businesses can largely automate most of the business intelligence tasks regarding data management. Your company will then have the freedom to reallocate the resources thus saved to other priority tasks, such as strategizing or business development.
There is immense potential in deploying AI-based applications all over business operations. Economization, improved efficiencies, reduced errors, better accessibility are just the tip of the iceberg.
AI analytics for business has proven to be a highly effective tool in saving a company time, money, and hassles by automating data management. Accurate reporting and insights, segregating and storing data have never been easier. With the full-scale deployment of AI-driven analytics for business, companies can avoid data disasters and compete in the modern-day business realm.
A digital shopping assistant that helps retail brands sell more faster.
AskSid is a global conversational solutions company that partners with retail brands to elevate shopping experiences by leveraging the power of Artificial Intelligence. Our capabilities extend beyond support automation, extending to insight extraction, analysis, and business opportunity generation, all by leveraging the power of conversational data. We combine domain expertise and cutting-edge technology to build a Retail AI Brain for our clients, that mines insights from conversational data and becomes the basis of the business opportunity creation we offer. The power of actionable customer data has allowed us to create value and bring change to global brands including AkzoNobel, Danone, Wolford, Akris, and Himalaya. AskSid has live implementations in 23+ countries and supports 100+ international languages, managing millions of satisfied customers the world over.
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