Big data + artificial intelligence is swaying business in eight ways

Big data and artificial intelligence are becoming hot spots in the technology world. Everyone is talking about big data, and everyone is talking about artificial intelligence. With the continuous upgrading of the industry in recent years, the commercial value of big data and artificial intelligence has become increasingly prominent. There are four main methods for big data mining business value: customer segmentation, and then tailoring special services for each group.

simulating the real environment, exploring new requirements while increasing the return on investment; strengthening departmental linkages and improving overall The efficiency of management chains and industry chains; reducing service costs and discovering hidden leads for product and service innovation. The three sensing functions of artificial intelligence, such as visual, voice and language, can help identify and help enterprises make decisions and automate productivity. The Organisation for Economic Co-operation and Development (OECD) estimates that automation technology will increase productivity, bring huge economic benefits, and benefit blue-collar workers and consumers, helping to increase wealth.

So what kind of business value can be tapped when big data and artificial intelligence are used together? This paper analyzes the existing big data + artificial intelligence applications, analyzes the business value of eight big data + artificial intelligence, such as business intelligence, continuous customer support, and enhanced anti-fraud ability.

It is estimated that by the end of 2018, 70% of enterprises (paywalls) will implement artificial intelligence (AI). This ratio is higher than 40% in 2016 and 51% in 2017. These statistics clearly show that big data and artificial intelligence will continue to grow.

Although most people already know that this technology is bringing about earth-shaking changes in life, it can also provide people with more customized experiences, but many people still don't know how this technology will benefit the enterprise.

If you're like many people and want to know what big data and artificial intelligence are for business, then you've chosen the right place.

Here, we will discuss how AI can make the business world better.

1. Improve business intelligence

Thanks to business intelligence, business analysis has become easier and more efficient. The data tool that makes business intelligence possible is big data. Before the introduction of big data, business intelligence was limited to a certain extent. However, business intelligence is now considered a legitimate profession.

In fact, many companies and companies are hiring business intelligence experts to make better use of this new influx of information. This is to help their company take it to the next level.

2. Understand, locate and serve customers

When it comes to big data applications, this is one of the most well-known areas. The main focus of this application is to use big data to better understand customers while understanding their preferences and behaviors.

By implementing big data (and hiring big data experts), businesses can now extend their traditional data sets with text analytics, browser logs, and social media data, and get a complete picture of their customers.

The main purpose of this is to create predictable models.

3. Change the way social media is used

One of the main ways in which artificial intelligence affects the business world is through social media. In the coming months and even years, the real-time positioning of personalized content will undoubtedly increase. And these initiatives have an ultimate goal - to increase sales opportunities.

This is possible because artificial intelligence can take advantage of effective behavioral targeting methods. One example of this ability to embody AI is that with the marketing stack enabled, once anyone on the platform starts searching for new CRM (customer relationship management) software, AI can make effective and accurate decisions. With this information, merchants can respond automatically to provide a better buying experience.

4. Introduction of customer responsive products

Big data can not only improve customer service by making it forward-looking, but it also allows companies to produce products that meet customer needs. Today, product design is focused on meeting customer needs in ways never before possible.

Data analysis can be used to predict the needs of a customer's product, rather than relying on the customer to tell the business what they want from the product.

Thanks to big data, companies can determine what products to look for in the future by collecting user buying habits, survey data, and even customer case scenarios.

5. Enhance anti-fraud ability

Those who become professional "scammers" have improved their game level in the modern digital world. While this is true, the “fraud detection tool” feature provided by AI can help companies guard against these intricate fraud schemes.

This application is possible thanks to the video recognition, natural language processing, speech recognition, machine learning engine and automation technology that companies are using.

6. Improve efficiency

Industrial engineers are professionals who make production processes more efficient. They understand that without big data, this efficiency improvement is almost impossible.

Today, big data provides a wealth of information for every process and product. Those who know how to use big data understand that rich data is delivering messages, and smart businesses accept messages.

Engineers are also using big data to find ways to improve the efficiency of their processes. The analysis of these big data is also in line with the binding regulations. With big data, restrictions become easier to identify. Once you realize this, you can quickly determine if the constraint is bound and how it is bound.

By creating and removing constraints, the business layer can see a significant increase in throughput and performance. Big data has played an important role in finding all of these answers.

7. Achieve ongoing customer support

Nowadays chat robots are very common and can provide 24/7 customer support, and companies can take full advantage of the data collected by the CRM system. This allows them to gain more valuable customer insight.

When it comes to its full potential, data can help optimize several touch points, including the interactivity of chatbots, and create a feedback loop full of customer data.

This means that artificial intelligence helps companies create the ultimate customer experience. All of this is due to the indispensable customer data collection, analysis and use.

8. Reduce costs

With big data, companies can leverage existing information to reduce costs. How to reduce? This is achieved by identifying trends within the industry and predicting future events.

Knowing when events can happen helps companies improve their plans and forecasts. The person in charge of planning can know when and how much to produce. They can predict the inventory for a given period of time to ensure that there is no excess product to the customer in the end.

After all, the cost of maintaining inventory is extremely high. Companies must not only bear the cost of books, but also bundle capital with unnecessary inventory. With big data analysis, it is possible to predict when it will be suitable for sales and when it will be needed. A more in-depth analysis can even show when the best time to buy inventory is, and how much inventory needs to be retained.

Big data and artificial intelligence: the future of business

If you want to help your business achieve more, then it is necessary to embrace big data and artificial intelligence. In fact, those companies that fail to accept these emerging technologies will soon disappear into the long river of development.