Unless you are living off the grid (and if you are reading this, we must assume you are not), you interact with AI systems every day. Maybe it is speech recognition in Siri or the recommendations you get from Netflix. Whatever it is, using AI has become so commonplace that you probably don’t even think twice when you engage with many of these systems.
In recent years, AI has become prevalent across all sorts of industries. The reason for this rise in the use of AI is that, for many applications, it makes humans more efficient while improving the work they do. One area where AI can help humans perform better is in Analytics. AI can process data much faster than humans, and when you use machine learning, it can identify relationships between different data sets in ways that go far beyond the capabilities of a human. As a result, it is becoming more common for businesses to use AI data analytics in areas like product development, customer relationship management and marketing. In this post, we will look at some of the ways businesses can leverage AI-powered data analytics.
Making Analytics More Accessible
Having a team of human analytics professionals is not an option for every business. These teams cost money, and it takes them a significant amount of time to do their work. With AI, the benefits of data analytics can be accessible to more businesses.
Even with analytics professionals, AI can be useful. An AI data analytics platform can save analytics teams a lot of time. Furthermore, with an AI-powered analytics platform, the data and analytics tools will be more useful to people outside the analytics department. If someone wants to check a particular KPI or get data for a specific time period, they can easily do that from the dashboard. They can even ask analytics questions themselves and get answers from the AI. With search powered by natural language processing, it is almost like Google, but for your data!
Businesses now can now collect and access immense amounts of data. The volumes of data are so large, that analytics professionals need to use tools to help sort through and organize it all. Even with these tools, finding actionable insights is still a time-consuming task.
AI data analytics perform well at this type of task. In fact, these systems are known to find insights that a human professional would be unable to find on his or her own. Not only that, AI analytics systems can do the work faster and at scale. With many of these systems, you can even ask specific questions or set parameters and the AI will deliver the relevant insights to you.
Beyond actionable insights, AI can use the data to predict outcomes. The AI analytics platform will take all of the data, find patterns and then forecast the future based on what has happened in the past. With enough data, these systems can provide predictions with incredible reliability.
As an example, this could work for product development. Maybe you are planning to add a new feature to a product. The AI could use the available data to predict how customers will respond to the change. It could also work for marketing campaigns. It could predict the best channels for launching a new campaign or for the types of content that will be most effective for inspiring action in different segments of your customer base.
Today’s customers want personalized experiences. When you send marketing materials, they want it to be relevant to their experience. When they get recommendations, they want them to reflect their needs or preferences. All of this is possible when you use AI-powered data analytics.
For example, if you are using email to send out marketing material, AI can help you find the content that will be most effective for different types of customers. This can also work for social media marketing. The AI can tell you which ads will work best for different age groups, geographic regions and for users with different behavior patterns.
The insights and predictions you get from AI-powered analytics can be invaluable. However, you might still need the skills of an analyst to determine a course of action based on the insights or predictions. With some AI data analytics platforms, you can get data-driven recommendations for the next steps to take.
With prescriptive analytics backed by AI, the system takes the insights and predictions and then analyzes a range of potential solutions. Based on te data, it can then recommend different actions the business can take and provide details about what you might expect if you were to follow the different recommendations.
More Efficient Use of Data
AI data analytics will also help your operation use data more efficiently. Most businesses collect data from a variety of sources. Bringing it all together and integrating it can be time-consuming and difficult. With the right analytics platform, you can unify the data from hundreds of sources to make it easier to analyze.
As another point, it can make your teams more productive while also eliminating the potential for errors in the processing and analyzing of data. This will not only make your operation more efficient, but it can prevent mistakes that could cost your business money.
If you think that AI Powered Data Analytics is the right choice for you or your company, contact us today!