What does Advanced Analytics and Artificial Intelligence Integration mean in Business?
Disruptive technologies such as artificial intelligence and advanced analytics have transformed the finance sector.
While data analytics refers to drawing insights from raw data, advanced analytics help to gain analytical insights by gathering previously untapped data sources, particularly unstructured data and data from the smart edge.
Usually associated with human intelligence, artificial intelligence replicates behaviors.
Advanced analytics algorithms, when powered by AI, can offer additional performance over other analytical techniques.
The World Economic Forum states that the COVID-19 crisis has given advanced analytics and AI-based techniques a chance to increase decision-making among business leaders as well.
In a study conducted on behalf of Intel by Forrester Consulting, 98% of respondents think analytics is crucial to driving business priorities.
Moderate analytics or artificial intelligence are leveraged by less than 40% of the workloads.
Advanced analytics and artificial intelligence are emerging favorites in the finance sector as they help companies authenticate customers, improve customer experience and reduce the cost of maintaining acceptable levels of fraud risk, especially in digital channels.
Since AI powered analytical algorithms are adept in recognizing patterns and processing large amounts of data, improving fraud detection rates is crucial.
Boston Consulting Group noted that consumer packaged goods companies are able to boost their revenue growth by more than 10% through enhanced predictive demand forecasting, relevant local assortments, personalized consumer services and experiences, optimized marketing and ROI promotion, and faster innovation cycles, all through those technologies.
While factors such as data silos, fear of missing out on the race to digital transformation and agility have influenced companies to rely on data-driven insights, advanced analytics and artificial intelligence must be leveraged to remain relevant in the marketplace.
The Boston Consulting Group also mentions in its September 2017 article, titled "How Big Consumer Companies Can Fight Back," that these technologies can be used by top industry players to transform their data into valuable insights.
According to a research survey conducted by Ericsson IndustryLab, 91% of the organizations surveyed reported that they faced problems in each of three categories of challenges studied, including technology, organizational, and corporate culture and individuals.
It is true that artificial intelligence and advanced analytics tools enabled all aspects of business operations to be navigated and re-imagined, and the COVID-19 pandemic expedited their adoption.
Despite being arguably the most powerful general-purpose technologies, businesses need to recognize potential, use cases and strategize the right action plans to accelerate their artificial intelligence and advanced analytics undertakings.
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