Artificial Intelligence and Big Data: The super team to take your business ahead
Artificial Intelligence (AI), if applied in business, will provide cutting edge innovation to the companies and will transform their work procedure. Along with Big Data, AI becomes a formidable force that has all the ingredients to take your business to unprecedented heights. According to research done by Gartner, AI in business is expected to reach a mark of $3.9 trillion by the year 2022. The amalgamation of AI and Big Data is helping the business to grow and expand.
The benefits of AI in businesses can be immense. Still, as most of the companies are experimenting with Artificial Intelligence, they are not able to use it to the optimal and generate excellent business value. Knowing the top trends in Big Data and applying the best ones’ that suits your business stature can do more good to your business. To reap in plentiful benefits of AI and Big Data, top big data analytics experts would be your perfect ally.
Irrespective of the size of the company, the data it generates contains useful customer information, data sales numbers, etc. which can be used to improve the quality of services.
How will Artificial Intelligence and Big Data add value to Businesses- An overview
With its prolific usage, Artificial Intelligence (AI) has integrated itself seamlessly in the modern-day business processes. With AI in business, a professional can churn out multiple tasks at a rapid rate without compromising on the quality of the work. Big data keeps the information synchronized so that it can be used easily as and when needed. Despite being in the nascent stage, the benefits of AI can be felt by businesses as it has the capability of processing a large amount of data and deriving meaning from it.
Artificial intelligence trends can work through web matrix, system matrix, or social media, as there are different data streams which can have vital information for the businesses. All data derived from the various sources acts as a raw material for the AI systems, which can be later used in the betterment of the product and in enhancing the service.
Big Data in business will help in striking a balance between the usage and availability of the data. Therefore, your business will have the best information which will prove vital in the future betterment of the company.
Let us now understand the ways by which AI and Big Data will impact the modern age business.
Automating the Recruitment process
AI has a critical subset known as Machine Learning (ML). Machine Learning is an algorithm that analyses a large number of data to identify their pattern and then predict the result. Thus, it can be used in tedious and repetitive tasks, and it helps the HR department in the recruitment process. Things like screening of the resume, tracking the applicant, and then scheduling the interview can be done at a brisk pace without any error.
With big data in business, the HR professionals will find it easy to list out the best candidates and thus reduce the time taken in the recruitment process. Primary stage interviews can be conducted by the bots and determine if the candidate is fit for the job profile or not. More than 50% of HR professionals feel that it becomes challenging to churn out the best applicant from the large pool of applications they receive. AI and Big Data simplify the HR process and thus benefit the organization.
Enhancing the security
We should understand that the majority of cyber-security breaches are due to human errors. Thus deploying Artificial Intelligence will make the computer networks related to your business safe. It can predict and filter out the malware, phishing emails, and the spams.
AI does more than just defending the system against hackers as it has an application for security for crime prevention and privacy protection. Security breaches and harm to personal data are the main threats to businesses these days. Thus, AI will help you gain trust among your audience and accordingly will set your business a class apart from its peers.
Cutting down on the operational cost
AI eliminates time spent on mundane tasks and lets your workforce focus on the more important ones. The reduction in error rate also reduces the operational cost. AI in business can also make the production process efficient, and with things like preventive maintenance, it lowers the overall business expenses as well.
Storing a large amount of information becomes very easy with Big Data, and the big data tools also reduce the risk of acquiring inaccurate data. For example, UPS uses Big Data and Artificial Intelligence to operate its global logistics network in more than 200 countries and saves up to $50 million per year. Big Data and AI help in optimizing the internal operations in the company, thus making the logistics network smarter.
Understanding the customers
AI in business strategy amalgamated with Big Data can have more accurate predictive analysis and help the companies to know their customers in a better manner. With Big data and AI at the helm, the businesses can minimize the customer complaints as the tools here will detect the negative comments in social media and other channels, and allow the organization to act promptly.
Using Big data in marketing along with AI, will also help the business to understand, the market conditions and analyze the buying behavior of the customers, better. Companies can find out which product is most likely to be liked by the customer and thus can manage their sales according to the trend. Therefore, the super team of AI and Big Data will take your business way ahead of your peers.
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Efficient internal process
It has been talked about time and again that ‘Data’ is the backbone of any industry in modern times. Thus it becomes necessary for businesses to have a clean and well-structured internal process.
The amalgamation of AI and Big data provides a company momentum by injecting efficiency in their internal operations. By streamlining the operations, AI, and Big Data help in building efficient customer services and maximize the profits for the organization. AI and Big Data create a delicate balance between business and customer needs. Thus they make the organization to drive in the right direction.
Better product marketing
AI in business will revolutionize marketing and sales as it will provide faster ways of effective marketing as compared to humans. Machine learning analyses the vast chunk of information that is provided by Big data, and helps the companies to create hyper-personalized data, build targeted content for the audience, and upsell suggestions for each client. And since the majority of the marketing processes can be taken care of by AI itself without any human intervention, there are no chances of error.
Big data in business will provide the best historical data that will work on the targeted audience as you can use nostalgia as a valid business technique. For example, with the game Pokémon Go, the developers subtly used the tryst the 90’s generation had with the cartoon series. Thus, by using top ended technologies like AR and amalgamating the knowledge they got by Big Data with these technologies, they built a game that became a huge hit.
For example, Chime Bank wanted to increases the number of people signing up for new accounts by deploying predictive analysis and used AI to make the process more streamlined. This lead to better study and testing of over 216 versions of the homepage in just three months
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A Perfect Tech Combination
Artificial Intelligence and Big data are and will be the essential factors that will shape the present and the future of your organization. Human intelligence amalgamated by AI in business and Big data will bring some dramatic changes and expand your business in directions that you have never imagined. Thus with AI and Big Data, the potential is limitless for your business as it will take your organization to a roller coaster ride that always goes up.