Advanced Analytics and Artificial Intelligence to boost your business growth
In the current business landscape, the Advanced Analytics and Artificial Intelligence are revolutionizing the way in which organizations operate and make decisions. The point is that, in addition to improving efficiency and precision, these technologies allow us anticipate trends, automate processes and generate more relevant and actionable information. And this is a fundamental aspect for companies. In this article we are going to analyze in depth the impact of Advanced Analytics and Artificial Intelligence on the business landscape.| You may be interested in: Santalucía Impulsa Podcast #25 — Special Artificial Intelligence II: Achieving Excellence in Advanced Analytics with AI
From 'big data' to Advanced Data Analytics
El 'big data' it is a concept that has captured a multitude of conversations in recent years. In fact, it has taken on great importance within the business environment. And it's not surprising, because more and more data is being generated (from figures about the sale of a product to information about a bank transaction) that, thanks to this technology, companies can take advantage of in their strategic decision-making. However, in order to get the most out of it, it is important to apply a fundamental tool: Advanced Data Analytics. If 'big data' allows you to store and process data, advanced analytics allows extract knowledge from that data.Thanks to Advanced Analytics, companies can find patterns and correlations in data in order to draw valid conclusions when defining your strategies or identifying new business opportunities. In addition, it allows them to know users better, which is essential for offer personalized products and services and thus build customer loyaltyIn other words, knowing how Advanced Data Analytics can derive value from 'big data' technology and how AI has taken data analysis to a new level to mimic the functioning of the human mind, will be key to staying at the forefront of innovation.
Advanced Analytics and Artificial Intelligence in the business framework
In the technological landscape, Advanced Data Analytics and AI are totally related. Both are making available to companies new business challenges with new use cases, and the most surprising thing is that they are doing it more and more easily.
But how can Advanced Analytics and AI drive business growth?
The combination of these technologies has the power to transform business processes, since it allows automate repetitive tasks or provide valuable insights in real time.Along these lines, Advanced Analytics and AI also have the potential to optimize business operations. By providing analysis of large data sets in real time, organizations can identify inefficiencies and areas for improvement in processes. The consequent implementation of these changes will lead to greater efficiency and profitability. Decision-making processes also benefit from this alliance, since algorithms analyze huge amounts of data that allow extract relevant knowledge to support those strategic decisions.In addition, Advanced Analytics and AI enable predictive analysis, which helps companies to anticipate future trends and events, maintaining its position in innovation. Predicting all these changes and starting to take proactive measures to adapt to them represents an important competitive advantage over the competition.And, of course, companies that obtain valuable information from large volumes of data have easier access to identifying market opportunities and understanding customer needs. Therefore, and in order to adapt quickly to change and user demand, companies can use this technology to their advantage to develop innovative products and services that cause their growth and expansion.
Factors that are contributing to the success of Advanced Analytics and Artificial Intelligence
As stated David González Gallardo, Insurance Client Executive at Microsoft, in episode 25 of Santalucía Impulsa Podcast, there are 5 basic pillars in the adoption of Advanced Analytics combined with AI:
- Business Strategy: the first step is to be clear about the use case you want to solve, which must be managed by the highest level of the company, since it is a transformation process.
- Organization and culture: Once the previous point has been defined, it is necessary to establish operating models and change management, so that the organization adapts to new technologies.
- Technology strategy: it is essential to have a defined data architecture, a strategy of interconnecting systems, etc. Everything that will allow these technologies to be implemented.
- AI-specific strategy: the next step is the creation of a role, a leader in artificial intelligence, Chief IA Officer, to lead specific Artificial Intelligence strategies.
- Governance: finally, there must be a Government that establishes processes, control, structure, so that it can join and lead. The objective is for the different pillars in this area to move forward properly.
The challenges that Advanced Analytics and Artificial Intelligence present for companies
Nowadays, the technology offered by the different existing suppliers allows us to do things that were previously unthinkable, or unaffordable because of the costs they could entail. For example, one of the most significant advances is the fact that we have entered a phase in which Does natural language really work, machines understand the human being and can interact with him and respond favorably to him. However, technology advances every day by leaps and bounds, and being up to date with all the news or applications that arise has a certain degree of complication, it implies being in constant change and updating.For this reason, it is essential to check from time to time company priorities, business objectives and technologies that can be applied to achieve them. Otherwise, if an organization tries to cover all the new features, even if they are not really functional to achieve its goals, it will lose sight of its objectives and will end up being inefficient. Another challenge for companies is the legal aspect, the regulations and the standards that are under development and that they are going to impact business. This is the reason why we must measure very well where to implement each technology from the beginning and have control over the entire process.
Where is the convergence of Advanced Analytics and AI moving?
A few years ago, Advanced Analytics and Artificial Intelligence were more differentiated, but they are increasingly converging. Nowadays we are already seeing how multimodal models they are creating a new paradigm. These allow interaction with AI to be possible by combining different formats in questions and answers with natural language. In addition, the intersection of Advanced Analytics and AI with other technologies, for example, with the Internet of Things (IoT), is opening up new possibilities in the business world. The combination of these technologies allows organizations to consider collecting data, analyzing it in a matter of seconds and making decisions based on data and in real time. All these advances in data and algorithms, at the company level, will allow us to better understand the customer in order to provide them with services in a fast and personalized way. And it will be that capacity for adaptation and innovation that it will grant companies better results and higher efficiency rates.
