Business Intelligence: ML and AI are the Key Factors
Are Machine Learning and Artificial Intelligence restricted to just the buzzword territory or are industries deploying these technologies to take its advantage? What is ML? ML is a subset of AI, a software application that learns from the data the way humans used to use past experiences as a part of their learning process. Business Intelligence (BI) is a complex field which represents a process that depends upon the technology to acquire, store and analyze business-related data. This process includes different aspects like predictive modeling, data mining performance management, etc.
• Boosting Sales: Businesses can harvest a significant amount of information from their potential customers’ buying behavior. ML brings in improvement in comprehending the needs of the target audience, providing businesses with valuable insights which can be utilized to skyrocket sales. This information is authoritative, in a sense that it can help companies in forecasting things like- how a new product will be accepted in the market, what qualities are a must while they are advertising a product.
• Employee Safety: ML assists in improving employee safety by providing optimized protection for operators working in high-risk environments. Monitoring combined with predictive analysis can prevent malfunctions and avoid mishaps before they can even happen. ML can also use the information to comprehend and remember the causes that have led to failures in the past. Identifying the risks and threats timely can benefit companies in the long run.
• Customer Experience and Loyalty: Many large corporations are using ML as a significant help in the process to reach to masses and ensure their purchasing loyalty. For instance, ML can use data from the facebook profile- gender, age location, and previous behavior can help companies to create personalized sponsored posts and ad suggestions.
AI and ML are no longer vague concepts. They have come into the market and are transforming industries and promising a better tomorrow. As these technologies are getting smarter and are expanding in their uses, it makes sense that combining it with BI will help in yielding good business results.