Artificial Intelligence and Analytics intend to make organizations more efficient, operative and productive. These new-age technologies are able to remove the need for manual big data processing by presenting valuable business insights in an accessible and relatable way to the most critical objectives of a company. Companies that leverage data-driven strategy within their business are more profitable than those who don’t focus on it. The greatest value of analytics delivers the more clear, fast decision-making, predictive trends, and return on investment.
The hype around AI and analytics is not new as they are with us around several years. Despite this, these are in its infancy with the relentless advancements in their capabilities.
Let’s have a look at top AI and Analytics trends every business and marketer must look in 2020.
Streamlining Real-Time Analytics
As the amount of data is bursting out day by day, and the ability to make complex connections from it, organizations marketing teams must learn to expand their data with machine learning and AI. To reap value from it, they need to observe, find patterns and develop new queries based on the connections found. Today, demand for real-time analytics has increased as well as the cost of in-memory processing has lessened that are making it more accessible for more businesses. Real-time analytics offered the potential to be an essential component to alter data into insights in runtime.
Enterprise-Grade Data Infrastructure
While gleaning data provides leaders much more decision-making abilities across the business, it is significant that employees find quick, easy ways to make valuable connections with the data they are receiving. In this regard, data visualization and enterprise-grade data infrastructure can be constructive, allowing the workforce to comprehend intricate connections between people, businesses, customers, places, times, and things.
Enabling Personalized Communication
The use of AI and analytics allows businesses to deliver customized communication and services to customers. Most companies across the world are making customer segmentation and use data to understand customer behavior and deliver services in real-time. While algorithmic models offer insights and merge the data from multiple sources, the efforts in customer service and marketing are getting highly personalized and leading to greater business growth.
Increasing Ability for Voice-Enabled Services
In recent times, we have already witnessed immense growth in voice-enabled systems, making and addressing customers’ queries effectively and efficiently. From finance to retail, voice-powered digital chatbots dominated the technology world and delivered appropriate solutions across industries. Now, its ability is anticipated to make things easier for marketers and for those marketing teams who know what they want to find out but don’t know which metrics to use to accomplish that. With the evolution of voice-assisted devices like Amazon Echo, Siri, and others, natural language processing (NLP) has become prevalent now and will continue to grow as speech recognition capabilities are increasingly being utilized in software such as Zoom or Cisco Webex for translation and Microsoft’s new Office 365 Unified App that allows people to write documents on their mobile device with speech to text.
Lifecycle Management
This is typically referred to in terms of product development. Forward-thinking marketing teams leverage AI and machine learning to optimize their processes at scale, from app development and testing, to launch, support, and recovery. The ability to deploy machine learning to product lifecycle management systems can assist them to better understand and derive insights from product data that have been gathered over several years. As the world is moving into the next phase of innovation, we will see better engagement in terms of lifecycle management of analytics from development and testing to back up and recovery.
