Did you know that global companies are projected to spend nearly $1.6 trillion on AI by 2030? The demand for AI services is growing due to the many powerful benefits it offers.
Various applications, from web-based smart assistants to self-driving cars and house-cleaning robots, run with the help of artificial intelligence (AI). With the growth of business data, it is no longer surprising that AI has penetrated data analytics and business insight tools.
Business insight and data analytics landscape
Most traditional business insight tools are no longer capable of processing and visualizing the growing volumes of complex data coming from various devices, channels, and business systems. Artificial intelligence and allied technologies make business insight tools and data analytics software more efficient. Many software developers use AI to create programs and apps for problem solving and decision-making. In addition, several enterprises are using AI-enabled programs to get business analytics insights from volumes of complex data coming from various sources. AI is undoubtedly a gamechanger for business intelligence.
AI and machine learning
Before you can have AI-driven apps, you need to train a machine learning model to do the work. This means feeding the machine with vast amounts of data, from structured to unstructured data, which will help the device learn how to think, process information, and act like humans.
As unstructured data comes from different sources and is stored in various locations. It needs a data management platform that can sort the data, analyze the data’s bits of information, and make it more accessible.
Benefits of AI-driven business analytics
A retail store with many outlets spread all over the country, for example, would use AI/ML-enhanced technologies to process product and customer data each outlet generates daily. They will be using business analytics software to process the data the outlets produce to help the company make strategic decisions based on business insights. AI makes it easier and faster for BI tools to analyze large-scale data. The time spent on analysis can affect daily business decisions and strategic actions.
As you can see from the above example, businesses today are data-centric. Most organizations base their decisions on what data tells them. AI-powered analytics and business intelligence tools can help identify why some strategies do not work, allowing them to change tactics and make new decisions according to the results. Here are some benefits you gain from AI-driven business tools.
- It makes data preparation faster. Preparing data for analysis is time-consuming if you do it manually. Using AI-driven analytics can automate the process by collecting, extracting, and loading the appropriate data for analysis.
- Improves accuracy. Using AI-driven business analytics apps allows organizations to learn customer behaviors and patterns more accurately. In addition, they can understand the correlations with other statistics, helping them make changes in their product offerings, pricing, and marketing thrusts.
- Takes advantage of predictive analytics. Every organization should know that they could improve customer experience and business outcomes by understanding consumer behavior and industry trends. They can use predictive analytics to closely study their current situation and forecast future results.
You will have an industry-specific advantage with AI-driven business analytics tools. Of course, challenges with data analysis will always be there. Still, with the help of AI, you can quickly generate forecasts in real-time, identify changes, reduce churn rate, and minimize security loopholes.
AI and Business Analytics Support Each Other in Important Ways
There are a lot of important benefits of business analytics technology. These applications are becoming more effective, due to advances in AI technology. Smart companies will continue to leverage AI to make the most of their business analytics insights.