AI for data analytics: In today’s world of new interventions, analytics has been changing the bottom line for most businesses as they produce bulk data, which can be challenging to keep up with.
According to the Hosting Tribunal, businesses that control big data’s full power could increase their operating margins by up to 60%. Approximately, 79% of industry professionals believe that failing to embrace big data will lead to bankruptcy. This is why 83% of organizations invest in big data projects.
Having said that, AI Development Company can help businesses to take important decisions via data analytics model. But, how AI is related to data analytics?
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AI & Data Analytics – What’s the Connection?
Today, businesses need as much data to get better business insights to overcome the problems. When it comes to the connection between AI and data analytics, there is a correlative relationship between them. AI and data analytics are connected because the former increases the capabilities of the latter to deliver better insights beyond what humans can do.
As data comes from structured and unstructured sources, it must be cleaned and secured before it’s ready for analysis. Research states that data analysts spend 80% of their time cleaning and organizing data. However, AI can be used to improve this process, saving data analysts’ time and making the process more dynamic.
Why Should You Leverage AI for Data Analytics?
Breaking through the hype around AI and machine learning is a big deal when determining where AI can be leveraged.
Let’s breakdown some points on why you should leverage AI for data analytics.
- Improve Team Productivity
AI helps businesses to get their work done much quicker. The most documented operation where AI makes the biggest impact is productivity. With the minimization of monotonous tasks, it provides access to better quality data to more than 65% of workers.
With AI, business owners can spend more time on analytical and innovative studies. AI will pinpoint opportunities, trends, and themes – allowing you more time to apply the data and creativity, resulting in greater performance.
- Building Relationships and Enhancing Customer Communication
With Chatbot technology already in the scene for various relation services – which will continue to improve with more development – the development of customer service data and natural language processing into one-on-one customer service can reach changeable lengths.
- Enhance Marketing Performance
A well-designed AI application possesses algorithms used to analyze online user behavior. Thus, advertising campaigns can be improved to get more conversions. AI platforms even determine the best combinations that work across Google and all social media channels.
5 Benefits of AI for Data Analytics
Big data and AI have a synergistic connection. Data is the fuel that powers AI. Here are the 5 benefits of how AI can be useful for data analytics.
- Forecast Outcomes
Machine learning and data analytics allow you to use multiple data analysis methods so that you can predict outcomes. AI-powered business systems allow you to identify why something may or may not have worked by
- processing huge amounts of data available
- finding patterns and variations in all manner of data and continually learn from them
- Find new insights
AI technology is used both to improve customer service and experience and to promote the better collection of information for analysis. More than 93% of market researchers call AI an industry opportunity, no wonder AI insight analysis tools have become the future of CX and market research.
- Unify Customer Data
Having customer data in one place is great, but how to use it efficiently to get answers to the questions? This is where analytics comes into play.
AI is used to unify data across different platforms. If you work with analytics, you can leverage the use of AI to boost revenue and lessen costs. It means that it is the right time to get started with AI, no matter your skill.
- Use of Bots
Chatbots help companies save time by providing the support that refines a customer query before it is directed to the team. According to Juniper Research, chatbots will help companies to save approximately $8 billion by 2022.
- Bots automate information-based queries so that representatives can spend more time on critical issues that require human support
- Chatbots are available 24/7 to assist the customers in absence of human support
- Bots make it simple for a user to make a purchase or schedule an appointment without human support
- Analyze Text
Organizing and processing huge chunks of text data doesn’t just take time; it’s also costly, intimidating, and time-consuming. This is AI in the form of text analysis can help. Text analysis is an evolution when it comes to identifying critical circumstances, wherever they may appear, 24/7 and in real-time. With text analysis, companies can automatically flag tweets, reviews, tickets, and the like, and take action sooner or later.
How Are Different Industries Leveraging AI for Data Analytics?
Now that you know the various use cases of AI for data analytics, let’s take a look at how different industries are making the most of it.
When it comes to the healthcare industry, many hospitals and clinics are using data collected by millions of cell phones and sensors, allowing doctors to use evidence-based medicine.
- Educational Institutions
Many schools and colleges use Big Data analytics for several purposes, such as tracking and analyzing when a student logs into the system, the amount of time spent on different pages of the system, and the overall growth of students over time. It is also helpful for measuring the effectiveness of teachers.
- Manufacturing Firms
In the manufacturing industry, inventory management, production management, supply chain analysis, and customer satisfaction techniques are made seamless. Thus, the quality of products is excellent, energy efficiency is guaranteed, reliability levels increase, and profit margins grow.
How can we miss the banking industry? They are using AI for controlling financial market activities. For example, the Securities Exchange Commission (SEC) is practicing network analytics and natural language processing to stop unauthorized trading activities in financial markets
AI also helps farmers to count and control their production through every growth stage till maturity. AI can identify low points or defects long before they are dispersed to other areas of these huge acres of land.
According to a survey by PWC, 86% of the companies accepted that AI solution development will be a mainstream technology for data analytics by 2021. So, if you haven’t yet thought of leveraging it, now is the time! Get it rolling and see the wonders it can do to your business.
Also read about: How Businesses Are Using Data Analytic Tools to Ingest Data