Artificial intelligence is revolutionising the world of data analytics and making data-driven insights more accessible than ever before. Learn some of the ways businesses are applying AI to data to make smarter decisions and serve their customers better.
The use of data analytics is becoming a necessity for many businesses. With enough data, businesses can stop relying on gut instincts and take human biases out of decision-making. The only problem is that the volumes of data have grown so immense that it is too much for humans to handle without some assistance.
This is where artificial intelligence steps in to take data analytics to the next level. With an AI-powered BI tool, businesses can now handle these vast datasets and look at them from more angles. This not only eliminates some of the tedious work that would go into data analytics, it also helps businesses get more insights in less time.
With data analytics growing in importance with each year, businesses are going to have to rely on AI to handle much of the work. Read on to learn about some of the ways AI can help businesses make smarter decisions.
Customer Relationship Management
Building and maintaining customer relationships is one of the keys to long-term success. With that said, customer relationship management can be time-consuming and there is a high potential for error. When CRM systems are backed by AI, you can take much of the work out of customer relationship management and eliminate errors.
Artificial intelligence can help process customer data to take some of the time-consuming work off sales professionals. This will not only save time, but it will also help to ensure data entry that is more accurate. AI can also help CRM systems by using predictive lead scoring to determine an accurate value for each lead. With more accurate lead scoring, sales professionals will be able to focus their attention on the hottest, high-value leads.
Opinion Analysis
Most businesses have access to a lot of data about customer opinions. From survey data to the reviews they leave for products, every opinion means something. However, many businesses run into a problem when it comes to extracting meaning from all of this data.
With the right tools, businesses can glean actionable insights from opinion data. AI algorithms can be trained to analyse things like customer reviews and surveys to find meaning. These insights can then be used to make adjustments to products or to change the customer experience.
Automated Expertise
Businesses might need the advice of experts to solve all sorts of problems. For many businesses, the lack of expertise on staff in some of these areas can be a hindrance. With AI trained to act as an expert, businesses of all sizes can get the advice they need without having an expert on staff.
This type of AI is called an expert system. These programs are trained using databases of expert knowledge and historical data about the types of decisions they will make. With the right training, these algorithms can provide expert advice for everything from design and healthcare to investing and logistics.
Smarter Marketing
Most businesses rely on marketing to increase revenue. Ideally, you want to be able to bring in the maximum ROI for your marketing budget. For many businesses, AI is already a vital tool for optimising their marketing strategy.
AI can be used to analyse customer data to build buyer personas that are more accurate. It can also help marketers find the messaging that will offer the best results for different campaigns and the marketing channels that offer the highest return on ad spend.
Augmented Analytics
Augmented analytics is the future of data analytics. With this type of analytics tool, AI can take data from various sources, process it, and combine it into one unified dataset. The AI can then automate many of the analytics functions to make insights more accessible.
Augmented analytics systems can provide real-time insights, predictive analytics and help businesses find solutions to problems. They can also learn from experience to find the insights that are most relevant to the business. Many of the systems can even use Natural Language Processing to create reports that are easier for people to understand.
Artificial intelligence can help businesses get more from the data they have. It won’t replace human decision-making – it will just provide insights to help humans make better decisions. As it continues to prove itself as an invaluable decision-making tool, we should expect to see more businesses turning to AI analytics platforms.
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