The potential and value propositions of these two distinct but increasingly convergent technologies, data analytics and artificial intelligence (AI), demonstrate broad and varied applications across many sectors due to the dynamic nature of innovation. The use of real-time data and analytics dashboards by major hospital networks has reduced patient length of stay and saved millions of dollars. Mining companies have improved productivity and cut costs by using AI to assess equipment health. Cybersecurity firms have improved protection from cyber threats and attacks by using AI applications to detect new threats, generate alerts and responses, identify new malware, and protect sensitive data that would otherwise be vulnerable.
Several causes have disturbed the corporate world today. In reaction to these upheavals, many businesses have come to understand the importance of data, analytics and artificial intelligence (AI) to their operational effectiveness. Analytics is now a requirement for corporate success to move firms forward. The development of these technologies has made data collection simpler than ever before. As competition among economic sectors has been fiercer than ever, firms have started looking for ways to get an advantage over rivals in the market.
Analytics is, at its core, the expression of trends, behaviours and interests. It is a means to fully comprehend both your clients and your entire organisation. Data is no longer merely a consequence of corporate operations in today’s digital world. It has developed into a priceless resource that can be used to open doors and stay one step ahead of the competition. For companies that want to prosper in this dynamic and data-centric climate, adopting data analytics is no longer a choice but a requirement.
Without a question, AI is both the present and the future of this digital world. If AI is still not fully incorporated into your company’s system, you run the risk of falling behind your rivals. Data analytics, as we currently know it, is being transformed by AI, creating new development prospects. Businesses all around the world are now able to produce results with unrivalled speed, efficiency and effectiveness – thanks to AI and data analytics.
Businesses are being transformed by AI and data analytics because they can offer insightful data that can boost productivity and efficiency. Big data, AI and predictive analytics are being used by businesses to personalise and optimise the performance of their digital marketing campaigns, anticipate and capitalise on new market and industry trends, analyse consumer behaviour, automate customer segmentation, and use intelligent decision support systems.
Automation, simplification and acceleration of the data preparation and insight generating processes are all possible with AI. Large streams of streaming data can be automatically analysed to swiftly spot trends and produce insights for useful action. Businesses can swiftly transform unreliable data into trustworthy insights and power business transformation initiatives with the help of data analytics automation. In a competitive market, speed is vital. Real-time data insights are necessary for the effective introduction of new services and the enhancement of current products.
AI significantly reduces the time and effort required to manage the whole data life cycle from data preparation through visualisation, helping users make sense of their data. Thus, in today’s digital age, data-driven decision-making is rapidly taking over as the standard. Businesses – big and small – are using this technology because data collecting and analyses are more accessible than ever. The results are impressive.
Finding value in the data that businesses gather is largely dependent on the convergence of analytics and AI. When used, AI removes analysis paralysis and prevents incorrect interpretations by quickly delivering clear and actionable guidance from massive data sets. By using AI to analyse data, businesses will be able to identify trends, assess current initiatives, and better understand customer behaviour, revealing previously unnoticed opportunities. Additionally, companies can adopt innovative automation and consumer engagement strategies that increase productivity, create new revenue streams, and lower existing costs.
How data and AI work to support businesses
Although gathering data has long been a crucial aspect of a business, modern digital tools have made it simpler than ever. Applications with AI capabilities may quickly process any data set, whether it is derived from a database or is gathered in real-time. AI solutions are being used by businesses to boost productivity, create personalised experiences, support decision-making, and cut costs. Analytics and automation are frequently enhanced with data and AI, assisting organisations to transform their operations. Thus, to embark on a successful data analytics journey, it is critical to develop a data-driven culture within your company. Employees must be trained to understand and apply data in their daily work; and they must be encouraged to base their decisions on factual evidence rather than just their intuition.
The market offers a wide array of data analytics tools, serving a range of business sizes, sectors and needs. It is crucial to carefully choose the technologies that correspond with the needs of your firm, from reliable business intelligence systems like Tableau and Power BI to cutting-edge machine learning applications.
Analytics tools, such as Microsoft® Azure® Synapse, help organisations in predicting or identifying trends that guide decisions regarding workflows, product development, and other areas. Your data will also be arranged into readable dashboard visualisations, reports, charts and graphs.
Meanwhile, business processes can be automated when data and AI solutions are developed. For instance, AI can support inventory tracking, predictive maintenance, and safety checks in the manufacturing sector or on the production line. Any business can utilise AI to evaluate documents, conduct document searches, and handle customer service inquiries.
Due to how AI reads visual, textual and auditory representations, even while it has not yet equalled or surpassed human intellect, the technology is getting simpler to adopt and integrate into many business techniques. Specific abilities are required for data interpretation and meaningful insight extraction. If your company lacks the necessary skills internally, you might choose to hire data scientists or analysts to fill these positions. As an alternative, you could decide to outsource your data analytics tasks to specialist companies who have the required expertise.
INDAC-TED 8
Even though it may seem like AI and analytics have endless potential, these technologies nonetheless have their limitations. Through discussions and academic research that satisfy expected industrial and futuristic standards, several aspects/areas can be explored to help develop and explore further possibilities, and how to integrate them into your organisation.
On the back of this, the 8th quarterly Industry-Academia Tech Dialogue (INDAC-TED 8) will focus on how data and AI support businesses. The event, organised by the Institute of ICT Professionals Ghana (IIPGH), in partnership with digiCAP.gh, is planned to take place this Friday, 28th July, 2023 at the R.S. Amegashie Auditorium, University of Ghana Business School (UGBS), Legon. The afternoon event, in collaboration with the UGBS, starts from 2 pm to 5 pm, themed ‘Transforming Businesses with Data Analytics and AI: the Role of Industry and Academia’.
