Artificial Intelligence is now revolutionizing the field of data analytics by offering granularity, scalability and speed that is impossible to be achieved by any other means. With the integration of Artificial Intelligence, the business sector is expected to create a value of $2.9 trillion and increase work hour productivity to 6.2 billion hours. Here are some ways Artificial Intelligence amplifies the efficiency of data analytic solutions.
Improved Business Analytics Capabilities
According to recent research by Forbes, businesses can automate 80% of physical tasks, 70% of data processing tasks and 64% of their data collection responsibilities by combining AI and big data. This indicates that data analytics solutions fetch greater results when it is augmented by AI, improving the efficiency of business and marketing efforts. For instance, supply chain operations and fulfillment are reliant on data. When data analytics services pertaining to these operations provide real-time insights on market trends and customer feedback, businesses can craft impeccable strategies with the free flow of reliable information.
Predict Business Outcomes & Forecast Demand
Artificial Intelligence can enable your business intelligence to dive deeper into customer data and render predictions about viable marketing channels, product trends, consumer preferences, etc. AI-backed market research not only helps businesses to predict outcomes but also to design courses of action that utilizes the full potential of foreknown opportunities.
While conventional data practices help businesses to make basic forecasts on customer and market trends, big data powered by Artificial Intelligence can help businesses to achieve higher degrees of accuracy and weigh in micro market indicators.
Better Ad Targeting
Data analytics solutions along with Artificial Intelligence can save businesses from wasting their money and efforts on over-targeting their marketing efforts. AI and data analytics solutions can set-up an in-depth analysis of customer data and optimize advertising spend by accurately targeting the ads. AI can instantly investigate your ad spend, people reached, and sales converted to optimize targeting, make it more precise and drive better performance. When you are running an ad campaign, the time you have to refine or rectify the strategies would be limited and the stakes would be high. Under such circumstances, the immediacy and accuracy of AI is what you need to win an edge over your competitors.
Streamline Product Development & Innovations
Companies employ data solutions and strategies to identify market shifts and predict consumer interests; whoever manages to develop or innovate their products closer to customer expectations wins the market share and profit. Artificial Intelligence is capable of analyzing billions of data points and historical data in seconds, allowing businesses to develop or tweak their products according to market trends and customer expectations. It will allow businesses to achieve a high level of accuracy and efficiency in their product development with reduced operational time and limited human error.
Follow this link to read more about Artificial Intelligence and how it improves product development.
As technology evolves and data gets piled up, business development gets more complex to be entirely handled by human intelligence. Visit our website to find dynamic data analytics solutions that are fueled by Machine Learning and Artificial Intelligence. Our solutions will help you to automate and optimize complex data practices to identify key business drivers, business pitfalls and uncover meaningful segments in your data.
