Analytics on its own has already become an effective way to examine data and provide insights that increase the profitability of a business. In fact, it has become so indispensable that almost every industry has started making use of it. Combine big data analytics with artificial intelligence (AI) and you end up with a system that can predict the future.
Here’s how AI will be able to predict the future for different industries:
Create a faster, more seamless system for the retail industry
In some parts of the world, retail giants have already started adapting to the digital age, taking data from their point-of-sale systems to help them figure out which products are likely to sell out and which ones have under performed. In the UK, AI and machine learning are being used to help customers shop smarter and faster. Google Cloud Platform Head of Retail, Andy Burgess told Wired that machine learning incorporated in documents, sales, and business systems can help save companies precious time. "We've got to make anything we put artificial intelligence in, simple to use, natural and predictive,” he said.
Retail companies can also use machine learning and AI to come up with an online pattern that will allow them to personalise their presence online and showcase products to a specific target market that is more likely to make a purchase.
Make a diagnosis for the healthcare industry
What if AI and predictive data could catch the early warning signs of a disease that would otherwise go undetected for years? The NHS made it clear that that’s where they’re hoping AI will take the healthcare industry. In the near future medical professionals could get accurate insights into their patients’ health through data taken from wearable devices and smart home sensors. ZDNet notes that AI could also be used to create a system that would allow more efficient appointments along with other routine administrative tasks. This would reduce waiting times, and help reduce a doctor’s workload.
Improve customer experience for the marketing industry
Apart from making it easier for marketers to attract customers and sell products, machine learning and big data analysis can also help improve how customers are served and assisted. Companies no longer need to hire customer service representatives to man helplines and tech support. If chatbots can deal with routine queries, human employees will be free to deal with more complex issues.
Data is particularly useful for following customer trends. Forecasting with Machine Learning for Markets’ by Ayima explains how “demand forecasting” helps companies understand what products customers want and when they want them. For example, machine learning forecasting could “enable profit maximising price decisions when combined with an analysis of customers, cost, price elasticity, and competition”. This would lead to a greater chance of customer satisfaction and return purchases. Companies would be able to adapt their market strategies by using much more accurate information than they presently have.
Streamline manual processes for the finance industry
If AI can automate the most repetitive tasks undertaken by bank and finance workers, they would be able to handle more complex cases that need human intervention. The Telegraph explains that if a financial analyst doesn’t have to spend hours keying in details from a financial statement, they would be able to focus on making some deeper analysis. This would mean they could take more actions that would lead to meaningful results that would benefit the company and its customers. Mundane tasks take away opportunities to build relationships with clients.
Without doubt, the future of financial marketing will be greatly affected by AI and big data. Predicting customer needs and activities will allow financial marketers to interact with customers better. According to an article on Financial Brand, marketing teams would be able to focus on building a brand image and develop more products through the help of big data and AI.