Machine learning and artificial intelligence are powerful technologies, with the ability to transform countless different processes in the business world and beyond. Companies especially can make use of AI to inform their decision-making process through analytics software powered by machine learning. Products and software with this feature are beginning to make their way to the market, and the results are sure to be transformative.
Traditional analytics practices are conducted through the monitoring of trends over time by human proxies. By analyzing metrics like sales, performance, productivity and others, analysts can see just how certain campaigns or policy changes are performing. In turn, they can use this information to draft new plans of action or craft solutions to metrics that are trending negatively. Analytics is an important role in any organization, but at present, the job is limited by the human mind – responsiveness can only be so quick and decisions so accurate. When you add AI into the mix, however, the process of analytics can become highly efficient.
AI is a potent technology, and when used for analytical purposes, it's easy to see why this is the case. Thanks to machine learning, software with access to databases of information can "teach" itself to recognize patterns through neural networks, in a manner analogous to the human brain, according to MIT News. Thanks to having all the relevant information at their fingertips, AIs can learn to understand the meaning and consequences of trends just as their human analyst counterparts could. Needless to say, this means that AI can offer powerful analytics solutions, far beyond the power and speed of ordinary people.
With AI now able to control almost all aspects of the analytics process, businesses have revolutionary new ways to stay ahead of the competition. Thanks to the power of AI, an absolutely massive amount of information can be collated at once and summarized for human operators to make use of. And in the near future, "smart" AIs can be used not only as a forecasting and reporting utility but as a central decision-making entity. A few years from now, we'll likely be seeing the rise of the "smart workplace," where computers control major changes and operation methodology, according to IIoT World. A smart AI could analyze previous annual metrics to predict an upswing in logistics traffic and as a result requisition additional self-driving trucks, all without the need for approval from an employee. With AI behind the wheels of analytics, the possibilities are endless.
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