How Businesses Stand to Benefit From Artificial Intelligence and Big Data

Artificial intelligence is one technology that is slowly creeping into almost everything we do these days. It has found usage in medicine, agriculture, insurance, and of course, business. A recent survey reveals that only 15% of companies are using AI, and another 31% plan to implement AI in their business in the coming months.

Artificial intelligence statistics from KommandoTech reveal that start-up companies who have implemented artificial intelligence in their businesses have increased 14-fold in number since the year 2000.

Artificial intelligence techniques like machine learning and deep learning processing have found significant usage in the business world, shaping how businesses interact with customers and have brought about the introduction of personalized marketing. Over 50% of the world's biggest businesses today already have a dedicated AI strategy to help their business grow.

These stats indicate how vital AI is to how we conduct business in a technologically driven economy. But the question remains, who feeds AI the needed data it uses to make business analyses and predictions?

The answer is: big data.

An Overview of Big Data

According to Itexico, the term big data refers to a large volume of a data set that can no longer be processed by traditional computers at the required speed. These sets of data are generated over the internet across various platforms like social media, email, and various websites.

A set of data must meet the following requirements mentioned below before we consider it big data:

Volume: The data needs to be so massive that it can be utilized for analysis of some kind.

Variety: This data can include both structured and unstructured forms. That is, it comes in various formats and not in one form.

Velocity: The data needs to be generated at a very high pace.

Veracity: The data coming in needs to be more good than bad.

Value: The useful data needs to be valuable and applicable to real-life problems

AI and big data combined are capable of providing excellent customer insight that ultimately leads to better products and services.

Big data does the job of accumulating a large set of data and arranging them into a useful format where it is fed to the AI. AI, in its own case, does the job of processing this large set of data, learning from them, and using what it has learned to give actionable insights as to how businesses can improve.

Below are some of the benefits of AI and big data to businesses

Improved Personalized Shopping Experience

Now more than ever, consumers expect their shopping experience to be as personalized as possible. Businesses that fail to provide customized shopping experiences for their customers will eventually miss out on sales in the marketplace.

Statistics show that 59% of shoppers who experienced personalization say that it had a significant influence on their purchase decision.

AI intelligence is capable of using data obtained from big data to analyze customer behavior, shopping cart items, and other activities they carry out on the internet. This will, in turn, lead to more detailed information about what a particular customer is likely to purchase.

Businesses can then use the information provided by AI to tailor personalized ads to consumers, thereby giving them an edge over competitors running random ads and displaying random products that do not suit the needs of the customer.

Business Automation

Yes, you read that right. AI can help automate your business, especially if your company has so many repetitive processes, like those in eCommerce.

From production to packaging and handling of deliveries, AI makes it all seem easy.

Improved Customer Service

An excellent example of AI used for improved customer service is the chatbot. According to experts, chatbots will be responsible for 85% of customer service operations in 2020. The chatbot industry is already worth millions and should reach $1.25 billion by 2025.

Chatbots can understand questions asked by customers and give relevant answers that are correct most of the time. Big data can feed AI with relevant information that it can use to predict possible questions from customers and give appropriate answers without the help of a human assistant.

The good thing about AI-powered customer service is that it is available 24/7.

Saves Time and Cost

Statistics reveal that chatbot alone is capable of saving the customer service industry up to $8 billion. Business processes placed on automation save time and allow business owners to focus on other productive tasks.

Improved Business and Customer Insight

Using relevant big data, AI can help businesses run predictive analyses to determine future trends, explore current business models, assess flaws, and make suggestions about what can be done to improve a business overall.

Also, AI-powered tools can help a business determine current trends operating in the marketplace and monitor customer behavior to know what works, through the use of big data.

Information gathered can then be used to improve on products as well as customer experience.

Automation of the Recruitment Process

With the help of AI, the entire recruitment process can be made smooth and easy - from the scanning of relevant documents to resume checking, and also screening.

All that is needed is for you to feed the AI with the relevant data of past interview processes and criteria to look out for. That way, applications that don't fit the given criteria are quickly sorted out and eliminated without you having to go through hundreds or thousands of job applications on your own.

Conclusion

Big data and artificial intelligence are here to stay. Since its introduction into business processes, AI has revolutionized how businesses operate, and also how customers expect their buying experience to be.

With the aid of AI, businesses are now able to predict buyer behavior and offer personalized services that fit exactly what the buyer is searching for online.

Also, AI is used to offer automated 24/7 services that allow customers to interact with sellers at any point in time.

Lastly, businesses can also utilize information from big data to predict future trends in the market place and also improve the current business model.