Welcome to Demystifying Artificial Intelligence, a Movius blog post series where we will look at Artificial Intelligence through the lens of practical business applications. In the last post, we discussed Natural Language Processing. Today, we will discuss AI Analytics.
What is AI Analytics?
If data is the new oil, AI Analytics is the oil rig. Analytics is used for the discovery, interpretation, and communication of meaningful patterns in data. AI Analytics automates analytics, allowing for the processing of much more data than traditional techniques.
People who work in AI Analytics teams are experts at business intelligence, experimental design, and processing large datasets with machine learning tools.
How is it different from traditional analytics?
AI Analytics differs from traditional analytics in the following ways:
- Automation – using machine learning and other automated techniques; it is less manual, speedier, and less labor-intensive than traditional analytics
- Scale – can handle larger and more complex datasets, and process and analyze data at a much faster rate than traditional analytics
- Adaptability – models can improve themselves overtime based on new data, whereas traditional analytics models are static
Business Applications
It provides value for several areas of business, providing insights that improve decision-making and prioritization.
Forecasting
A business may use AI Analytics to forecast:
- Customer demand – predict changes in customer demand to make smarter decisions about inventory and logistics
- Competitor behaviors – project how competitors may respond to your moves based on how they’ve responded in the past or to similar instances
- Maintenance of equipment – anticipate when equipment may require servicing or rotation to reduce downtime and operational costs
Monitoring
AI Analytics can help a business monitor:
- Customer sentiment – detect how customers are reacting to product changes, marketing campaigns, or news
- Potential security and service issues – uncover suspicious anomalies and continuously monitor for potential service issues
- Profits – instantly return reports on profit margins to help organizations make pricing decisions
This is the final post in our Demystifying AI series. We’ve been delighted in the response and hope you come away understanding a little more about the business applications in Artificial Intelligence. Don’t worry, just because this series is over doesn’t mean you won’t see regular posts on the topic of Artificial Intelligence! If you want to be notified, please subscribe for updates. Learn more about our products at https://www.movius.ai.
Authors:
Satish Medapati – Head of AI and Data Solutions
Melanie Allen – Product Marketing Content Writer
