Data Analytics and Artificial Intelligence: A Long-Term Marriage?
Many businesses rely on data analytics to help them improve customer satisfaction and lower their costs. But when paired with artificial intelligence, or AI, data analytics can further help your business. Here is some information about data analytics, artificial intelligence and how they can work hand-in-hand to benefit your business.
What are Data Analytics?
Data analytics are pieces of data that are used by managers, business owners, and marketing managers to help them determine their customer base and how to grow their business. Data analytics can show you who visits your business, who is interested in your product, what price point your product can best sell at, how engaging your advertisements are and who your target customer should be.
What is Artificial Intelligence?
Artificial intelligence takes your data analytics and kicks it up a notch. Much of your data is achieved through actual testing. For example, if your target market is females aged 18 to 25, you may have tried to market to those who are younger and older to see what their interest was and failed. This helped you determine that those in this age group are most interested in your services. Artificial intelligence uses predictive behavior to predict that those who were older or younger wouldn’t have been most interested in your product. Ultimately, this predictive behavior helps the trial and error that goes into the pricey and time-consuming testing that goes along with data analytics.
How Can the Two Work Together?
Data analytics and artificial intelligence work hand-in-hand because your data analytics are fed into the AI system to give a basis for the predictive behavior that AI is able to determine. Artificial intelligence relies on data analytics to provide a full and accurate assessment for your business.
What are the Benefits of Using Artificial Intelligence in Data Analytics?
The biggest benefits associated with using artificial intelligence in data analytics is the cost and time-savings. Artificial intelligence is able to more accurately predict consumer behavior based on your data analytics, helping to ensure that you don’t have to go through the trial and error process of testing new products or defining your target audience. This helps you to save both time and money, ultimately allowing your business to grow faster and more rapidly.
Are you looking to incorporate artificial intelligence in your data analytics in the greater Atlanta, Georgia area? If so, we at Starr & Associates would love to assist you. We understand how to use the tools of business intelligence, analytics, and data mining to improve process efficiency and customer service, while also creating effective strategies for improving the end-customer experience and lowering costs. Contact us today to find out how we can help you.