Business innovation is a constant process that enables firms in different industries to come up with more efficient operations, services and products. For this to happen, a steady stream of relevant information needs to be maintained. In the past, the gathering, sorting and analysis of this kind of information was expensive endeavour.
However, times have changed. Firms now have instant access to massive amounts of data and the right tool to help them make sense of it, with minimal effort. Not since the arrival of mobile telecommunications and the internet connected smartphone have we seen such an opportunity for businesses to improve productivity so broadly.
Some of the major changes contributing to the increasingly central role played by analytics and data in business include:
• Data analysis on larger scales: Digitisation and automation mean more tasks are being measured so they can be optimised.
• Automation of routine processes: Computer Process Automation, Robotic Process Automation and Narrow AI are finding niche applications across a growing number of job functions. Each application provides a constant stream of data.
• Provision of information for product development: This information, together with customer interaction logs, market trends, competitor activity and all the classical strategy feeds now flow in to innovation and product design workshops.
Big data refers to large volumes of information collected within a business over time. In this case, most of the data being collected is market information stemming from consumer usage. This information is essentially a constant loop of feedback from different kinds of consumers. When analysed, it can be used for….
Automation Providing Ongoing Financial Benefits
Artificial intelligence is no longer the stuff of Science Fiction, it’s a tool that has already provided great deal of tangible value for businesses. Already, a significant proportion of processes, especially in manufacturing industries have been successfully automated. Automation increases a firm’s capacity to produce and lowers the average costs of production every year after they’re implemented.
Automation has also enabled firms to reduce inefficiencies that arise from human error. When machines are used, the chances of ending up with faulty output are reduced significantly.
Personalization of Services Based on Customer Data and AI algorithms
Another groundbreaking innovation enabled by the use of AI, is the personalization of services. This has been widely implemented in the hospitality industry, for example. In the past, people had to go through the same mundane checking in the process every time they needed to book a room. AI behind hotels allows them to take note of each consumer’s data as they work through the company’s processes. As a result, companies are now in a position to determine the specific preferences of all their consumers and provide them proactively, they now know what every consumer needs even before they ask.
Analysing Consumer Trend Data
With big data, corporations are now able to develop products that suit the tastes and preferences of new segments which increment their client base. Firms have more intimate knowledge of their markets as a result of the amount of information that is being collected. For example, collecting consumer purchasing trends enables a product development team to articulate what the prevailing market trend is and predict what it is likely to be in the near future.
Customer Feedback Data and Corporate ‘Public Image’ Information
Firms are also in a better position to position and control their public image. The public sentiment is enough to make or break a firm in the 21st century; therefore, measures have to be taken to improve a corporation’s public standing every so often. Big data applications have provided the necessary tools for corporations to carry out periodical public sentiment analyses. These analyses enable them to get a picture of how the firm is perceived by the public. The results will be used in creating brand loyalty and corporate image marketing campaigns.
Convergence of Big Data and Artificial Intelligence
The data a business has on its operations and customers has always been valuable. What’s changed, in large part, stems from the move of many Corporate IT services in to the cloud. Teamed with a dizzying array of data feeds from a world rocketing towards digital – everything. AI provides the perfect solution to unlock the dollars in this information opportunity.
Now we have tools which enable corporations to save a lot of time that would have otherwise been used to sort through big data. AI provides a ‘simple’ tools for corporations to obtain more information which allows them to automate more of their operations. AI is now a part of many businesses, contributing to tasks from the analysis of trends and customer behaviour patterns to product development and decision making.
The tech space is constantly evolving. In the process, countless business solutions and applications are being created. Firms have begun to realize the benefits of integrating big data and it’s analysis into their business processes.