There is an adage that says "work smart not hard" and it is becoming more and more relevant. The global economy has grown exponentially due to rapid technological advancements and this means that every single business regardless of size must fight to grow by increasing their client base.
Thanks to big data science and analytics, the fundamental ways in which businesses view marketing have changed. With advancements in artificial intelligence, it is now possible to use the incredible amounts of raw data gathered to accomplish tasks that were never even dreamed of. It is believed that all of the data gathered on people is going to total 44 trillion gigabytes.
Two Systems Come Together
As mentioned, it is the combination of unprecedented volumes of data gathering combined with AI applications that are driving the ways forwards. More data and more advanced AI allow for more and more accurate predictions on the future of businesses to be made more and more quickly.
This kind of analysis has been part of Business Intelligence for quite some time as a way of providing what are known as "Point Solutions" to specific business problems.
The Old Way
Businesses have previously found ways of optimising things like the price points used in promotional sales. Traditionally, causative model solutions were applied to help explain the issues that underpinned business problems as well as the applicable corrective measures.
The issue with these is that they could not provide a systemic real-time approach. With these new advances, real-time solutions are not only possible but there can also be a variety of sources organised that provide both company data and external data for use by multiple different systems.
This new way of utilising data alongside artificial intelligence applications has its origins in data science, mathematics, statistics and other areas of computer science. The volumes of data in many different fields have been increasing steadily so it comes as no surprise that the fields of analytics for utilising that data in areas like business have likewise expanded.
Business Intelligence is drawn to the field because AI and machine learning all for the performance of predictive analysis which allows for the results to be usefully categorised according to different requirements. Accurate predictions in AI applications make it much easier than it previously has been to accentuate business growth.
The Internet of Things
The Internet of Things and Services (IoT) is the modern trend for all devices to be connected to the Internet in some way. This means that with the IoT, almost every device is capable of gathering some amount of data. Thanks to this, there has been a dramatic shift in that more companies are opting for big data analysis.
Now that they have effective means to gather data all the time and the machine learning to analyse it, the telecom and financial services have started to lead the way. This may be the start of analytics going from providing point solutions to enterprise phase in its entirety.
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