Make your Business Thrive by Leveraging the Power of Big Data - AI-Driven Analytics

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Post a quarter-century of digital transformation, we've finally arrived at the age of data. Experts predict that the sheer quantity of data in the world will increase five-fold by 2025. To maintain a competitive edge in today's market, organizations must realize the true power of raw data - That's where AI-driven analytics comes into the picture.

What is AI-Driven Analytics?

AI-driven analytics uses the power of machine learning to deliver seamlessly actionable insights in real-time. By leveraging historical data to make predictions, AI-driven analytics can make accurate predictions on customer behavior (such as the likelihood of a customer to purchase a new product). Furthermore, AI can help streamline several internal processes such as financial tracking, accounting, and HR activities.

With the help of AI-driven analytics, your business can:

• Prediction of a crisis.
• Gain insight into the implications of a particular course of action on your business
• Identify and take advantage of new business opportunities

Human Data Analysts v/s AI-Driven Analytics

Although the concept of data analytics has been around for quite a few years, the introduction of artificial intelligence and machine learning to this field has been a game-changer.

AI-driven analytics:

• Does the job much faster (offers real-time insights)
• Is more accurate
• It is more cost-effective (you don't need a team of over a thousand analysts to match it)
• And most importantly, it is free of human error

How Can AI Drive Analytics Deliver Value to Your Business?

By leveraging thousands of queries that are run on several billions of data rows, artificial intelligence employs multiple insight-driven algorithms to provide answers to the questions that your employees need answers to, despite not asking these questions themselves. Furthermore, AI-driven analytics can identify the causal relationships between specific business drivers and outcomes to give you a better understanding of your business processes.

You can also monitor performance changes by leveraging AI's ability to rapidly analyze several billions of data points that exist across your sources. This can also enable you to drive the business outcomes that you desire.

By providing you with real-time insights that can be quickly actioned, AI-driven analytics can make your organization take more customer-centric decisions and personalize your offerings to suit your target audience better. Also, with the help of statistical, Computer science, and mathematical techniques applied to your historical and transactional data, AI-driven analytics can help you predict the future behavior of your customers.

My Business is too Small for me to Buy or Build my Own AI for Business Analytics. What Do I Do?

Building your AI-based business analytics software can cost millions of dollars. Furthermore, the developed AI will need at least three months to train the machine learning algorithm. Despite the hefty investment requirements, the value offered by such a tool to businesses is undeniable. The fact that companies like Amazon, Uber, and Netflix have been heavily investing in AI-based technology is a testament to this. But what can small and medium-sized businesses do to get a piece of the pie?

Cogent InCights, the AI-based analytics division of Cogent Infotech, offers an as-a-service model where you can leverage the power of AI-driven analytics without having to buy or build it yourself! Furthermore, the Cogent team customizes the software to suit your needs and trains your employees to use the platform effectively.