Getting robots to do our dirty work? It’s – quite literally – the dream. Even better? Realizing this dream could be closer than we think. Especially when it comes to business analytics.
The facts? Utilizing artificial intelligence to complete more mind-numbing, number-crunching BA tasks is already happening. Data sifting, sorting, and summarizing? Get a computer to do it. What about data gathering and analyzing? Artificial intelligence can do that too. The best news? With the advent of AI-driven machine learning, we’re only just getting started.
To learn more about the impact and importance of AI in BA, consider completing studies in the discipline – such as a Master of Business Analytics online, for example. Alternatively, stay with us as we discuss the concept in further detail.
AI and Machine Learning: How it Facilitates Deeper Understanding of Business Data
Identifying patterns. Analyzing algorithms. These are core functions of what is known in tech-savvy circles as machine learning. Still confused? In layman’s terms – machine learning teaches computers how to read data, and ultimately, learn from it. Learn what, you ask? By uncovering recurring patterns in the data they’re fed, AI-supported analytics programs can uncover correlations, gain insights, and draw conclusions. In gathering, storing, and understanding the new information it is exposed to, the AI robot becomes capable of ‘learning’ – just like a human.
While the idea of a machine being able to think for itself might sound terrifying, the truth is that machine learning can move mountains in terms of assisting us in more rapidly understanding and analyzing our business data. How? By teaching a computer to think for you, you can gain a deeper, big-picture understanding of your business insights, more quickly than ever before.
AI Automation: More Effectively Streamlining Your Business Operations
You became a business owner for a reason. You get to be the big boss, and perhaps more to the point, you get to make others do the yawn-inducing menial jobs you’d rather not do yourself.
But what if you could get a computer to do them? That could save you even more time (you won’t have to hire – or train – a human), and potentially some funds as well. There would of course be the initial financial outlay to obtain the software you’d require to automate your business processes. But as a long-term investment, if used correctly, taking this initiative can boost your business’s efficiency multiple times over.
So, how exactly can implementing AI automation streamline your business processes? Think of the potential impact of automated customer service – in the eCommerce space, you can program a friendly chatbot to greet visitors to your site just as warmly as a commission-based shopgirl in the real world. Consider also, marketing automation – where AI-gleaned insights about your consumer buyer behavior can help inform more targeted marketing campaigns.
Delivering these campaigns to your database can also be automated through AI-supported eDM delivery. What about creating these electronic mail outs in the first place? There’s a time and place for AI-generated content, and using it to rapidly formulate a generic email template is just one of the ways this type of technology can prove itself to be exceptionally useful to businesses.
AI-Assisted Predictive Analytics: Using it to Make More Strategic Business Decisions
Think you’re making the best decisions for your business? If you’re not using AI, you could be getting it wrong. The fact is, leaning into AI-infused decision management will propel your business lightyears ahead, especially in terms of your strategic direction.
But what does this look like? For starters, consider predictive analytics. What’s that, you ask? Predictive analytics draws on in-depth, AI-led data analysis to premeditate future results based on past outcomes. It’s essential for business, particularly when attempting to formulate fool-proof risk management strategies. But as a business owner, how do you effectively utilize AI-informed predictive analytics to better alert you to potential risks, and also, opportunities? The key is our ability to analyze past data and use it to make informed choices. Who better to do this than the computer you’ve just taught to think for itself, thanks to the wonder that is machine learning?
The truth is that business analytics and AI go hand in hand. If you’re not embracing these developments, your business will get left in the dark ages.
