What’s the connection between AI and advanced analytics?
Advanced analytics models have been driving critical decisions in organisations since the dawn of the century.
With 2020 bringing significant changes to market conditions and companies having to navigate trade and supply chain disruptions, sudden fluctuations in demand, and new risks, the role of analytics in business decision making is more critical than ever in this new normal.
In fact, according to industry analysts, the compound annual growth rate of the advanced analytics market is expected to hit 21.9% by 2027.
With analytics models, businesses today can formulate informed decisions based on data-driven forecasting.
These data analytics models deliver insights into trends and patterns regarding employees, buyers, and competitors using multiple data sources like emails, instant messages, CRM applications, and social media.
With the rise of artificial intelligence, however, there is also growing scepticism about the efficiency of analytics against AI algorithms.
Will AI replace advanced analytics models or, is it more efficient to use AI to enhance the performance of analytics?
Understanding the role of artificial intelligence in data management
Artificial intelligence technologies can perform tasks like reviewing records, running tests and providing insights based on the data.
Today these technologies are taking over many business processes, with approximately 15% of enterprises using AI technologies in their daily operations.
Artificial intelligence also allows you to leverage virtual assistants or bots, machine learning and machine vision, test analysis, deep learning and natural language processing, to get more nuanced insights.
Integrating these AI-powered technologies with analytics tools can bring you quality insights faster, enhancing your overall enhanced data management experience.
How can artificial intelligence enhance your analytics model?
Using AI-powered technologies like machine learning to enhance business analytics can deliver a more streamlined data collection process, as they have the potential to make the data acquisition and preparing process more effective, accurate and convenient.
When applied to business operations, AI-driven analytics can deliver micro-targeted insights like customer-product matches and upcoming purchases, allowing you to design and implement highly targeted campaigns and maximise your marketing ROI.
Here are some of the ways how AI-powered analytics can enhance your processes;
- Handling labour shortages
Switching to AI or integrating AI with analytics can help you meet the labour shortages you may experience in your organisation.
While you focus on bridging the labour gap, your AI-driven analytics model can cover for you, meet the market demand faster and execute fool-proof campaigns without bottlenecks.
- Data categorisation
AI-driven classification models can categorise data and make it easier to access, retrieve and analyse data to get predictions.
Increased digital activity within organisations has created an influx of data that can get difficult to manage if you don’t have the right resources. When classified, data is easier to store and backup.
With clustering, data management is even more convenient and efficient.
Clustering models sort data into different groups based on similar properties making it easier to retrieve historical data and make a decision based on insights they provide.
With forecasting models applied to data, you can predict future events, including how many customers will convert, how many visit your store in a given time or how much sales to be expected.
AI is likely to enhance the performance of advanced analytics tools
Artificial intelligence integrated with advanced analytics makes most of your operations—like identifying market trends and testing assumptions—autonomous. What you get by integrating artificial intelligence in your analytics tools are enhanced analytics capabilities.
You can access tools and resources to assimilate data and make strategic, data-driven decisions that ensure financial security, increased sales and improved productivity with AI-driven analytics.
If you want to know more about AI-enhanced analytics, don’t hesitate to give us a call. Our team at Selerity is ready to help you optimise your SAS Analytics experience.