Businesses revolve around data and technologies like Big Data, and artificial intelligence (AI) are disrupting the technology industry. Seventy percent of enterprises are predicted to adopt artificial intelligence by the end of 2018. The figures are up by 40 percent from 2016 and 51 percent as compared to 2017. These technologies are benefitting business other than transforming people’s lives.
Here is how AI and Big Data are transforming businesses:
Enhanced Business Intelligence
Business intelligence was limited before the introduction of Big Data. Analyzing businesses has become easier and effective after Big Data was introduced in business intelligence. However, now, business intelligence is a legitimate career. Companies are hiring business intelligence experts to take advantage of the new influx.
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Providing Great Customer Experience
The ultimate goal of Big Data is to understand customer preference and their behaviors to serve them better. The objective of Big Data here is to create predictive models and companies implement it to open new doors to expand their traditional data sets with new analytics, social media data and browser logs, and create a complete and accurate buyer persona.
Changing Social Media Utilization
AI uses effective behavioral targeting methodologies to influence the business world through social media. With the help of AI enables marketing stack, AI can identify when someone is searching for a new customer relationship management (CRM) software on any platform. As we know that personalized content targeting in real-time will increase in the future, real-time information on any given search can help businesses respond automatically and provide a satisfying purchasing experience.
Fraud Prevention Abilities
Fraudsters have upped their game in the modern digital world. However, AI can empower businesses with video recognition, speech recognition, natural language recognition, machine learning, and automation to protect against these sophisticated fraud schemes.
Constant Customer Support
Chatbots are ideal to provide continual customer support. AI can help in gathering necessary customer data, analyzing it and use it to give them the ability to acquire even more invaluable customer insight. After harnessing the full potential of chatbots including the chatbot interactivity, a feedback loop of customer data can be created.