How BI & AI are Reimagining the World Digitally in the New Normal?

In a post-pandemic world, businesses continue to adopt newer technologies to accelerate digital transformation and unlock new avenues for growth and stability. Businesses have started to re-engineer digital strategies like never before. From streamlining work from home to offer seamless customer experience – offline and online, organizations continue to adapt powerful enablers of digital transformation, such as Business Intelligence (BI) and analytics across multiple operations. As organizations continue to change their business models to become more data-driven, they are also seeking newer ways of leveraging Artificial Intelligence (AI) and Machine Learning (ML) for their BI and analytics initiatives. Let's look at how these robust technologies are reimagining the world digitally in the new normal.

Bringing accuracy into the system

There is an increasing volume of complex business data which demands organizations to integrate AI and ML in day-to-day analytics. These cutting-edge technologies help companies to pull out accurate, actionable insights by identifying trends and patterns and spotting anomalies. Businesses are now investing in creating automated data workflows to ensure that the most current data is available in the system for analytics, always.

Location analytics in the era of remote working

The world has inevitably moved from offline to online. Consumers are working and shopping online from remote locations. As a result, businesses are adapting location analytics, or geo-analytics, for precise location information. It is a combination of factors including behavior, demographics, mobility, among others. Now businesses are churning out location-based insights to customize their product offerings across different geographies. They are applying location analytics to spot trends, analyze risks, and predict demand at specific locations. Delivering in-depth analysis of GIS-based data, location intelligence is further empowering business owners to assess and map actions accurately to a granular level like a pin code.

HR management

With the work from the home model in place, the HR teams are integrating AI-ML capabilities for streamlining employee management and hiring processes. This includes analyzing resumes, identifying the right candidates, monitoring employees, and tracking their performances. For example, companies are using AI for designing more user-friendly job application forms. A job applicant is more likely to fill the entire form if it's simple, thus, reducing the number of abandoned ones. Moreover, these technologies are helping in candidate rediscovery by analyzing the existing pool of applicants and identifying those who best fit for the current opening.

Equipped with such insights, the HR teams add massive value to the business. At the same time, businesses are able to optimize resource costs and enhance efficiency as they continue to operate with remote employees.

Conclusion

Predictive analytics has become an essential aspect for businesses in today's digital world. Organizations are enhancing their real-time reporting using AI-driven analytics to understand the changing customer behavior. This is helping organizations to prepare for the unexpected and rethink their business approach to take advantage of the positive trends.

The use of technologies like AI and ML has is also helping businesses unravel new growth opportunities. A 2019 global survey conducted by McKinsey & Company has shown a 25% YoY increase in the adoption of AI across multiple businesses. According to the survey, 44% of executives said that AI is helping them to reduce cost leakages while many reiterated that the adoption of AI-ML-driven analytics is opening new avenues for increasing revenue.

Automating business processes is enabling informed decision-making and is helping business leaders to improve the overall outcomes. Technologies like business intelligence, AI, ML, IoT, etc.  Have evolved from being  'nice to have' initiatives to becoming a necessity. These new-age technologies are not only adding immense value to business workflows but also in improving the overall customer experience.

Technologies like AI, BI, and ML have triggered a transformation, and this is just the beginning.

Author

Rajesh Murthy, Founder Architect & Vice President Engineering, Intellicus Technologies