Artificial Intelligence (AI) and its use in Data Analytics
You may utilise AI in a variety of ways to improve your data analysis. Here are some examples of use cases that demonstrate what is possible.- Article authored by Kunal Chowdhury on .
In this day and age, businesses are producing a huge amount of data. As a business owner, you want to be able to process that data, and use it to push your work further. Analyzing that data is a full-time job though, and not every company can get staff to handle it full-time.
That’s where AI comes in. With artificial intelligence, you’ll be able to process data faster, and take a lot of the work of data analysis out of the hands of a human worker. As such, you’ll be able to get faster and more accurate results. Here’s how AI is being used right now, and why you should be trying it too for data analysis.
Firstly, how is AI gets used in data analysis? There are several ways that it can be put to good use in your business, including:
Predictive analytics: This is when machines are used to comb through historical data, in order to create predictions about the future. This is a very common use for AI and something that a lot of businesses are already doing.
Augmented analytics: This is used to automate parts of the analytics process, such as data preparation. This makes the job of analysis easier for your data analyst staff.
Prescriptive analytics: When using AI in this way, it will not only make predictions based on past data but also give you the next steps to take based on that data.
Descriptive analytics: Not all descriptive analytics tools use AI, but there is an increasing amount out there that do. This is AI that sorts and analyses historical data, giving you a report on what happened.
There are lots of different ways that you can put AI to good use in your data analysis. Here are some use cases that show you what you can achieve:
If you’re putting time and money into a marketing campaign, you want to know that you’re going to get the most out of it. Before AI analysis though, you would always have to rely on luck to a certain degree, to ensure that your marketing efforts would reach the right people.
If you’re using AI analytics though, then you’ll be able to get much more success from your marketing efforts. Using historical data, you’ll be able to see what efforts were successful in the past and use that information to inform any campaign you’re creating now.
There’s no denying that data analysis can, and is, done by humans. The fact is though that AI can do it much more quickly. If you want new insights into your business, then AI can give you them at speed. It can also detect patterns that may not be that obvious to the human eye.
Depending on the analytics tool that you use, the AI can not only detect those patterns but help you find the right course of action to take next.
With predictive AI, you can use it to predict customer demand in the future. This is done by using data such as seasonal trends, stock availability, purchasing behavior, and a lot more data.
When you have this data, you can prepare ahead of time to meet that demand. If you’re seeing a busy season coming up, for example, you’ll be able to get more stock in ahead of time and bring on more staff to accommodate it.
If you really want to see the patterns in your customer data, then you’ll want to look at AI analytics. Most analytics tools will allow you to draw all of your data together into one view, so you can see everything together. That makes it a lot easier to spot those patterns and make decisions.
AI-driven analytics are becoming the norm in a lot of businesses
says Adrian Keane, a business writer at Academized. With them, you’ll have the information you need to grow and improve your company as a whole
. Now you’ve seen how AI data analytics will benefit you, so now’s the time to try them out.
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