WHY IS ARTIFICIAL INTELLIGENCE IN BUSINESS ANALYTICS SO CRITICAL FOR BUSINESS GROWTH
Artificial intelligence is an emerging technology available in every corner of the connected world. It can be in the form of autonomous flying, autonomous cars, smart robots, etc. As technologies that support artificial intelligence occupy a prominent position in Gartner’s emerging technology hype cycle, artificial intelligence is enhancing business intelligence and analytical capabilities.
Since there has been an increase in complexity of data, it has promoted use of artificial intelligence in the form of various analytical tools. Many companies have used machine learning and artificial intelligence in business intelligence in order to gain useful insights from large datasets and provide business advice that any business user can understand.
Why is artificial intelligence important to a business?
· It increases operational efficiency and productivity.
· It saves time and money because it optimises and automates the processes.
· Makes quicker business decisions.
· No human error and prevents mistakes.
The artificial intelligence applications in companies are mainly due to AI-specific machine learning technology which is used to perform various tasks like: recognition and classification of images, recognition of objects and facial expressions of people, voice and pattern recognition, predictive analytics.
Artificial intelligence is useful in digital marketing and email marketing. Through online chatbots there is automated communication with customers.
Artificial intelligence is also used in online shopping to provide users with personalised and customized experience based on gathering customer behaviour data and customer’s buying pattern.
It can be used to increase revenue by identifying, analysing and maximising sales opportunities.
With the help of artificial intelligence businesses can make predictions and sales forecasts based on buying patterns and customer behaviour data.
Major Applications of Artificial Intelligence in Business
Customer service: Use of artificial intelligence improves customer service. AI powered chatbots are implemented by companies for business communication with customers. This accelerates the pace of business. The conversation made by the chatbots with users is meaningful and reliable.
Marketing and Sales: Artificial intelligence technology is allowing marketing people to automate their tasks so that they can focus more on sales activities.
Work automation: This has led to reduction in jobs for many people especially in the US. Many companies are using AI technologies so they can use their resources and materials smarter. Companies are improving productivity, efficiency and reducing costs by combining the Internet of things with Artificial intelligence.
Workplace communication: Artificial intelligence will improve communication externally and internally in organisations by enabling increased productivity and individual customization and personalization. With personalization means every individual will be handed over a smart virtual assistant.
Security: AI has become a critical part in business security infrastructure by providing a security strategy that can be robust.
Artificial Intelligence in Business Analytics and Business Intelligence
Many business people believe that a well planned AI strategy can produce more data oriented business opportunities. By combining AI with business analytics and intelligence, decision-making, data gathering and customer engagement massively improves.
AI equipped business intelligence tools can change organisations by: 1) Managing large amounts of data and information from various sources and dividing them into data chunks. 2) Extract real time insights from quickly changing business data.
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