It is no doubt that businesses today are ruled by big data artificial intelligence. Over the past few years, there has been an increased use in this technology by business owners. This does not apply to only large enterprises but also small businesses. According to Statista, the big data market is expected to reach more than $ 100 million by the year 2025. Thanks to the advancements in AI, business owners are now able to have access to real-time insights about business trends and customer behavior. This gives them an advantage over their competitors.
Investors and business owners know that it is the best way to increase profits. How will these innovations change the business in 2019?
Here are 10 ways in which big data and AI are going to change business activities in 2019:
1. Increased use in retail
Retail is the most likely area of business to benefit from the AI and big data trends. From the largest retailers such as Walmart to small shops, all of these retailers are looking for ways to cut costs and thus increasing the scope of their businesses. Now tracking inventory and customer behavior will be more efficient.
2. Social media incorporation
Social media is being used more to increase sales and profits. Big data tools can be used to process data which is then fed into AI systems. These innovations also make it easier to determine if a platform is in need of customer management software. This information will then allow businesses to improve the overall customer experience.
3. Interaction with the cloud
With the need to increase their IT infrastructure, more companies are looking to integrate big data and AI with the cloud. The cloud is the perfect solution for the load a company's servers may face due to AI. The cloud is the cheapest way to manage the growing demands that would otherwise infringe on in-house servers.
4. Improved marketing
Marketing is one of the most areas of business that has been impacted a lot by big data and AI. This technology improves marketing by using targeted marketing which delivers advertisements directly to the target audience. Real-time targeting increases sales when used effectively. Companies can take full advantage of automated algorithms that allow them to sort out loads of data to find potential customers with ease.
5. Increased efficiency
Big data is helping e-learning develop more sophisticated online learning. Also, it helps services where students can get writing thesis help to develop their writing courses. It provides a lot of information about all processes, making each stage more fast and efficient. Engineers can also use big data to make processes run smoothly. Now constraints can be easily identified which means that they can be removed as soon as possible.
6. Sustained customer support
Chatbots have made 24/7 customer support more efficient. You can now make use of the data gathered from your CRM system to gain more valuable customer insights. This will then allow you to improve the experience of customers provided it is used effectively.
7. Reduced costs of running a business
Trends allows a company to reduce costs. Big data allows you to predict future events, and thus make decisions about :
- Amount of inventory needed
- Plan of production
- Amount of products to make
- The right time for production
Predicting how much inventory is needed helps you to reduce unnecessary costs while still producing goods that will be valuable to customers. You can also predict when sales will be high so that you know the right time of production.
8. Increased AI platforms
2019 will see an increase in the number of AI platforms. AI platforms significantly improve how Big Data is processed. They promote faster communications between scientists and other employees. This reduces costs through automation of various tasks and elimination of activities that take a lot of time such as data processing.
9. Customized consumer experience
Businesses can now use AI to deliver the best customer experience. Through data analysis and browsing history, businesses now have knowledge of what customers need and can provide accordingly. Soon there will be no need to use contact information such as email or phone numbers to reach customers as AI takes over.
10. Improved financial decision making
Automated algorithms make it easier for you to predict the impact of a trading decision. AI helps you to recognize such patterns within a shorter time than humans. You can then use these patterns to create a strategy that will ensure profits and business growth.
The Future of AI and Big Data in Business
Adopting big data and AI is the best way to secure the future of your business. These innovations give you insight on both business trends and customer behavior. This further puts you in a position to make informed decisions that will ensure business growth. Businesses that fail to incorporate this technology may have a hard time coping with their competitors and may even have to face closure. 2019 will see an increased demand for these innovations. Make sure you incorporate them into your business. You do not want to miss the chance to increase your profits.
Alyssa Johnson is a writer and editor. She has always had an interest in writing from a very young age. Alyssa particularly enjoys writing about business and innovative technologies such as AI and big data. Writing gives her the opportunity to share changes in technology with others especially business owners.