In this era, the world is thriving at a whirlwind speed on many fronts, especially on technology and innovation. Extending as a thread to this rapid transformation, many of the big businesses and organizations are running behind more advanced support platforms like big data and AI. Both the new technologies Big Data and Artificial Intelligence (AI) serves business incredibly by providing an automated environment. Top brands including Netflix, Google, Facebook, Spotify, Amazon etc has leveraged Big Data and AI technologies to drive sales and marketing. Let’s have a detailed look at why big brands are using these two technologies as business catalysts.
Evolution Of Business Intelligence Into Actionable Intelligence
Enterprises need to conduct enormous market research on customers, products, and sales. Big Data and AI have reformed a horde of enterprises by processing critical volumes of data and by integrating the process into their operations. The retail sector has seen a major breakthrough by effectively carrying out sales, inventory and consumer analysis. AI plays a key role in transforming the business intelligence into actionable intelligence by making the data work, tackle the unstructured data and by identifying inconsistencies and patterns in data.
Better Customer Acquisition And Retention
Customers are a valuable asset to any business. Big data analytics derives key customer insights that aid in delivering services what exactly customer wants. AI mechanisms help to boost performance, sales and customer satisfaction by personalizing key functions, building relevant campaigns and promotions, re-engagement and so forth. Big brands like Amazon, Netflix, McDonald’s, Spotify are tapping into AI and Big Data for digital customer interactions. They gather a massive volume of behavioral data and then uses the data to fabricate user-centric product/services and to create a better experience of the user.
Enhanced Fraudulence Detection And Risk Management
As the fraud attacks increase day-by-day, the need for a more sophisticated fraud detection solutions becomes vital. Fortunately, there is a buzz around the use of AI and Big Data analytics in fraud detection. These techniques have enormous potential in fraud prevention and detection. The financial sector especially has witnessed a huge benefit as they carry out automated detection of patterns across huge volumes of gushing transactions and detect behavior patterns that are irregular for specific customers. Big data analytics enhances the quality of risk management models by quantifying and modeling the risks that are likely to be faced. Therefore, a business can be able to minimize potentially fraudulent actions and achieve smarter risk mitigation strategies.
Powerful And Targeted Programmatic Advertising
Embracing Big Data and AI, the marketing and advertising sector is able to make a more futuristic analysis. Businesses deploy Big Data analytics to understand the customer’s behavior and to define their target clients through predictive analysis. Programmatic advertising is good for advertisers as they can automate buying, planning, and optimizations that effectively target particular demographics or audiences. AI enables advertisers to take marketing to the next level by conducting sales forecasting, understanding customer behaviour and trends, optimizing digital advertising campaigns and by engaging with customers in real-time.
Boosts Operational Efficiency And Productivity
The recent innovations in Big Data analytics and Artificial Intelligence are making significant strides in improving efficiency in business environments, prompting better operational efficiency. AI helps in operational efficiency by accurately carrying out demand forecasting, predictive maintenance, personalized manufacturing, manufacturing process automation, and automated material procurement. Operational excellence empowers organizations to constantly enhance all zones of execution including decision- making, continuing investment, operating profit, human resources proficiency, customer services and so forth.
Smarter Customer Service
Big Data and Artificial intelligence together with a group of related technologies including natural language processing, machine learning, virtual agents and expert systems have transformed the ways in which companies handled customer support. Data extracted from multiple sources will be analyzed through big data analytics. With the use of AI, anticipated queries and answers are fed into the chatbots programmes. In the end, chatbots offer 24*7 customer support which accelerates the buying and selling process in a business.
Give Your Business A New Leap
Undoubtedly, over the next few years, Big Data and AI are going to rule the business world. While most of the big brands have already witnessed the profitable growth by leveraging AI and Big Data, yet there are brands to try their hands in the above-said technologies. Certainly, Big Data and AI significantly enhance operational efficiency and gain a much clearer comprehension of where they are going. However, setting the course of these technologies to deliver profitable growth still, rely on humans. To see how Cubet helps in implementing Big Data analytics and AI to your business, do visit our Big Data and AI page.