Big Data and AI have had a tremendous impact on big businesses. It is no wonder they have seen the biggest investments in the last few years. According to research by Forrester, 70% of big businesses are implementing some form of AI and Big data in their business. Why is there such a massive growth in the technology?
Because it reaps huge savings and boosts profits. In this article, we will give a few examples of how Big Data and AI are making a big impact in the world.
Better Business Intelligence
Big Data has allowed businesses to sift through massive amounts of data to gather business critical insights. The ability to analyze data in such a large scale has empowered decision makers to make evidence-based decisions which offer predictable results.
Better customer focus
Churning large data has allowed businesses to get a better insight into the customer’s buying habits. This, in turn, has allowed for a more personalized approach for each customer without breaking the bank.
Better Fraud protection
Fraudsters have taken their game to the next level. But thanks to AI-based tools like natural language processing, machine learning and voice recognition, businesses can fight off the profit leeching fraudulent sales at every step.
Better customer support
Banks are increasingly using chatbots to help resolve common complaints faced by the customers. As transactions become smartphone-centric, chatbots can answer questions at any time of the day and act like the first line of support for most businesses.
Thanks to the insight provided by big data, businesses do not have to depend on focus groups or traditional research to gain insights. Big data is also helping businesses to eliminate wasteful activities and improve efficiency. Automation and machine learning eliminates repetitive manual tasks and thereby, the cost of producing goods.
These are just some of the ways in which AI and Big Data are revolutionizing the business world.