The mere mentioning of Artificial Intelligence (AI) usually conjures out imagery of futuristic robots among those of us who enjoy science fiction. This is because the majority of us are not aware that AI has been in use for a while now in the field of data science. With advancement in data analytics, businesses around the world are taking the next step which naturally relates to digesting the vast amounts of data generated and making sense out of it. Here are some of the ways Artificial Intelligence can benefit businesses as far as data analysis goes.
Simplifying Data Analysis
Today, the average company with a substantial investment in IT infrastructure undoubtedly boasts of some form of data analytics tool. Unfortunately, most of these tools produce sophisticated dashboards that are difficult to analyze and make actionable conclusions from. AI can bridge this gap by providing an automated way to digest the complex information and quickly availing conclusive insights.
Mimicking in-store experience online
Businesses that deal with complex products such as financial services find it hard to sell online because their traditional customers usually require a lot of face-time convincing and nudging to get them to commit. AI bots can expertly imitate face-to-face interactions on an online platform such as a messaging application and achieve similar if not better conversion rates.
Translating Big Data into your language
For anyone not trained as a data analyst, the results from data business analytics tools would mostly appear gibberish. AI can, however, translate such technical data science jargon into simple everyday languages like English or French.