Six Reasons Why Intelligent Data & Processes are the Future of your Business
The indulgence/use of intelligent data and processes in different business environments
Artificial Intelligence (AI) is becoming one of the most revolutionary computer science components, taking a huge share in most modern software today and in the near future. Moreover, from the success that business organizations have recorded by assimilating AI processes in their operations, the technology is now recording exponential growth.
Every organization seeks to maintain a competitive edge by using its services. AI’s ability to analyze ‘Big Data’ has seen it become regarded as a useful tool in making business-related decisions. The indulgence of AI processes in business environments has landed a new term, Business Intelligence (BI).
Business Intelligence (BI) combines data mining, data tools and infrastructure, and business analytics to simulate data-driven decisions in business organizations. AI collects vast amounts of data and stores them in cloud services or business databases. It is later on accessed, analyzed, and used to make future forecasts on the business operations. The whole process uses business analytics and data analytics to achieve its intended purpose.
Data analytics needs answers for, ‘Why did a phenomenon happen? and ‘What happens next after a phenomenon has happened.’ AI, therefore, combines the two queries and uses complex algorithms to break them down into actionable language.
Several businesses and organizations have adopted operating the AI way, with some of them being the healthcare industry, education, and the IT market. A financial firm, Charles Schwab, for instance, used the services of Business Intelligence to manage their numerous branches across the US while using the same technology to understand performance metrics and identify areas of opportunity.
The access to a central BI platform allowed the company to center all its branches into one view. Now, through AI, branch managers can identify a shift in the investment needs of their customers and adjust to offer better customer service. The same applies to any other business-centered organization.
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The effect AI has brought to the business market
For decades, AI has been the main driving tool towards the success of major business organizations, especially those that can afford efficient data collection methods and computing power to analyze their gained data. Nonetheless, small business enterprises have developed a way of using AI services to develop more affordable data analysis tools.
AI, through Business Intelligence, has eliminated ‘guesswork’ from business environments by quantifying solutions from complex problems and processes, rather than relying on gut instincts and vague impressions. As a result, we see the organizations that have leveraged AI processes make more accurate decisions and, in the end, maintain an edge above their competitors.
Reasons why intelligent data and processes are the future of your business
Regardless of the nature/size of a business organization, AI will always be an indispensable business asset, as it helps spearhead decision-making processes and bring about competitive advantage. Every business aims to register an improvement in their operations and maybe achieve some milestone goals, which is easily achievable by leveraging AI processes in their operations.
AI has transformed business organizations in a plethora of ways, but here are the six major reasons why it might be the future of your business.
AI improves productivity
The core aim of any business organization is to realize profits by stepping up its productivity. AI uses complex intelligent data and processes to analyze and interpret data faster and more efficiently, enabling you to access reliable feedback at the speed of a mouse click.
As a result, you’ll save vast amounts of time you’d rather have used in manually analyzing the data and channel them towards other organizational projects. By doing that, your productivity will improve, and so will the end-result profits.
AI improves the visibility of essential business components
AI, through Business Intelligence, makes it easier to monitor every part of your organization, even the ones often overlooked. Consequently, it is easier to identify the areas that need improvement or factors that need to be eliminated.
AI improves the ability to understand consumer behavior
Using powerful complex algorithms and data from cloud-based servers on a global scale, AI can spot and analyze local, regional, and global patterns and help you understand more about the current trends. From the feedback, you can make enlightened decisions to deliver the much-anticipated products and services in the market.
AI improves your sales and marketing intelligence.
AI keeps track of your customers’ and clients’ data, giving you a better understanding of how they relate to your organization. As a result, you’re able to identify possible solutions to customer issues and reach out to them via targeted messages or ads to increase their engagement with your business.
For instance, you’ll receive a text message from your bank immediately after walking past it. That’s the work of complex AI processes that try to make you re-engage with the organization one more time.
AI improves your goal-achieving ability and ROI
Through algorithm analysis, AI can show you how to allocate your resources to meet target goals. By that, you can maximize the overall output in your organization by inducing AI elements at every production stage. In 2019, for instance, business automation grew by 63%, and companies like Bosch are reported to be saving at least $500,000 per annum by automating their business processes.
AI helps in decision-making processes.
The raw data obtained from daily business activities can amount to little information that may or may not make vital decisions. As a result, AI algorithms become useful in analyzing vast amounts of unorganized data to come up with crude decisions. Moreover, AI observes the market trends of the business environment you’re dealing in and is key to helping you make the next few steps into realizing your target.
Future of AI-backed business organizations
It goes without saying that AI’s future will impact how businesses interact with customers and other businesses and how they maintain competition. Even when the complete revolution of business processes into AI-backed systems may not be fast(in around 5-15 years), it is certainly going to happen at a fast rate.
Here are some statistics that prove the growth of AI in business environments.
- With AI being a major inclusion in business activities, 51% of customers’ views towards them are AI-influenced.
- AI is now being used to craft compelling customer experiences and recommends products to customers concerning their preferences. This has become a top growth area for sales and marketing teams, as the practice is projected to grow over 155% in the next two years.
- AI-powered developments are raising the bar against which consumers view a company. For instance, around 63% of business buyers and 48% of consumers expect personalized recommendations from companies.
Takeaway
AI is the most advanced tool ever created to help in business-related decision-making. Its versatility, transparency, and capability have made AI’s induction a worthwhile venture in a business organization. Moreover, if it is used responsibly, it can completely transform the business world for the better.
If you’re planning to power your organization’s processes with advanced AI, let Zabda be your trusted technology solutions partner. Reach out to us today!