Reshaping Our World: How AI and Analytics Usage Affect Mainstream Businesses

AI data analyses predict real-time trends that business owners can track

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Amit Tripathi
Amit Tripathi

Published: Fri 22 Dec 2023, 11:17 AM

IN THE ever-evolving landscape of the 21st century, the technological revolution shaping our lives is driven by the powerful synergy of artificial intelligence, advanced analytics, and the ersonalized on of intelligence. Let’s delve into a topic that touches each one of us, whether we realise it or not – the fusion of AI, analytics, and intelligence in the mainstream.

AI and data analytics impact each one of us — whether or not we are actively using it. AI analytics offers a multitude of benefits across various industries, ersonalized on the way businesses operate and make data-driven decisions. AI analytics tailors products and services to individual customer preferences, enhancing customer satisfaction and loyalty, making it a ersonalized experience. Also helping companies with enhanced decision-making processes, AI reduces time and effort required to process large amounts of data.

As an example, icogz makes Insights accessible to not just the experts but all those seeking clarity through their data influx. Several people today struggle to find the right data and analyse with no automated insights to guide them. This is the result of the analytical systems being fixed in structure devoid of any ersonalized on.

However, the rise of the Large Language Model (LLM) has led to business owners asking more questions and drilling into the details. Final output of icogz therefore, is purely clear insight into data not the dashboard that is in between the operator and data.

The one thing that businesses look for in today’s time is an improved experience for their customers choosing their services. AI analytics allows for better understanding of customer behaviour, leading to ersonalized interactions and a seamless user experience.

Generative AI changed the way we analyse data by shifting to a Language-Based System. Sales businesspersons can now simply ask ‘what are the trends in the last month’ instead of using ersonalize data analysis tools. Also, Leveraging Natural Language Processing (NLP) is another factor changing scenario as it can understand unstructured data and fill in the missing gaps in the original notes but not included in structured data.

In the business world, companies are using AI-driven analytics to gain valuable insights into their operations, customer behaviour, and market trends. Icogz helps get these insights to ersonal business for the future. AI data analyses predict real-time trends that business owners can track, instead of their feeling that a certain trend may or may not be working.

Companies across industries — e-commerce using for customer service ersonalized, retail for inventory uptake prediction, healthcare for ersonalized treatment plans and much more. From city planners to government organisations, several entities employ analytics to enhance living.

Thanks to AI and machine learning, businesses can now process huge piles of intricate information and data at warp speed. This leads to quicker decision-making and getting accurate insights. It’s like having a forecast system for business, one that’s based on data and algorithms.

Business decision makers harness the power of machine learning and AI to drive innovation, improve processes, and make more informed choices. AI-driven automation streamlines routine tasks, reducing human error and operational costs. Decision makers can use these insights to implement proactive risk mitigation strategies, safeguarding their business operations.

Three key actionables for business decision makers should be

Make AI driven analytics your copilot:

Integrate AI-driven analytics into their decision-making processes, using it as a valuable tool to enhance insights and strategic planning. This can ensure data becoming an integral part of the decision-making process, empowering businesses to make more informed and forward-thinking choices.

Take more flights, deploy more pilots

Like deploying additional pilots for more flights, business owners should have the willingness to experiment and deploy AI analytics in multiple functions of business for insights that help to adapt to ever-changing market conditions. Introducing a culture of experimentation can lead to more innovations and quicker response to new challenges.

Focus beyond financial metrics

Broadening one’s criteria beyond only the financial aspects like revenue and profit is the need of today. Criteria such as Key Performance Indicators helps gain a holistic perspective on the business and its performance. Employee engagement, sustainability, and social responsibility are also important metrics one should focus on through their journey of growing a business.

The writer is Founder and CEO of Icogz – A Business Intelligence Platform of the Future.

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