Advances in technology are producing unprecedented ways of gaining insight into business processes, customer behaviors and how those two items come together to produce growth for certain enterprises. Cloud computing, the Internet of Things (IoT) and the always-connected state of both businesses and consumers is further feeding big data and the development of artificial intelligence (AI).
Take a look at several important ways that big data and AI are impacting business:
Business intelligence gets even smarter: Many enterprises are investing in business intelligence, and sometimes even bringing a dedicated expert on staff to examine the processes, product movement and productivity of the business. Big data is fueling business intelligence in new ways, simply because of the sheer volume of information newly available that can be analyzed and then used to improve processes.
Hyper-personalized customer experiences: Companies have been using big data for a long time to better understand their target audiences and what it will take to convert those audiences to customers. New levels of this approach are being utilized with the addition of AI, because predictive models allow marketing and sales teams to offer products and services before a customer has even realized they want or need it.
Harnessing the power of social media: Big data and AI are applied in social media platforms to segment sub-sets of a target audience based on their behaviors. AI can determine when a particular person is going to search for a product, based on seemingly unrelated behaviors on social media, because the flood of data indicates that when a person likes enough photos of their friends’ pets, for example, they will shortly begin shopping for a dog crate.
Customer responsive products: Rather than creating products that a company thinks might be well-received by the public, big data is making it possible to determine what the public is saying is missing from a particular product or what they wish it would do. By analyzing complaints on social media about a related topic, a company could create a problem-solving feature on its next edition of a product.
Security and fraud prevention: AI and big data are already working to identify anomalies that could indicate a security breach on enterprise systems. They will also be employed for video recognition and speech recognition to identify valid users of systems and facilities.
Instant customer response: AI is making it possible for enterprises to support customers 24/7, using chatbots that are remarkably convincing as customer service agents. Through the analysis and application of extensive data, the chatbots are equipped with the right information to answer questions and address complaints.
If you’re interested in utilizing more of what big data and AI have to offer, contact us at AMD Communications. We connect you with the right provider to help you access the latest technology and fuel your business growth through better customer insights and business intelligence.