The onset of technological advancements has created breakthroughs in various industries. Businesses of all shapes take full advantage of different technologies to streamline their day-to-day operations.
Part of harnessing these innovations is using data analytics to support firms’ growth and development.
Luckily, companies can now shun the laborious and time-consuming process of traditional data analysis with the help of artificial intelligence (AI). The vast amount of work that can be done by incorporating AI in analyzing data sets is staggering.
In this article, we’ll take a quick dive into the fundamentals of AI analytics and how it is applied to businesses, including its succeeding benefits.
How AI analytics work
AI analytics is the process of using algorithms, machine learning, and artificial intelligence to analyze large sets of data. It allows businesses to identify patterns, draw conclusions, and predict future trends.
AI analytics aids them in terms of making important decisions regarding the company, automating processes, and providing crucial insights into customer behavior.
AI analytics vs. Data analytics
Data analytics involves collecting, organizing, and analyzing large amounts of data in order to extract useful information.
It utilizes various techniques like Cohort, Factor, and Sentiment analysis to uncover patterns and trends in data.
Data analytics is more focused on understanding how pieces of information are related and how they can be used to make well informed decisions.
Whereas with AI analytics, it is a subset of data analytics that uses specialized algorithms to analyze data. These algorithms include:
- Predictive analytics
- Natural language processing
- Computer vision
- Voice recognition
- Machine learning
Compared to the aforementioned, AI analytics is more centered on understanding volumes of collected information. It aims to look for trends within the data to help companies make important decisions and predictions.
Further, only data analysts and data scientists handle the entire process, and it can take hours, days, and up to weeks. With AI analytics, anyone can execute the entire procedure, and results are ready within seconds.
AI analytics’ business applications
AI analytics is a rapidly growing field with the potential to revolutionize the way businesses operate.
Another great thing about this advanced technology is it can be applied in to various parts of organizations, such as:
Marketing efforts
Through AI analytics marketing teams can get in-depth insights into the performance of their marketing efforts and consumer behavior.
It can also be used in parts of their marketing activities like:
- Campaign segmentation. Through artificial intelligence tools, marketers can determine consumer preferences to create campaigns to augment conversions and ROI.
- E-commerce analytics. Marketing teams can uncover their page conversions rates and what drives customers to abandon their carts.
- Marketing testing. They can run tests to see which campaigns are most likely to enhance their ROIs and conversions.
Sales forecasting
AI analytics can also be a very helpful tool for the sales teams. It is often used to forecast business revenue and overall sales according to historical data.
Customer experience tracking
Companies are given access to their customer satisfaction levels through AI analytics. They can customize their customer loyalty programs according to the given results, and prevent high levels of customer churn.
Internal performance monitoring
Data can be used to track individual employee’s performance or the organization as a whole. This way, firms can determine how well the company is performing or if see which areas need improvement.
Perks of outsourcing AI analytics
AI analytics has quickly become a buzzword in industries given its growing popularity. However, not every business possesses the right expertise and resources to carry out AI analytics.
This is why many companies opt for leading third-party BPO providers for their sepcialized services. Outsourcing companies has top-tier data analysts and data scientists, and they also invest in today’s latest tools and technologies.
Unlike hiring in-house, outsourcing AI analytics offers the following advantages:
Faster turnaround
AI analytics technologies do not need breaks, so data processing can be instantaneous.
What firms only have to do is provide their partnered BPO with the required data sets. The outsourced team will work on it and bring all necessary insights needed.
Accurate insights
Machine learning algorithms continually improve as they process data, resulting in accurate and comprehensive outcomes.
These algorithms can be trained to adhere to different industry languages and standards, enabling them to be tailored to your business objectives.
Leverage larger data sets
Outsourcing companies have AI analytics tools that are able to process large amounts of data quickly. This gives businesses a competitive edge for the following reasons:
- They are able to access data from other sources
- Compare their results with competitors
- Gain insights into how they stack up
Outsourcing AI analytics gives firms a competitive edge
Outsourcing AI analytics can help companies by providing access to the latest technologies, while reducing their costs, and increasing their efficiency.
It can help them gain a competitive edge by enabling them to quickly analyze data, make more informed decisions, and develop new products and services faster.
