What is AI analytics?
AI analytics is the product of automating data analysis—a traditionally time-consuming and people-intensive task—using the power of today’s artificial intelligence and machine learning technologies. In addition to structured data sources, AI is increasingly able to analyze unstructured data, via the use of AI analytics tools such as natural language processing (NLP), speech analytics transcription and computer vision for image and video analytics.
What are the business benefits of AI analytics?
The ability of AI systems to analyze data autonomously has multiple business benefits. Chief among them is reducing the labor cost of data scientists and other highly paid and limited-availability analytics professionals. Other benefits of using AI in analytics include:
- Risk management. AI analytics can improve the effectiveness of risk management models and create smarter strategies.
- Innovative products. AI analytics tools perform big data analysis that can drive updates to existing products and creating new ones.
- Turbocharged supply chain. Supply chain executives recognize AI in analytics as a disruptor that empowers them to apply data-driven knowledge to solve previously unsolvable challenges.
- Customer engagement. Use AI analytics tools to determine what customers are looking for—acquire them, retain them and cultivate their loyalty.
- Successful marketing campaigns. Create focused and targeted campaigns with AI analytics from current customer purchases.