How Does AI Fit into Analytics?
Data runs just about everything nowadays. If there’s something in the technology world that you can’t find using artificial intelligence, it’s probably being researched as you read this. That’s a good thing too; we’re finding many utilities for AI that we never imagined even a decade ago. Plus, the things we know that AI does well are only getting stronger. Case in point: analytics.
Every business uses analytics, and if you’re not, then you’re behind. That’s not a doubt in 2021 and it’s sure to be a reason some businesses don’t meet their potential. From utilizing machine learning to things like an AI-powered bi tool or predictive algorithms, AI can transform the way we use analytics for everything from sales reports to strategic planning.
Here’s a good overview of how AI can fit into analytics if you’re not convinced. If you are, then these key elements are good to review before starting your journey into the world of AI.
How Does AI Impact Analysis?
AI is transforming the way we perform analytics. Any source or area of work that contains data can be analyzed to uncover interesting insights that might prove to be influential to a business’ success. Traditional data analytics is often used to generate reports about how things are performing such as key performance indicators. AI can do this, but with little to no effort by human employees. This doesn’t deem the employees useless; rather, they can use their time more effectively seeking critical insights for key analytical strategies.
Traditional terms would also need humans to interpret the data, which can be a timely process and take up a lot of mental energy. AI can also help to offer analysis into the patterns and ideas that emerge from the data. Analytical processes that AI can take over allow humans to do what humans do best: seek effective solutions to problems that data highlights. Here are a few of the most popular ways this occurs.
Popular Uses for AI in Analytics
Curious about how this might work? There are still a lot of people who think of AI as a futuristic computer mind that might take over the world. Let’s leave those visions to the movies and turn our attention to the present ways AI and analytics affect the working world. Here are three of the most common ways AI can impact analytics from day one.
As mentioned, AI can utilize its algorithms to learn how to interpret data analytically. However, AI doesn’t only read numbers. Text analysis can help to read everything from documents shared in the company to social media and web chatter about a business. This might include reviews, comments about a business, and other insights. AI takes the texts and performs reports like it would with numerical data and allows teams to have clearer insights into what needs to change to be more effective.
Why might this be important? Well, for starters, the discourse that's online about your business matters more than you might think. Something as small as a bad experience from one customer could keep dozens of others from giving you a chance. AI isn’t working to remove these comments or clean up your internet reputation. Instead, you just simply have an eye on what people say about your business so you can adjust accordingly.
There’s a lot to be said about making a positive experience possible for users. The positive chatter matters too! You might be surprised that many users who visit a website nowadays find another application for analytics and AI to be handy: chatbots.
The people you chat with on a website when you need to get help might not be people at all. Chatbots are popular AI tools that help customers and visitors to a website receive answers to questions and guidance to help ensure they have a positive interaction with the business.
There are a lot of options for bots on the market now that can benefit a variety of businesses. For example, we think of chatbots most often with retail. If you’re someone who sells a service, however, then you can also use a chatbot to help cater a user’s visit to your website. They can do everything from suggesting web pages to guide users through commonly asked questions from previous visits.
There are plenty of ways you can predict someone’s visit using analytics and that function helps to build smarter AI bots to assist anyone from a first-time visitor to a returning customer.
Lastly, AI can take all of this data, including text and numerical data, and make predictions about what will work in the future. Things like strategic planning and project management are much easier when you combine the human mind with the data that reflects the reality of a business.
What might that look like in practice? Well, consider this common way we use analytics to plan for marketing teams. If I’m someone who works on the creative side of marketing, numbers might seem useless to the aesthetics and ethos of a good marketing campaign. That said, numbers are our most intuitive way to see what people really think about a marketing tactic.
By using numbers to assist us in our creative endeavors, we build more effective campaigns and cut out this whole “creatives and numbers don’t mix” fallacy.
There’s a good reason so many trusts AI today for their analytical practices. There’s a lot of great uses for data that can help transform a business in any sector or industry. That said, AI brings out the best in data analysis by strengthening our understanding of what the numbers say and how to use them.
Between the many uses of AI for analysis, you’ll find a great utility in many of these applications. Finding ways to fit them into your workflow isn’t enough; a true transformation that values AI in every aspect of analytics is the key to growing in 2021 and beyond. Get started with AI in analytical practices today.