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The tech world is abuzz with talk of machine learning (ML) and artificial intelligence (AI). Fueling the frenzy are high-profile consumer offerings such as smart personal assistants, image- and face- recognition apps and self-driving cars. But what about business consumers? What have these new technologies brought to the table that can bring the next transformation?
Analytics has been changing the bottom line for businesses for quite some time. Now that more companies are mastering their use of analytics, they are delving deeper into their data to increase efficiency, gain a greater competitive advantage, and boost their bottom lines even more. That’s why companies are looking to implement machine learning (ML) and artificial intelligence (AI); they want a more comprehensive analytics strategy to achieve these business goals.
There is a sequence of evolution in analytics, starting from descriptive to prescriptive. Nowadays, predictive analytics is more valuable where data is used to train predictive machine learning models and provide more accurate and reliable results over time. The next frontier is prescriptive which can provide diagnosis with effective action, incorporating AI, machine learning and cognitive computing as well as automation capabilities
For example, for sales and marketing function, Machine learning and AI has enhanced the gathering of information for lead generation and analyzing unstructured data in interactions with prospects, which also assists in making marketing campaigns even more effective. It has streamlined lead scoring and helped companies prioritize where to focus sales efforts. More and more companies are using these techniques to enhance their personalization strategy and work towards profitable business outcomes
The next traction will be in the form of embedded analytics with AI, where executives can consume actionable insights at the time and place where they can drive better business actions, automate simple, routine decisions, allowing them to focus on solving more complex problems.
I believe with a heady mix of AI and Analytics, we are at the forefront of the next data driven transformation. It is truely a match made in heaven. What do you think?
Chief Light Bulb, Lymbyc
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Lymbyc, being the world's first virtual analyst has proven its mettle in the industry . Be it the "Most innovative Data science Product" by Aegis or "the top 10 emerging Analytics startups in India to watch out for in 2018" by Analytics India Magazine, Lymbyc is making heads turns and making headlines