No business can thrive in 2021 without a good grip on data. Whether it be KPIs, sales goals, or digital media analytics for things like websites and social media, data makes the world go round. While many businesses use data to some extent to form strategy and set goals, a lot of companies are still losing out on valuable insights that analytics can provide. The game-changer isn’t some secret formula or trick of the trade: it’s artificial intelligence.
AI provides a framework for better analytics. That doesn’t just mean more data, but a better execution of the things it can tell us. There’s a pathway in 2021 to AI-powered analytics that can transform your business and we’re going to go over some of those crucial items to consider.
Why Use AI for Business Analytics?
Things like an AI-powered bi tool or automated data analysis reports might not sound all that crucial to a business. Some consider these approaches to analytics to be an option rather than a necessity. Maybe that used to be the case, but the big data revolution is making AI a must-have rather than an optional route to take your business.
Data is exponentially growing every year thanks to the increase in use of digital tools. Rather than try to manage all of that data with your human team, artificial intelligence can work out the details inside every element of analytics for you. From finding patterns that we can’t always spot to even predicting best practices for future campaigns and actions, AI helps your business analyze every aspect of your operations.
The concerns some businesses have about AI range from the replacement of human staff to a loss of the personal touch that it takes to succeed in business. AI doesn’t rid a company of either of these things. In fact, it supplements and elevates them to new heights.
The Perks of AI-Powered Analytics
There are three key things that AI-powered analytics can offer a business from the start. Firstly, AI can help offer teams a new method for making sense of big data. There are likely some analytics and data your team is missing for one reason or another. There’s also some that we simply can’t analyze and predict as humans because we lack the ability to handle such large sets of data over longer periods of time. AI helps out with all of this and makes it easy to read through reports and make necessary changes to business practices.
If you’ve ever worked in analytics, then you know how timely the process of working through data and writing reports can be. That’s another area in which AI thrives and helps businesses spend their time on better projects. While automated AI algorithms scan data and prepare reports, your human team can be tackling things that require critical thinking and problem solving that AI can’t quite handle. It’s essentially like employing an expert data entry professional, analytics expert, and knowledgeable part of the team.
Lastly, something we don’t always like to talk about is the fact that analysts can make mistakes. Some of the most common mistakes data analysts make are just a case of human imperfection; it doesn’t make them bad at their jobs. Rather than worry about mistakes and absorb the losses associated with them, AI can help detect these errors as it automates the data analysis process.
Make AI work for Your Business in 2021
If you’re considering AI for your analytics approach to business, there’s never been a better time to get started. More companies than ever are trusting AI-powered data analytics to help them make big moves in 2021 and beyond. Get started with AI-based approaches to data today!
