Data is the governing factor in today’s businesses. Big data and AI have been gradually evolving to influence day-to-day business processes. They also play a key role in business intelligence decision-making. Companies can now gain real-time insights into consumer behavior and business trends with cognitive computing and AI.
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According to Forrester’s predictions, this trend in business pattern predicted an increase in Big data and AI adoption among 70% of global enterprises. This is 51% more than 2017. This is a clear indicator that big data and artificial intelligence are changing the business world. This blog will provide detailed information if you are interested in learning more about the impact of Big Data and AI on business.
Potential Economic Impact of Artificial Intelligence & Big Data
While Big Data plays an important role in the development of the global economy, it also boosts AI’s potential to be a disruptive force. AI could add $15.7 trillion to the global GDP by 2030, according to estimates. This $9.1 trillion contribution is from consumption-side effects, while $6.6 trillion comes form increased productivity.
What are the areas where Big Data and AI can help the business?
We have been stating from the beginning that Big Data and AI are helping businesses. Let’s take a look at the key areas where Big Data and AI can help businesses.
1. Improved predictive model using Business Intelligence
Big data has enabled business intelligence to be overcome. Analyzing businesses is now easier and more efficient thanks to big data analytics that uses artificial intelligence. Combining AI and big data has transformed business intelligence from reactive to proactive. What does this actually mean?
IoT devices businesses are no longer interested in static reports generated from BI software. They seek to make better use of real-time operational data. With the advent of Big data, BI software has evolved to three distinct areas.
This huge advancement in big data analytics with artificial intelligence allows business intelligence to contribute to more mature decision-making. Big data processes unstructured data, and feeds it to AI systems. However, AI algorithms break down this source data into actionable insights that are then used in decision-making. This is a great way to predict consumer behavior.
2. Big data and AI will use social media data as the business feed
Social media data will play an important role in the future to increase sales opportunities. Big data tools will source, process, and feed the data to the AI systems. However, AI can be used with behavioral targeting methods to accurately and effectively enable the marketing funnel. Big data and AI will work together to determine if any platform or consumer is searching for customer management software (CRM). These types of information are very useful to improve customer experience and customer management.
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3. Introduction of Smart Customer Responsive Product
Combining big data and artificial intelligence will not only help improve customer service but also allow companies to create more customer-responsive products. Companies are now able to design products that can meet the future needs of customers by implementing big data analytics using AI.
4. Chatbots analytics aids in the surge in online sales
Chatbots analytics, which has become a common part of every online business, is another interesting and important part of Big Data and AI. This is an intelligent and reliable outcome of big data analytics. This data is gathered from multiple sources and, after analysis through big data analytics, probable queries and answers are fed into chatbots programs through the use AI. Chatbots can also be used to provide 24*7 customer service, which speeds up the business selling process.
5. AI support makes it safer to do business
The digital world has seen the development of many modern technologies. However, this has also led to a rise in professional fraudsters who have increased the financial risk to businesses. AI has enabled businesses to use smart AI tools such as speech recognition, video recognition, natural language, and many others to protect themselves from fraud.