How can Your Company Benefit from AI?
The Economist has claimed that data, not oil, is now the world’s most valuable resource. Unlike other resources, data is not in limited supply. Quite the contrary is true, as there is simply too much information to sift through for any amount of manual data collection to be worth it. With artificial intelligence, this task can become a simple and effective way to optimize your business.
One of the biggest advantages of having AI on your side is a process called machine learning. Whereas people tend to think of AI as imitating human intelligence, machine learning actually uses superior computer processing power to its advantage. Essentially, it takes massive data sets and learns from them in order to continuously improve over time. This can make complex processes like supply chain logistics much more efficient.
The main idea of predictive analytics is to guess what the customer will do next. This may seem impossible, but the predictive analytics process piggybacks on the data collection of machine learning. By using this data, the AI can make predictions that can help your business identify customer trends with relatively low risk. Accurate predictions are not necessary, as a system that identifies 3 customers as at risk for defection can offer retention deals to them specifically, without having to lose money on offering the deal to the entire customer base.
Insights from Social Media
Social media is a sector of the Internet that is especially flooded with information. What makes this data so unique is that it’s made up of people’s genuine reactions and thoughts about things that they’re interested in. Businesses can better understand their consumer base by using AI to recognize patterns in trending posts.
Big companies like Facebook, Google, and LinkedIn use various data collection strategies to stay updated on their users’ activities. Facebook, for example, collects 63 different kinds of data at once, allowing it to figure out what people care about. Google contextualizes its search data to find out why people search certain things. Meanwhile, LinkedIn uses its data collection to better understand recruitment and retention on its site.
All of these strategies are different and specifically designed for the for each company, so the possibilities of AI data collection are endless. The CIA even utilizes AI to scan social media posts in an effort to aid in their investigations.
Interested in implementing AI data collection to optimize your business? QBIXAnalytics can help bring together your data and help you create meaningful analytical predictions. Visit us online today to learn more.