By Neeraj R
Nowadays, the digital era has managed to create a profuse amount of data, with the amount of information likely to increase to 44 zettabytes until 2020. Big data and AI are already making a significant impact on the business front. According to a survey, more than 97% of executives affirmed the fact that their organizations are now investing in big data as well as in AI. In 2017, around 51% of enterprises implemented Artificial Intelligence (AI), and in 2018, the figure went up to 70%. Thus, these statistics indicate that big data and AI are currently playing a very crucial role in the business landscape.
Big Data is defined as exceptionally large sets of information that can be analyzed arithmetically to study patterns, associations, and trends mainly related to human conduct and interactions.
Artificial intelligence involves the utilization of machines like computer systems to enable the stimulation of human intelligence processes like learning, reasoning, and self-correction.
Big data and AI are helping companies to gain the real-time awareness of consumer conduct and business trends so that the companies can get an edge over their competitors with the help of rapid advancements of AI and subjective computing with big data posing as the feed.
The benefits of big data and AI in the business world
It is important to understand the ways in which big data and AI can confer, and as a result,
transform the business world.
1. Rapid improvement in business intelligence
Big data is an extremely large set of data tools that functions to make business intelligence
more feasible. With the advent of business intelligence, analyzing business has become easier
and effective. Prior to the introduction of big data, business intelligence was pretty much limited but has now emerged into a legitimate career option.
Earlier, before the introduction of IoT devices, businesses were much more dependent on
Business Intelligence Software which generated static reports, but now, with the expansion of
various big data sources such as smart devices, the AI has contributed towards changing the
business intelligence from responsive to proactive and dynamic business solution.
Business intelligence has developed into three key areas: –
⮚ Descriptive Analytics
It is basically the introductory stage of data processing that aims to create a synopsis of prior
information to yield practical and helpful information so that the data can be prepared for
⮚ Predictive Analytics
Predictive modeling, machine learning, and data mining are a variety of statistical methods that predictive analytics holds within. The objective is to analyze the historical as well as the latest facts to predict the unknown events or future.
⮚ Prescriptive Analytics
It is the final stage of business analytics, which also involves descriptive and predictive analytics. It helps to anticipate what will happen; when it will happen, and why it will happen. It provides the best possible course of action to be implemented in a given circumstance.
2. Comprehending and serving to the customer’s needs
Big data and AI work together to enhance the experience of customer service and also boosts up the manufacture of automated consumer responsive devices.
By creating predictive models and executing big data, the companies are able to develop their
conventional data set with content analytics, social media information and browser logs which enables these companies to understand and cater to their customer’s needs.
3. Advancing social media utilization
Leveraging social media plays an important role in increasing the sales opportunity, and it is one of the most predominant ways of impacting the business landscape.
AI utilizes effective behavioral targeting strategies by successfully determining when a customer starts looking for customer relationship management (CRM) software on a certain platform.
4. Increasing the efficiency
In today’s world, big data serves to provide an enormous amount of information about a variety of products and processes. Recognizing constraints has become more convenient, and as a result, there is a constant improvement in the output and performance of the company. Therefore, without big data, it is practically impossible to increase efficiency.
5. Ensuring business safety with AI
A number of modern technologies are significantly contributing to the digital world, and with
this advancement, professional fraudsters have also raised their game.
However, AI provides fraud detection instruments to help companies protect their business
against such deceptive fraud schemes.
6. Providing constant customer Assistance
Chatbots, which are also known as virtual assistants, ensure to provide 24×7 customer support so that enterprises can use the data collected by the company’s CRM system and obtain even more vital customer insights.
7. Chatbots aid in the growth of online marketing
Chatbots analytics has become an essential part of online marketing where the data can be
gathered from a variety of sources and after analyzing it with the help of big data, potential
queries and answers are introduced into the chatbots system by AI. Thus, chatbots accelerate the process of online sales and marketing.
8. Big data assures a reduction in costs
Big data helps to utilize the information to reduce costs, as the people responsible for planning can conveniently predict when and how much to produce as well as the amount of inventory required. These planners prioritize customer satisfaction and at the same time, make sure that there is no excess expenditure from the customer’s end.
More extensive analysis can also predict the ideal time for acquiring inventory.
9. AI enables rapid modification of various enterprises
There is a remarkable increase in the utilization of automation in industries. Industries like
healthcare, finance, etc. are increasingly employing machines operated by AI.
Various sectors are being able to achieve faster and better results as they are currently
engaging robots for analytic operations.
Therefore, Artificial Intelligence and Big data are the imminent future of the business world.
They are essential components which play a critical role in transforming business information
into an easy, real-time based, accurate, and descriptive one. It is the right time to embrace this innovative and leading-edge technology for the rapid progress of the industries.
Neeraj works as a Growth Assistant at AirTract, a go-to place for all expert advice wherein people ask questions, write articles, share knowledge and experience. Graduated as a Computer Science Engineer, he is now a digital marketing enthusiast who reads and finds the latest techniques to grow an organization. If he is not working, either he would be on a football pitch or listening to music.