By Eric Brown -
Artificial intelligence (AI) and machine learning are used by almost every industry to streamline workflows, drive decision-making, monitor performance, and identify trends and opportunities. From banking and retail to entertainment and healthcare providers, companies are leveraging AI to guide analysis, to clean, organize, and visualize data, and to turn large amounts of raw and unstructured data into actionable business insights.
Looking to the future, AI-enhanced data analytics will play an even greater role in driving successful business outcomes—but it’s unlikely that AI will eliminate the need for human input in analytics. That is why organizations will have to prepare the technology, tools, and training their staff will need to be ready for what AI will bring to their business tomorrow.
4 AI Trends Shaping the Future of Artificial Intelligence Analytics
To help your business prepare, here is a preview of what the RCG team sees as the future of artificial intelligence in analytics.
Machine Learning
Machine learning is enabling businesses to leverage vast amounts of data from multiple sources, using complex algorithms that can learn and adapt to changing behavior patterns and distill insights1 from large data sets across multiple data sources.
Machine learning can be used to analyze structured data in curated data warehouses as well as unstructured data—such as text, audio, and images—to provide a more comprehensive understanding of customer needs and preferences. This can inform the design of new products and services or refine marketing strategies.
Real-Time Analysis
Real-time data analytics is a powerful tool that allows businesses to use live data to trigger actions that resolve problems or seize opportunities.2 This responsiveness gives organizations the ability to act quickly on insights, make faster and more informed decisions that drive growth and profitability, and improve workflows that in turn improve customer satisfaction.
No Code/Low Code Platforms
AI is taking the traditionally technical and complex world of analytics and making it easier for non-technical users to find new ways to use data in their work.
AI-powered data analytics tools are giving users the ability to aggregate, analyze, and visualize data with user-friendly interfaces and intuitive workflows—all without requiring extensive coding or data science expertise.3 Not only does this help organizations overcome tight labor markets for data professionals, but it also allows businesses to foster a more data-driven culture by encouraging all employees to engage with data and insights.
Improved Accuracy and Efficiency
AI algorithms and the processing power behind them give organizations the power to process large amounts of data quickly, accurately, and repeatedly—without the need for breaks. In addition to being fast and efficient, AI can also help organizations quickly identify patterns or anomalies in data that could otherwise be difficult for human readers to sort through.
Future Proof Your Business
Once a tool that was only within reach of research universities and global technology companies, AI is now increasingly pervasive across many industries. It has helped organizations to streamline workflows, analyze data, and make informed decisions faster, more accurately, and more intuitively than ever before.
However, businesses looking to tap into AI’s exciting future need to ensure that they are laying the proper foundation—including technology, procedures, and job training—that their employees will need to reach the full potential of an AI-powered data analytics program. That’s why RCG recently published an e-book, Be Ready for Tomorrow’s Tech Challenges with the Right Digital Services Partner.
This e-book not only lays out the tech trends that will be shaping tomorrow’s businesses, but also presents the steps that teams can take now to stay ahead of the curve and sharpen their competitive edge. Click the button below to access your own free copy of our e-book now:
Download Tomorrow's Technology eBook
Works Cited
1. Anodot "Business Analytics: The Future Is AI and It Is Here" Retrieved from https://www.anodot.com/blog/business-analytics
2. ITWeb (2022, Dec 12) "The (near) future of AI in data analytics" Retrieved from https://www.itweb.co.za/content/dgp45qaB9wdvX9l8
3. Medium (2019, Sept 20) "Why is Artificial Intelligence in Business Analytics so critical for business growth?" Retrieved from https://medium.com/gobeyond-ai/why-is-artificial-intelligence-in-business-analytics-so-critical-for-business-growth-2ed16cbe7846
