The Data Daily

Sitting on Diamond Data? 4 Steps to Getting Started with AI for Business | 7wData

Sitting on Diamond Data? 4 Steps to Getting Started with AI for Business | 7wData

Most companies are data-driven, but not all data is made the same. There are different levels of value to be gained from available data—and getting the most out of it can be difficult. While artificial intelligence (AI) has helped us analyze and understand data better, it has yet to be effectively utilized at scale. AI adoption has been slow as it’s still not easily accessible for most businesses.. 

However, software developments and end-to-end platforms are making it easier to bring the value of AI to more companies by making it a viable opportunity for more businesses. The implementation results are already being felt:63% of businessesreported an increase in revenue, and 44% of companies reported a reduction in costs from using AI. When these figures combine, it’s easy to see that AI software can be a worthy investment. 

AI tailored for the business world means we can move past the traditional image and text models regarding data. Instead, we can start using its capabilities to predict finances and churn rates, for example, and use AI to help humans make better-informed decisions. Each business is unique, so end-to-end platforms make it possible to design data dashboards specifically for each company’s needs. 

If you’ve wondered how AI could benefit your business, here’s how to get started. 

Many companies don’t understand their problems, and this is especially true when it comes to the way they conduct data analysis.

Having data is one thing; understanding it is another. If you have a lot of data and metrics but are unsure what to do or how best to use them, working with an AI platform can help maximize your available resources. It’s the difference between getting diamonds from your data and something more primitive: Applying AI to metrics means better quality insights. 

For example, an office and studio rental agency might employ data insights to see what type of businesses are renting and how their spaces are being used. An AI-powered data dashboard could correlate information, inform what kind of rentals are grouped, and help optimize services by knowing their customers. These data-driven insights make it easier to boost what is working and cut what isn’t. 

When AI is tailored for business, possibilities open up as people across departments can utilize it. One of the biggest challenges to AI adoption is that small businesses, in particular, cannot afford to hire their own data analysts or any other data-specific role. Instead of an analyst, platform APIs (application program interfaces) work with existing CMS (content management systems) in end-to-end solutions to drive value from what you already have. 

AI’s ability to store and correlate large quantities and varieties of information makes it able to analyze customer patterns and behavior shrewdly. This is especially important in eCommerce, for example. Sites like Amazon or Etsy can use AI to determine if a customer is more likely to value shipping time over price. Knowing if the customer would be happy to wait a week for a cheaper product helps the algorithm decide which product to show the customer first.

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