Industry 4.0 or the fourth industrial revolution is predicted to revolve around data. Organizations that will thrive this revolution will be the ones that will realize the value of data as their corporate asset and make smart technology choices to make data-driven decisions. For the organizations of today to get future-ready, having smart analytical applications to bring together data from multiple sources, form a meaningful dataset, and accelerate the delivery of business value.
Artificial Intelligence is the technology that can fuel such smart analytical applications for instantaneous data analytics. Integrating AI into business operations can help organizations in ways that one cannot fathom.
To compete in the tech-infused world, organizations are fast leaning towards infusing their workspace with the emerging technologies. It might start with skepticism but then when they see their competitors outperforming them, they know it’s time to get started.
Every organization collects large bits of data stored in its systems. This could be data from the customer behavior, data from the employee interaction with them, or data of how employees interact with systems. Up until now, data scientists or data-savvy analysts were enrolled to scan through this data and help improve the processes, offer personalized customer service, or even automate the system. But despite all the efforts, they miss out on several crucial aspects of the data.
In fact, “the biggest barriers companies face in extracting value from data and analytics are organizational; many struggles to incorporate data-driven insights into day-to-day business processes,” reveals a McKinsey report.
This is where the forward-thinking companies outperform their competitors. They have already started exploiting the gaps with their peers in the industry and installed AI-driven tools that skim through each bit of data and reads its hidden nuances to help make better data-driven decisions. Organizations can use this data to fuel their Artificial Intelligence models. AI can extract knowledgeable insights from data. But that’s not all!
By introducing powerful AI capabilities for data analytics, organizations can aim for faster and better business operations, enhance digital customer experience, and even quicken product development.
Artificial Intelligence offers machines the ability to find out insights that go unnoticed by human data scientists. Earlier, organizations had to employ data scientists who would go through millions of bits of data collected from the processes and run queries to gain insights. There is far more data generated by all the systems in a single organization than any number of humans can analyze.
Despite employing teams of data scientists and analysts, they would miss out on the nuances of data that could tell the hidden aspects of the process. Artificial Intelligence is providing new ways to sieve through the data and interpret information more clearly. The AI algorithms can be helpful in digging up large datasets quickly and drive value creation with predictive and prescriptive analysis.
Whether it is analyzing the customer data or the data generated from employee-system interactions, Artificial Intelligence algorithms can easily draw insightful conclusions to improve the customer experience or enhance the process for digital transformation.
Infusing data analytics with Artificial Intelligence can help make smarter business intelligence solutions and business decisions. As AI algorithms will help get down to the deepest level of data analytics, it can be used to ditch the guess-based approach to business decision making. They would no longer need to guess what the customers might want or how they can improve their business processes.
With Artificial Intelligence-powered bots analyzing the big data collected from customer activity, it would be easier to make more intelligent and informed decisions. With AI and data analytics, organizations can make accurate predictions, identify buying patterns, clearly anticipate situations, aim for advanced analytics, and make overall better decisions. It wouldn’t be wrong to say that Artificial Intelligence would shape Business Intelligence in various disruptive ways.
Deploying Artificial Intelligence to analyze data is moving way beyond smart decision-making. Using Artificial Intelligence for data analysis, organizations can even have automated tools or AI models to perform tasks like send out personalized messages, tell the employee if he/she derails from the process, or even place or process orders for products.
AI is automating the process of data analytics and making it less labor-intensive, thus, speeding up and streamlining the process. It is creating intelligent bots and algorithms that learn from huge data sets and use the learning to make automated smarter decisions. It would still need human intuitiveness and intuition but AI will rule by making data-backed decisions
An untouched aspect of bringing Artificial Intelligence and data analytics into organizations is that it will usher a cultural shift in the workplace. Successful integration of AI and data analytics is rooted in changing the way the employees think in the organization. And it needs to come from the top. The internal silos would bust to make data-driven insights more accessible across all verticals. This would, in turn, help the organization lead to a more improved way of working.
Getting real-time insights from the big datasets has not been that easy for organizations for a long time. However, with Artificial Intelligence integrating into data analytics, there will be newer techniques that would help in gaining real-time insights. The future would be intelligent software that could instantaneously process data and help the organizations or their BI experts enhance their business outcomes.
It is true that Artificial Intelligence with data analytics can drive the organizations of today. The example of retail giant Walmart clubbing the two together is great to understand how other organizations can use it too.
With over 245 million customers, the organization collects over 2.5 petabytes of unstructured data every hour, which is not very easy to analyze. It integrates AI systems that can help the organization make self-governing decisions. It automatically places orders based on demand and stocks.
Artificial intelligence can help organizations unleash the full potential of the data stored from different sources. With the knowledgeable insights derived from data, organizations can not only improve their business performance and processes but also automate a number of tasks that earlier required human interference.