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Big Data and AI have immensely transformed the business culture of organizations. It has managed to capture the attention of the C-level executives and other decision-makers of the organization.
As per the survey by NewVantage Partners, 97.2% of the C-level executives stated that their companies are building, investing, and launching initiatives associated with the big data and AI.
Almost 73.2% of the executives also reported that organizations have started achieving measurable results from the investments on Big Data and AI, indicating that in future Big Data and AI will become an integral part of the organization.
Find the below image to understand the business value of AI across the world:
The common AI business value is estimated to be around 3923 billion US dollars by the year 2022.
The level of competency which big data and AI provides is unmatched. It’s better outcome has compelled senior executives for creating a productive environment for big data and AI. The whole process includes hiring the right people, setting the right goals, and training the workforce for the useful model of AI and big data.
Big data and AI are needed for different business processes, such as:
- Data Asset management
- Business functions and business units, such as sales, marketing, etc.
- Data science
- Technical solutions and data platforms
Let’s see how it has been transforming the business culture:
For example, technologies such as precision agriculture use AI and big data technology for detecting poor nutrition and diseases in plants. It helps organizations to provide feasible solutions to their customers. Trace Genomics- a California based company, offers accurate soil analysis to the farmers with the help of AI and big data. The analytics platform of the company enables in quantifying the productivity of the soil, thus providing actionable insights after the proper analysis of the data. One of the US agricultural manufacturer John Deere has adopted the practices of big data by launching different data-enabled services that help the farmers in crowdsourcing and real-time monitoring of the data amassed from its large number of users.
Big data has transformed the culture in the healthcare industry, as well. Health plans, patient records, insurance information are all difficult to manage. Still, with the massive collection of data from the patients, AI can streamline the process to a great extent. Scientists can even use the information in understanding why a drug worked on a specific population and not in others. A study found that Plavix doesn’t work in 75% of the people of Pacific Islanders.
This information was obviously extracted from the big data of the health care industry. Big Data and AI even help to pick warning signals of illness at an early stage, making the treatment less complicated and cheaper.
According to Gartner, the current set of data is set to rise to 800% by the year 2020.
The different ways in which it can do the transformation are:
Altering the Path, How Social Media Has to Be Used:
One of how AI has impacted the business world is through social media. In the coming years, as the usage of personalized content in real-time increases, businesses would be able to generate good results from it.
AI can make use of effective targeting methodologies through behavior. Big data is also used by marketers to plan for future campaigns on social media by learning about their potential customers. Both AI and Big Data can determine when the user would start searching for a new product. With the help of that information, they could respond with a better buying experience.
The social media marketers could use big data for judging future buying patterns. They could provide the right business insights of the new products, by analyzing the choices, faults in the products, missing features, etc.
Improving Fraud Prevention
With the increase in technology, the number of frauds has also increased. Businesses are suffering huge losses as fraudsters refine their tactics. Enterprises are leveraging natural language processing, video recognition, machine learning automation, and speech recognition for improving the detection process.
Not only it improvises the process in an organization, but it also increases security. Find the below image for better understanding:
Customer Likeability Products
Customer service should not be the only highlight of any organization. They should work on products likely to be appreciated by the customers, which is possible by collecting and analyzing the data that would guide in building the right product.
Enabling Effective Customer Support
As chatbots become fully functional in delivering 24/7 customer support, businesses have started utilizing the data which they gathered in the CRM system, giving them the ability to acquire relevant customer insights. Data also helps in the optimization of the different touchpoints, including the entire interaction with the chatbot and the rich customer data gathered from it.
AI and big data help businesses in developing the ultimate customer experience, thus motivating the customer to purchase their product or service again.
If one has to achieve success in the business world, they must integrate Big Data and AI in the process of their organization. Businesses failing to do so would be surely left behind, as they are ignoring the technology of the future.
As per an adage “survival of the fittest,” perfectly fits the scenario here. When organizations fail to adapt to the changing trends and technologies, then they are left behind by their competitors. With big data analysis, companies can even predict when a specific sales would happen, and even more, an in-depth analysis would show businesses when is the ideal time for purchasing the inventory and how much inventory should be there as back-up.
The significant transformation of business culture by AI and Big data has been already reaping the plentiful benefits. In the future, organizations will see much better business results.
Featured Image Credit: MIT Technology Review