When it comes to business development, the latest technology trends are at the heart of it all. In recent years, the cloud has ruled as the most important technology to get on board with. But things are changing. Now, businesses should invest in AI and data analytics to gain a competitive edge.
Technology has a huge impact on business development. Whatever the industry or the size of the business, putting technology investment at the core of the business strategy is essential for survival and success. In recent years, businesses have focused a lot on cloud-based technologies.
Companies have often opted for cloud computing in things like data storage and HR software. As the informative article from TechJury shows, the application of the cloud and businesses’ cloud investment have exploded and the technology has become the heart of their business strategy.
But things are now changing. Technology develops and moves fast – businesses simply have to find a way to keep up. According to new research by Gartner, governments and businesses are increasingly turning to AI and data analytics as the new important technology.
So, why do AI and data analysis work so well together and how have they changed the game for businesses?
Businesses create and use data at every point of their operations. It comes in all sorts of shapes and sizes from financial data to customer data. Businesses quite simply wouldn’t work without data.
Data has always been important for businesses in various fields but it’s not enough to simply collect data. You have to be able to transform the data into valuable information. This ensures your business isn’t wasting resources. If you’re just gathering data, you’re not using it. Data analysis allows you to know what the specific data point means.
The importance of data analysis is evident in the three stages of it. Data analysis is performed by:
- Finding patterns in your data.
- Explaining the patters by using different experimental manipulation of it, creating simple cause and effect links.
- Using these patterns and explanations to create models.
The more patterns you are creating, the more you can use it for your business’ benefit. You learn about your products, services, customer behaviour and so on. You can enhance your operational models and improve strategy.
Introducing AI to Data Analytics
Data analytics has transformed completely because of AI. This is down to the ability of AI to process a lot of information at once. AI machines and systems can gather a lot more data without sacrificing speed and quality of the analytics.
Furthermore, AI can use machine learning to enhance its analytical abilities. This has meant that these programs have become increasingly sophisticated in their analytical capabilities. AI is able to identify patterns quicker and make more complex predictions and patterns. Humans would simply not be able to detect the same amount of information or draw all the possible connections, especially as fast as AI can.
AI and data analytics have already become a powerful tool. A study published PNAS, showed how computers could even make more valuable personality judgements than humans. The research found that AI is able to predict human behaviour faster and with fewer Facebook likes than a human. This shows how transformative AI and data analytics could be for all sorts of industries.
The Best Applications of AI and Data Analytics
As the above shows, the transformative power of AI and data analytics is going to guarantee these technologies continue to increase in popularity. The fact is that both technologies, especially when working together, can be utilised in a variety of fields and industries.
The best applications of AI and data analytics include:
- Customer service – customer management, engagement, acquiring, etc.
- Human resources – employee management, performance review, etc.
- Product and service development – product research, performance review, future development, etc.
- Financial planning – cost-cutting measures, account management, payroll, etc.
- Marketing efforts – ad creation, performance management, etc.
As the above highlights, there are lots of ways to use AI and data analysis for business purposes. With technologies constantly developing and improving, these applications will continue to become central to business success. AI is no longer a niche technology that only certain industries can use. Rather, its implementation spans across sectors and it has the power to transform businesses of all sizes, as this article by CallMiner.com highlights.
The future will show what direction AI and data analytics will move. However, it’s already clear from the approach public and private organisations are taking that the impact of the technology is felt far and wide.
Esha is a marketing manager at Bayzat. She’s a bit of a tech nerd and constantly on the lookout for the best tools to boost SME performance.