The untapped potential of Artificial Intelligence (AI) and Machine Learning (ML) when it comes to analytics cannot be understated. While companies have experimented with AI/ML in analytics, many companies have yet to fully implement a business strategy involving them.
AI/ML applications bridge the gap between analytics, data science, and automation. Which, in turn, accelerates successful digital transformations in an increasingly technological world. For example, the benefits of AI/ML in analytics can potentially improve customer acquisition and retention.
Companies are challenged with competition in the market. Cutting-edge technologies that implement Machine Learning and Artificial Intelligence may be the key to making informed decisions, driving new lines of revenue, attracting new customers, and optimizing costs of business operations.
With that in mind, here are a few benefits of AI/ML in analytics that could transform your business for the better.
What is AI/ML in Analytics?
Artificial intelligence refers to computing systems that have the ability to reason and make classifications and decisions. Basically, it can take the place of human intelligence.
Machine learning is one of the many branches of AI. It’s a way to build systems that
improve themselves over time, which organizations can utilize in multiple ways. AI/ML in analytics can improve customer segmentation and targeting. In the retail industry, AI/ML solutions have been integral to better serve customers. For example, chatbots are now becoming more essential to the retail industry. Developed over years thanks to AI, chatbots utilize ML to recognize customer needs and assist them in the sales process.
With cloud-based platforms such as Google Cloud, AI/ML can now process lots of data at scale. The more data a system receives, the more it learns to function better for businesses. According to McKinsey, “AI could potentially deliver an additional economic output of around $13 trillion by 2030.”
Another benefit of AI/ML in analytics is increasing the performance of the organization. Data is extremely valuable, but knowing how to utilize it is also key. Analytics teams have quite a few challenges to face.
For instance, manual data preparation takes too much time, so automating the process allows for reliable data to be streamlined. In turn, this can lead to better business performance while not wasting resources that could be automated. Even in sectors such as healthcare, machine learning can help analyze the data to identify diseases in the initial stage among patients.
Building out or adopting a smart analytics platform with AI/ML capabilities allows for a more streamlined performance.
Transforming the Customer Experience
The benefits of AI/ML in analytics are also prevalent in customer-focused initiatives. Let’s face it, the modern average customer comes to expect a more personalized experience. Machine learning and artificial intelligence solutions can help to personalize offerings. With the benefits of AI/ML, these personalized offerings are able to attract and retain customers more than traditional selling.
Advanced analytics with AI/ML are essential to digital marketing, with the realization that customers are actually more likely to purchase products if they’re personalized. Transforming the customer experience is not the only benefit of AI/ML in analytics. Companies can use these tools to set dynamic pricing automation and even train chatbots to answer customer questions.
Better Data Analytics
There’s no denying that data is valuable. The power of machine learning and artificial intelligence makes the process of gathering data less labor-intensive.
Companies can also use AI/ML to reduce redundancies in their data. With better analytics, predictive analysis and workflows become easier to manage. Being able to integrate predictive, prescriptive, and causal insights into enterprise reporting and enterprise applications is elevating the ability to truly be a data-driven decision company.
Some cloud-based platforms also feature built-in machine learning capabilities. For instance, Google Cloud’s machine learning solutions help you build, deploy and scale more effective AI models. The benefits of AI/ML in analytics cannot be understated, especially when it comes to overcoming complex challenges and keeping pace with a rapidly changing marketplace.
The Future of AI/ML
The ability to automate business processes and accelerate data science initiatives to become a truly data-driven organization is now a reality. There are numerous benefits of AI/ML in analytics. Not only can organizations utilize AI/ML solutions to reduce their total operational cost, but they can also increase performance within the organization at the same time!
Better analytics means a better understanding of customers, allowing companies to personalize their offerings and enhance the total customer experience.
Pandera, a Google Cloud Premier Partner, has been awarded the Google Cloud Machine Learning Specialization. This achievement recognizes Pandera’s expertise and technical proficiency in leveraging the Google Cloud Platform to deliver advanced Machine Learning solutions.
As technology grows and the digital landscape transforms, the future benefits of AI/ML in analytics become clearer. To stay competitive, organizations need to truly understand how to drive business value. In today’s market, relying solely on descriptive and retrospective insights and other traditional Business Intelligence capabilities will ultimately result in the loss of competitive advantage, market share, and inevitably customers.
Learn how Pandera has helped our clients transform their organizations with our advanced capabilities and cloud solutions by getting in touch with us!