Advanced Analytics plus Artificial Intelligence (AI) in business applications allow organizations to explore new areas to better serve both internal and external clients. So, how does analytical and ai affect companies today?
Since AI aims to simulate the human ability to evaluate and extract results from data, advanced analyzes cover a wide range of analyzes, as the development of these technologies has not only an immediate impact on companies and end users, but also on the people who work on this field.
To gain the value of advanced analytics tools and artificial intelligence algorithms get high-quality data, without it, analytics tools and (AI) models will not be able to make accurate predictions, nor can they provide insights that can help grow a company’s business. Therefore, organizations should collect, clean and standardize standards once data is fed with analytics tools and artificial intelligence models.
Traditionally, data analysts have spent their time performing demanding and repetitive tasks, including devising data for analysis, reporting and dashboards for use in forms and business systems. However, they cannot simply figure out every combination or difference in their data using traditional business analysis and intelligence tools.
Most companies today benefit from the cloud in storing and benefiting from semi-structured or unstructured data. Besides, most of them consider that the convergence of cloud computing, data analytics and artificial intelligence systems will have a significant transformative impact on modern business, although this convergence is still in its infancy, but its implementation is making inevitable and impressive progress for companies.
Since AI is driven by data, the pursuit of data excellence on the front end can unduly delay the deployment of this intelligence, mainly due to the massive capital infusion into data warehouses and data lakes without understanding meaningful insights or data-driven cultures That affects the end result of the institution.
Creating AI-focused business results and an advanced analytics strategy ensure that companies drive (AI) analyzes toward their truly important business goals, and that the data is designed based on these results.
Moreover, companies that use analytics to identify valuable business insights from different data sources can also have a tremendous impact on business results, as advanced (AI) analytics will give them a competitive advantage over companies that only use traditional business intelligence tools.
According to McKinsey’s report, artificial intelligence technologies can produce between $ 3.5 trillion and $ 5.8 trillion per year across nine business jobs in 19 industries.
This includes retail services, healthcare systems and services, transportation, logistics, travel, public and social sectors and (CPG), automotive, assembly and electronics, advanced semiconductors, banks, insurance, basic materials and high technology, media and entertainment, oil and gas, telecommunications, agriculture, chemicals, medicine and medical products, and space And defense.
The report also indicated that this constitutes about 40 percent of the total annual impacts of $ 9.5 trillion to $ 15.4 trillion, which can be enabled through all analytical techniques.
Comprehensively, the use of AI and advanced analytics will have a major impact on every aspect of business.