AI & Big Data: How can AI & Big Data transform your organisation?
According to The Economist, data has become the world’s most valuable resource, surpassing oil. This is the absolute truth of today’s world which cannot be denied and the importance of data is unlikely to dwindle over the upcoming decades.
With the move towards all things digital, companies are increasingly generating data and making use of it to improve their performances. Today’s technologies like artificial intelligence, machine learning, Big Data, natural language processing and others are all powered by data and are helping companies excel and transform into future-ready organisations.
Today, 59% of the companies already have AI solutions in place, according to a study by Gartner, Inc1. The study also indicates that the companies are looking to add six more AI projects by the end of 2020, increasing the total number of AI projects from the present average of four. Most of the companies adopting AI are doing so because of the AI’s capability to help in making more informed decisions and strategies and improve customer engagement by the means of AI-powered virtual assistants and chatbots. This highlights the ways in which AI and Big Data are aiding the transformation of the companies.
Let’s have a look at where AI and Big Data can be used across organisations-
Market Analysis and Strategizing
Companies are using AI and Big Data-powered tools to analyse huge silos of collected data and derive market trends, growth patterns and insights from them. These insights help in shaping and course-correcting the company’s growth strategies, business functions and plans. AI and Big Data-based solutions can also help in understanding customer behaviour and profile demographic segments, giving companies more clear and precise information that could be leveraged to create suitable products and promotional strategies.
Recruitment and Employee Engagement
AI and Big Data have found their applications across a wide range of domains, including the recruitment and human resources segment. The market now has an extensive range of AI-based recruitment solutions powered by sophisticated algorithms which have been trained using a diverse range of datasets. These solutions are capable of screening candidate profiles, conducting sentiment analysis and even having a one-to-one conversation with the candidates to answer their queries. The solutions help in churning out the most suitable candidates that could be passed on to the next levels of the recruitment process. These solutions allow the HR personnel to pass on the tedious, monotonous job of screening vast pools of candidate profiles to the automated, data-powered systems and free up more time to focus on business-critical tasks. Also, these solutions are faster and can handle an increase in the number of queries simultaneously as against humans thus improving task efficiency.
The market also has Big Data and AI-powered solutions for employee engagement. These solutions can conduct sentiment analysis and leverage natural language processing technologies to monitor an employee’s behaviour and emotions by interpreting the type of language and phrases they use in emails, company’s instant messengers and other interactive platforms. The insights derived by these solutions can help in empowering the HR personnel to have more meaningful conversations and engagement with the employees and offer more personalised and suitable learning and development opportunities and career growth plans.
Highly efficient and well-managed production line could help in reducing the business costs and improve its return on investment, significantly. While humans have been handling the production activities much before the advent of machines, they are prone to errors, which at times could prove really expensive for the company. In order to make the production activities less labour intensive and more automated, companies are switching to AI-powered solutions that can help in digitalising the management and handling or production lines with minimum human intervention. Such solutions do not have working hour constraints and can track activities at multiple levels, ensuring the smooth functioning of production lines. They can also detect anomalies and respond rapidly or raise timely alerts for human intervention, wherever required.
Companies collect customer data from multiple sources like retail stores, web stores, social media platforms, wearable devices, survey forms and others. Big Data and AI solutions can analyse these disparate sets of data to discover consumer buying behaviour, preferences and other trends. Companies can leverage these insights and information to create marketing strategies and campaigns that can target users and their specific needs and boost the business by generating sales.
AI-based automated solutions have made it easier for companies to engage constantly with consumers and resolve their issues in the least possible time. This helps in improved customer engagement, experience, satisfaction and loyalty –almost everything a company can ask for! Companies are increasingly turning to chatbots for near real-time engagement with the customers. These chatbots not only offer answers to common queries but are also being equipped with advanced algorithms to make appointments, place order or refund requests, provide step-by-step assistance to resolve an issue or even assist customers with choosing the most suitable products in line with their requirements.
Smart AI-powered cybersecurity and fraud detection solutions are being deployed by several companies, as the number of cybersecurity breaches grows with every passing second. Recently, Chinese tech company Huawei Technologies unveiled that it suffers around 1 million cyberattacks per day. These are some serious numbers. Hackers are attacking businesses of all sizes to steal important or patented solutions, extort ransom or simply fulfil political agendas. AI-based fraud detection and security solutions can protect businesses against sophisticated cyberattacks and fraud schemes.
The role that these new-age disruptive technologies play in improving every segment of a business cannot be undermined or ignored. It is only a matter of time when the companies which fail to implement such technologies will struggle very hard to remain competitive in the market and might even fail to resonate with their customers. As these disruptive technologies advance and gain traction, organisations need to buckle up and adopt these technologies which can cater to the fast-changing needs of customers and the market.