How AI can enable businesses to make data-driven decisions
Meta description: Data and analytics are disrupting existing business models and ecosystems. AI helps deliver better business insights from big data.
Handling big data was once considered a huge challenge, but that has changed. Big data is now managed with ease, especially in organisations that are implementing artificial intelligence (AI) techniques.
AI now gives businesses opportunities to use big data in various ways. It also unleashes new use cases with new data types. In the past, businesses would try to minimise the amount of data that was captured because they could not do much with it. However, AI has changed all that. Let us take a look at how AI helps create better data-driven business decision-making.
How can bad decisions harm business?
Decision-making depends on three key performance indicators (KPIs): Quality, speed and auditability. Here’s how making bad decisions can be of detriment to businesses.
- Bad decision-making makes businesses incompetent and unproductive. This makes it hard for businesses to stay ahead of competitors.
- Bad decisions lead to failure. No matter how well-executed a bad decision could be, it will not be beneficial for business.
- If decisions are not audited, they can be bad for business. Moreover, these decisions can be hard to improve. Decisions should be gauged and rectified by considering the current market conditions and any other factors.
In the modern day, we want as much data as possible. This drives better business insights that help organisations make data-driven decisions – all thanks to AI.Stu Chalmers, Winjit Associate VP for Sales and Business Development in South Africa
How AI improves the way businesses handle big data
Companies that incorporate AI solutions in their business operations become competitive. Here are the benefits of introducing AI solutions in a business.
Speeds up the data management process
People play a vital role in managing data, but AI makes things run more quickly and efficiently. Allowing AI technologies to help humans in the process of data analysis results in faster decision-making. This also helps in all phases of the big data cycle, such as the aggregation and storage of diverse data types from various sources.
Eliminates common data problems
AI algorithms can eliminate common data problems such as detecting missing or outlier values. AI can also learn subtle differences in values in order to help users understand numeric data sources very well. It further helps identify data types and finds possible connections among datasets using natural language processing.
Helps analyse market and economic prospects
AI-powered solutions operate large amounts of data and create information that can analyse the market and economic prospects of a company. This improves the decision-making process by making it more precise and efficient.
AI makes IOT data 25% more efficient and analytics 42% more effective. The global market for AI in big data and IOT as a whole is expected to exceed USD $26 billion by 2025.MarketsandMarkets
How can businesses become data-driven?
Companies need to adopt digital processes in order to be competitive and data-driven. Digital transformation helps companies generate data that can build models and enhance decision-making. This data needs to be of high quality and should be accessible to enable effective transformation. AI can help businesses deploy solutions that automate decision-making.
How Winjit can help businesses become more data-driven
Businesses need to start thinking differently about how they handle big data. First, they need to make big data interactive. This means taking big data and working with it to get insightful information. Winjit’s PredictSense solution helps with this.
PredictSense is an end-to-end machine learning platform powered by AutoML to create AI-powered analytical solutions. It fuels the new technological revolution of tomorrow by accelerating machine intelligence. PredictSense helps businesses monetise critical data infrastructure and technology investments by creating AI-driven advanced analytical solutions rapidly.
PredictSense helps businesses become AI-first and data-driven. It empowers them to quickly build and deploy robust technology solutions. It helps businesses increase revenue by optimising business operations and maximising customer satisfaction levels through the power of AI.
Over the next coming years, AI’s impact on the world will be tremendous. Most of the changes that AI will bring will be positive and valuable to businesses. AI will automate most tasks and allow organisations to concentrate on core business operations. AI is going to help businesses generate more useful insights and predict events before they happen. Winjit’s PredictSense practice helps businesses become AI-first and allows them to make informed data-driven decisions.
At Winjit, we help business leaders and organisations learn to re-envision the future by embracing and capitalising on emerging technologies. Book a demo to learn how PredictSense works and how it can help you transform your business.