Artificial intelligence (AI) is making its presence known everywhere in the connected world, whether through deep learning technologies, driverless vehicles, or smart robotics. Technologies are increasing the capabilities of business analytics and AI-powered business intelligence.
AI is more widely used in business analytics tools as the volume and complexity of corporate data grow. The widespread application of artificial intelligence and machine learning in business intelligence (or BI) is assisting businesses in extracting actionable insights from big and complicated datasets and delivering business suggestions that are understandable by any business user.
Significance Of AI In The Corporate World
Here are a few examples of how businesses may profit from AI:
● Automate client communication via online chats, email marketing, and social media messaging, which formerly required human agents.
● Provide an individualised experience for online consumers based on AI-driven data insights drawn from customer behaviour and online purchase trends.
● Adopt AI-powered automation in inventory management and utilise artificial intelligence in robots for automated hotel check-ins and in manufacturing premises to improve operational efficiency.
● Make business projections or sales forecasts based on consumer data and purchasing habits to properly predict sales volumes, inventory management, and product demand.
● Companies may employ AI-powered mobile applications to connect with huge groups of consumers in real-time or to deliver tailored services to individual clients.
Top AI Applications For Business
While AI is used in a variety of ways in modern businesses, here are the three most common uses of AI in the workplace:
● Automation In The Workplace
In the United States alone, AI-driven labour automation is expected to eliminate nearly 9 million manufacturing jobs. AI is being used by manufacturing businesses to make better use of their resources. General Electric, for example, is using data obtained from AI-powered smart sensors put on its manufacturing equipment to reduce machine downtime.
Companies are cutting expenses, increasing productivity, and generating more specialised employment by integrating AI and Internet of Things (IoT) technologies.
● Sales And Marketing
Artificial intelligence’s major role in marketing and sales is changing this function across sectors. Marketing employees may use AI technology to automate most of their mundane activities using collected data, allowing them to focus on critical sales functions such as boosting sales and customer satisfaction.
Facebook, for example, uses machine learning algorithms to analyse consumer activity and serve them the most relevant digital ads. Airbnb, an online marketplace firm, is utilising artificial intelligence to optimise and promote the most appropriate lodging pricing depending on its location and client demand.
● Customer Service
Mobile phones account for 30% of all online retail transactions, according to industry estimates. With the growing popularity of mobile applications among smartphone users, messaging and social media are among the top five categories of apps used online. To offer consumer communication and support, businesses are heavily investing in AI-powered chatbots. Royal Dutch Airlines, for example, allows travellers to check-in and receive flight updates using its Facebook app. Currently, Facebook Messenger has over 300,000 active bots on its platform, which exchange over 20 billion messages each month between businesses and their consumers.
AI In Business Analytics
The number of linked devices and business data in the global business sector is growing. According to Statista, the number of IoT-enabled connected devices is expected to reach 75 billion by 2025. The data created by these connected devices is growing at a faster rate than the number of IoT devices, with more than five quintillion data bytes generated per day.
Companies can no longer rely on traditional business analytics or business intelligence solutions to analyse data and generate important business insights. It is for improved decision making and business strategies due to the huge rise in business data.
The function of the business analyst will change as AI-powered business analytics becomes more widespread. As AI technology enables real-time data analysis, business analysts will be forced to concentrate more on core data analysis abilities that do not require programming knowledge. The machine learning-enabled DataRobot tool, for example, automates predictive modelling and is available to users with no prior machine learning knowledge or expertise.
With the advancement of machine learning, business analysts will be able to delegate much of their monotonous work to computers, allowing them to focus on providing businesses with more important advanced analytical abilities.
AI-powered business intelligence solutions can change businesses by:
● Managing and breaking down large amounts of big data from several sources into more manageable data pieces.
● Get real-time market data insights that can help company managers make important day-to-day choices.
● Overcome the industry lack of competent data analysts, lowering data-dependent organisations’ recruiting expenses.
Do you want to use AI-based technologies to boost your cloud-based data analytics? ONPASSIVE has created and implemented AI-powered business intelligence solutions that help their worldwide customers to make better informed and logical business choices as a data analytics firm.
To know more about business intelligence using AI, get in contact with us.