Today’s business landscape revolves around data and its correct implementation. In the world of business, AI and big data are evolving rapidly and transforming modern business operations. In the future of Big data and AI, businesses need to compete and become successful by utilizing this technology in intelligence decision-making, making business predictions, pattern analysis, and others.
According to a new report by Gartner, in the Stamford firm’s 2019 CIO Study on more than 3,000 officials from 89 countries found that the application of AI grew by a huge 270 percent in the past four years. From nearly 37 percent grew in the past year alone. This is up from 10 percent in 2015 and it is estimated that the AI market will be worth $6.14 billion by 2022.
These statistics make one thing crystal clear - companies are adopting artificial intelligence (AI) in their business process. We all know that in the past few year's technologies have transformed the lives of people by providing more customized experiences and other business benefits.
If you are like many others and wonder what exactly the benefit of the convergence of big data and AI for business is, then you're in the right place. Today, with the help of big data analytics using artificial intelligence in businesses can store and collect useful business information with the help of AI powered tools.
In this blog post, we are going to discuss different ways AI is transforming the world of business for the better:
1. Smart Talent Recruitment and Management:
Business organizations are always competing to find the best talent available in the industry. For this purpose, companies have a separate team dedicated to talent acquisition and management. In a report by Forbes, in 2018, they have estimated that the entire global recruitment market has reached around $200 billion.
We all know, that, right?
But what we don’t know is that despite a company's full efforts still can’t grab the best talent from the market. So, rather than wasting your precious time and manpower on talent acquisition, you can simply recruit AI.
But, Why?
The answer is simple, AI can make the process of recruitment easier for your HR staff. It can reduce their efforts and time they spend on screening and researching candidates with the help of automated applications.
With its help, your staff will be able to can perform these tasks with takes hours in just a few seconds. For instance, you can also choose to leverage AI assistant to help your HR staff with various processes.
2. Business Inventory Management:
In a business, there is a wide range of activities that are tied up with inventory management to accomplish a task. Some of these activities are stock maintenance, adding or remove fields, and monitoring retail shops and warehouses.
Implementing AI technology in your business process can make this process easier with the help of predictive analysis of inventory data.
How will that help?
Well, with all your inventory data, your business will be able to extract useful information from previous data to know its current and future demand.
This will be making your inventory smart and you will be able to more clearly understand your clients.
By managing inventory accurately, the business will be able to understand the future demands of a product in real-time.
Big data analytics using artificial intelligence can help a business organization predict the upcoming trends and forecasting sales assist businesses in the industry. This will help businesses monitor new inventory purchases and much more.
3. Staff Management:
In a study by Gallup, around 70 percent of employees are not showing up to work with their best performance. They are not even engaged to work and the reason behind this is that they’re not happy.
One of the most important things in business is to achieve ergonomics in your company environment. For that, a business needs to understand what kind of obstacles are making the environment of your business' organization toxic.
If you are struggling with a similar problem, then artificial intelligence is your solution. In recent years, it has emerged as a powerful tool that can help you build engagement with tools such as Tangowork.
AI-powered tools like Tangowork allows your employee to voice out their concerns which they can’t discuss with HR, creating a friendly business environment.
4. Fraud Prevention:
Digitalization has its boon that we can’t deny, however, it also comes with its bane. For instance, in the world of digital documentation and online transactions, there is always a scope of cybercrime.
Today, with digitalization the number of fraudsters has also increased. While many businesses are aware of the depth of problems, many are still using old or traditional tools to defend their systems.
AI can help.
Big data analytics using artificial intelligence can help businesses defend themself against fraud schemes with the help of machine learning, speech recognition, NLL, video recognition, and others. These technologies can help you resolve many such complex issues.
For instance, Huawei Technologies, telecommunications equipment, consumer electronics, and networking services giant, leverages a technology called an analytical database. This AI-powered technology helps them detect fraud transactions in real-time. Also, their AI-powered algorithms further help in identifying fraudulent behaviors based on analyzed historical data every time a card is used.
Besides, the number of click frauds is also rising and advertisers desperately need to monitor each click for anomalies.
To detecting such frauds, advertisers require a database that can classify them from the large streams of traffic. Detecting anomalies is the hidden power of convergence of Big data and AI.
5. Reduced Costs:
One of the most amazing things businesses can do with AI and big data is to utilize its powers of predictive analysis. Businesses can reduce costs with the help of predictive analysis.
How?
They can leverage such a gigantic amount of information and data to find trends and predicting future events in the market. This means that they can spend their time and money on an event that is more likely to happen than the one which has a lesser probability.
Knowing when something is likely to happen in advance helps them improve their planning and forecasts.
Once the people in charge know when to produce and how much to produce other things will simply fall into place. For instance, they will be able to predict how much inventory is needed, or how can they ensure customer fulfillment without excessive costs.
After all, as we all know, that an inventory is extremely expensive to maintain businesses have to cover it the carrying cost and the0 capital tied up with its unnecessary inventory.
Besides, big data analysis can also help you predict the time when sales will occur and when production is necessary. This analysis can help businesses with the ideal time for purchasing
inventory and the amount of inventory required.
6. Customer Behavior:
The predictive analysis feature of AI can help business organizations to understand the variable needs of consumers. It enabled different programs to analyses customer information. Businesses can leverage this data to align their client preferences to enhance their experience.
In any market, consumer behavior is constantly changing and app development company need to have multiple digital tools at their disposal to understand it.
Having AI in your marketing can help your businesses to target the right audience for your advertisement campaigns. For instance, AI can help you recognize the best way to target a customer which can be through messaging or other available options.
Big data can be directly applied to clients but can be leveraged for almost every process of a business organization.
Top software developers from companies can utilize this technology to create a smart workplace with interconnected sensors to monitor their employees. Other than can be used to track stress, voice, health issue, and other factors.
Bottom line:
By utilizing these with incredible tools and techniques of AI and big data, your business can venture into old and new marketers with minimal risk and cost. Also, with these smart solutions, you get a better grip on your own businesses process and ease the work for your employees.
In the blog, we have tried to explain some of the benefits of “how AI and big data are transforming the future of businesses”. The future is bright and clear with automation and real-time operations. We are moving towards it faster than ever and next time take a deep breath and opt for AI for your business.
Shreeya Chourasia is an experienced B2B marketing/tech content writer, who is diligently committed to growing your online presence. Her writing doesn’t merely direct the audience to take action, rather it explains how to take action for promising outcomes. She is currently working with a growing tech site, Tech Research Online.
