By the end of 2018, it is predicted that 70% of enterprises (paywall) will implement artificial intelligence (AI). This is up from 40% in 2016 and 51% in 2017. There’s one thing that these statistics make crystal clear — big data and AI are here to stay.
While many already know how this technology is transforming people’s lives and providing more customized experiences, many may not know how this benefits businesses.
If you are like many others and wonder what exactly the benefit of big data and AI for business is, then you’re in the right place.
Here, I’ll discuss the way AI is transforming the business world for the better.
1. Improved Business Intelligence
Analyzing businesses has become easier and more effective thanks to business intelligence. The set of data tools that makes business intelligence possible is big data. Before big data was introduced, business intelligence was somewhat limited. However, now, business intelligence is considered a legitimate career.
In fact, many companies and enterprises are taking advantage of this new influx of information by hiring business intelligence experts. This is to help take their company to the next level.
2. Understanding, Targeting And Serving Customers
When it comes to big data applications, this is one of the most well-known areas. The primary focus is to use big data to get to know customers, as well as their preferences and behaviors.
By implementing big data (and hiring big data experts) companies can now expand their traditional data sets with text analytics, browser logs and social media data, receiving a more complete picture of their customers.
The main objective here is to create predictive models.
3. Changing The Way Social Media Is Used
One of the primary ways AI has impacted the business world is through social media. In the coming months and years, there’s no question that personalized content targeting in real time will increase. All this has the ultimate goal of increasing sales opportunities.
This is possible because AI can make use of effective behavioral targeting methodologies. An example of AI’s ability is here. Thanks to the enabled marketing stack, AI can effectively and accurately determine when someone on any platform begins searching for new customer relationship management (CRM) software. With this information, businesses can automatically respond, providing a better buying experience.