Stakeholders implementing artificial intelligence (AI) data analytics platforms have a keen eye on the potential return on investment. Enterprise leaders always want to know: What business benefits can we realize from our analytics strategies? What business benefits are we demonstrably reaping as a result of the AI analytics software we have deployed?
Here’s more on the functionality of AI analytics in the modern enterprise as well as some key examples of business benefits of AI analytics.
Advantages of AI Analytics Tools
What does artificial intelligence add to modern analytics tools? One major advantage is found in advanced data mining algorithms capable of searching large troves of data automatically — freeing up human analysts to use their time on more fruitful endeavors. These algorithms can analyze massive data sets — even data sets originating from varying sources — very quickly and accurately, bringing insights to users’ attention faster than if analysts had to uncover them manually.
Another advantage built into advanced AI analytics is machine learning, which enables algorithms to “learn” — continually refining the relevance of insights presented to human users. This eliminates the needs for data scientists to invest time and effort training algorithms to recognize quality insights, automating yet another time-intensive process for enterprises.
Business Benefits of AI Analytics Software
The business benefits of AI-driven analytics are numerous, all representing different ways to making the enterprise more efficient and profitable.
Helping users identify interventions early
AI analytics today are capable of going beyond descriptive analytics that inform users of what has happened in terms of performance. They are able to mine data for patterns that indicate not only what has already transpired, but also what will likely transpire. With this information in hand, users can intervene earlier to minimize negative outcomes and maximize positive outcomes.
One example of this AI analytics application in action, as outlined by Towards Data Science, would be a hospital using this software to predict the risk levels of patients developing a certain disease or infection based on their demographics and medical histories — allowing the care team to intervene earlier.
Another example would be a manufacturer’s AI analytics flagging the equipment most likely to break down based on downtime and past maintenance — allowing teams to make repairs or adjust runtimes to minimize the chance of catastrophic malfunction.
The takeaway? AI analytics can help all kinds of organizations get the jump on inefficiencies, putting them in the position to minimize or even prevent them altogether by acting on these data insights.
Optimizing customer interactions
Even the most curious, data-motivated marketing team can inadvertently miss certain insights about customer behavior and expectations buried deep within data. AI analytics algorithms can be marketing and product teams with the hyper-personalization of campaigns appealing to exact subsets of the target audience.
Even if marketers don’t know which specific questions to ask using search-driven analytics, the AI algorithms can assist in finding patterns that may have otherwise gone unrecognized.
Strengthening the supply chain
Whether you’re running a hospital, a retail store, or another type of business, chances are you are managing some degree of a supply chain. AI analytics software can identify opportunities to streamline each link of the chain by eliminating inefficiencies, strengthening vendor collaborations, and predicting possible disruptions brought on by any number of external factors. Armed with cutting-edge knowledge related to the supply chain, decision-makers can act accordingly to make it as resilient and expedient as possible for better results.
These are just a handful of business benefits unlocked by AI analytics, which can mine data on a massive scale for important insights capable of influencing how your enterprise conducts business.