Here’s What AI Can Do for Your Analytics and BI Processes

In 2020, artificial intelligence and machine learning technologies are poised to revolutionize data analysis and business intelligence processes. And it's just as well, because Big Data is getting bigger and more complex by the day. Each day, users create more than 2.5 quintillion bytes of data — and that's a lot of data.

It's so much data that the human mind simply can't grapple with it effectively. People are creating billions of texts, tweets, and social media posts each day, and retail sector data growth is exploding, with more and more shoppers buying online and using dedicated apps for their shopping experiences. Artificial intelligence (AI) and machine learning (ML) are coming to the rescue to help business users make sense of the mountains of data their customers are generating, and harness it to improve business processes like real-time customer service, increased operational efficiency, and automated business communications. Let's take a look at some of the things AI can do for your business.

Influence Customers as They Shop

More people than ever are shopping online, especially as the COVID-19 pandemic forces most people around the world to limit their interactions with others. Collecting data on how users interact with your website, apps, and other systems is valuable, but what if you could monitor it in real time? You might be able to stop a customer from leaving your portal to go make their purchase somewhere else. You could possibly pinpoint fraud and intervene before the scammer gets away.

Streaming analytics software and other business analysis tools can help you influence customer buying decisions in real time, so you don't lose the power of that personal connection that shoppers get with sales staff in-store now that the forum has been moved to cyberspace. It can do this by helping you identify patterns and anomalies that could point to the causes of low conversion rates or fraud vulnerabilities. Not only can you take action in real time when you see that a customer is, for example, leaving your portal, you can also gain insights that will help you improve and secure your portal for future users.

Improve Customer Service

Thirty percent of retail transactions now occur on mobile phones, and most mobile phone users now prefer to resolve their customer service issues via messaging apps — it's so much less intimidating than making a phone call and much easier, too, because you don't have to sit around waiting for a representative to answer your call. But if you've ever used a customer service messaging app to resolve an issue, it probably won't surprise you that many of these chatbots are AI-powered.

That's not to say that the entire customer service interaction is handled by a computer — we're not quite there yet. But you'd be surprised at just how many customer service transactions can be handled by AI. Many companies are using AI chatbots on the social media platforms customers already use to handle customer service tasks. For example, Royal Dutch Airlines allows customers to check in to flights and receive travel updates through its Facebook app. And many companies use AI chatbots to help customers resolve issues and connect them to the right human support professionals if necessary.

In fact, you can use AI and ML to automate all kinds of customer communication. Customer service chats are just the beginning. Human agents are no longer needed for many customer communication tasks, as AI has become sophisticated to handle interactions via social media and telephone. It can even tackle email marketing communications.

Automate Tedious Manual Processes

Plenty of manufacturing companies are using AI to automate tedious manual processes and replace human employees, but it's not just about using robots to build cars anymore. You can use AI to automate inventory management, hotel check-ins, and more. For example, radio frequency identification (RFID) tags coupled with smart inventory management software can automatically record shipments as they arrive, help you organize your warehouse, and help your staff find the merchandise they need when they need it.

Personalize the Online Shopping Experience

It's common knowledge that sites like Facebook and Amazon use algorithms to tailor advertisements, purchasing recommendations, and even news feeds based on user activity. AI can use online behavior and purchasing patterns to give customers the personalized experience they want, including promotional offers. You might be surprised at how you can use data to tailor customers' shopping experiences.

If you're not using AI to improve your business processes, your organization is missing out. Today's sophisticated software tools can bring your organization to a new level of automation, customer service, and business analytics — and that will mean stronger customer relationships and more sales for your company.