According to the survey conducted by Gartner, in 2019, 37% of enterprises globally have implemented AI in some way. Compared to the situation in the business world four years ago, this number grew by 270%!
In 2020, the impact of AI and big data are predicted to grow even further. These technologies keep advancing and gaining momentum in all different spheres of our lives, and the business world is not an exception.
How will big data and AI change the world of business in 2020? In this article, we are going to dig deeper and figure this out!
Top 8 Ways How Big Data And AI Are Predicted To Change The Business World In 2020
Both Artificial Intelligence and big data currently play a significant role in the development of modern business. They bring benefits to all fields of business. Thus, regardless of whether you run a Web app development company, a health care organization, or any other type of enterprise, the use of these technologies can allow you to get an edge over your competitors, optimize your workflows, and deliver better services to your clients.
So, how exactly are AI and big data trends changing the world of business? Here are the top 8 ways:
1. Enhancing business intelligence
One of the biggest pros of big data is that it offers a large range of data tools that make business intelligence more feasible. Thanks to these tools, it got much more convenient, simple, and yet effective to analyze a business.
In the past, enterprises’ analytical opportunities were somewhat limited, with the introduction and global implementation of big data, now business can engage deeper into:
- Descriptive Analytics – used to processing information and creating its synopsis to get ready for further analysis
- Predictive Analytics – used to predict future events based on currently known facts;
- Prescriptive Analytics – used to anticipate what event is likely to occur in the future, why they will occur, and when will this happen.
Together, these three stages of business analytics allow companies to get ready for the overseen future and prepare the best plan of action for different circumstances.
2. Chatbots for higher customer satisfaction
A modern consumer wants to feel the care and support of an enterprise. That’s where chatbots can bring businesses lots of benefits – with their help, companies can serve their clients 24/7 with less labour and time costs. Chatbots can have a variety of applications in business app development, as well as on business websites.
Although chatbots are neither new or rare, it seems like they will keep trending and advancing in 2020. While many providers of various goods and services, including site link Essay On Time prove that having alive customer support reps is still beneficial, it is not a one-fits-all scenario. The modern AI-based chatbot systems can be pretty accurate and efficient. They have the potential to accelerate sales and marketing lifecycle and ensure customer satisfaction.
3. Higher efficiency
Apart from providing better conditions for business analysis, big data serves to nurture enterprises with a huge amount of relevant data. Respectively, gaining access to larger sets of information, businesses can further improve their workflows and boost the overall performance and efficiency of the company.
4. Higher safety
Another way in which AI keeps changing the world of business is by ensuring higher levels of business safety. It is not a secret that rapid technological progress and global digitalization bring along higher fraud risks, which is why the matter of safety has never been as trending as today. Luckily, AI provides us with advanced solutions for risk compliance and fraud detection.
5. Empowering marketing strategies
Whether your enterprise provides Web application development services, sells goods, or offers any other types of services, it is a powerful marketing strategy that always lays at the core of business success.
Together, AI and big data have the potential to help companies bring their marketing efforts to a whole new level. These technologies keep making it easier for corporations to collect, analyze, and understand the prospects’ needs to develop an effective marketing strategy.
6.Big data management
Another significant benefit of big data for enterprises is that its implementation in business management software allows companies to put just the right policies, people, and technologies in order to ensure quality, security, and accuracy of large data storage.
7. Enhancing social media use
While social media have already been proven to play a big role in the business world, now, thanks to simpler and yet more accurate targeting, social media can increase enterprises’ sales opportunities.
Artificial Intelligence helps businesses to track and record their potential customers’ behavioural patterns, which enables them to create more effective strategies and make even more of social media use.
8. Cost reduction
Last, but not least important thing to note is that big data and AI keep helping businesses to reduce costs. Thanks to these technologies, businesses can automate a large share of routine processes, thus, saving their time, effort, and costs.
Where can it come in handy? With the help of AI and Big Data, businesses can automate analytical and planning processes, as well as enterprise application development lifecycles, etc.
The Bottom Line
The concepts of Artificial Intelligence and big data are not new to us. However, they keep evolving rapidly. The Big Data experts in India confirm this saying “We’ve seen these technologies changing the game for a while. However, it seems like they are still not going anywhere and even in 2020 both AI and big data have the potential to change the business world even further through cost deduction, an increase of efficiency, better safety, and broader opportunities to cater better to their customer’s needs.”
Does this mean that big data and AI are the future of business? It is hard to say for sure while these technologies are still evolving. However, based on what we’ve seen so far, we can conclude that these technologies do have the potential to change everything in the business landscape!
How businesses are using Big Data?
Businesses use big data for the following purposes:
- To drive customer acquisition and retention
- To get marketing insights
- To receive analytics on risk management
- To drive innovation and development
- To manage the supply chain
How are AI and Big Data related?
Both Big Data and AI are the favourite technologies of data scientists. Machine learning (ML) is an advanced AI technique through which different machines can send or receive data and learn new concepts by analyzing data. Big data helps companies analyze existing data and draw meaningful insights.
What is the big challenge in Big Data analytics when implementing AI?
The most obvious challenge associated with big data is storing and analyzing the ever-growing information, which is said to double every year.
What's next after Big Data?
The next big thing after big data will be automated machine learning systems that can process the big data sets and analyze patterns with minimal human intervention.
How can Big Data be used?
Big data has been used in the industry to provide customer insights for products by analyzing and predicting customer behaviour through data derived from various sources.