In the future, the use of AI will have a fundamental impact on how we do business. The “normalization” of AI will change the way business executives and leaders make decisions. AI will change the business model as we know it, and it will give us knowledge and insight about things we never thought possible.
In the biggest companies, AI is already being used to argue, improve, and streamline the way the business works. Companies who manage to use and understand the power of AI, and the amount of hidden value the various dataset contains are the companies there will survive in the future.
The possibilities with AI are endless; AI can identify fraudulent credit card behavior before it happens; AI can drive cars, predict when and which product your customer will buy next, or it can help you predict when customers or employees will churn you.
If the business executives want to reach the companies full potential – they need to start asking AI questions.
AI’ core capabilities
The world of AI contains many new terms: cognitive automation, machine learning, big data, deep learning, etc.
AI can be narrowed down to eight core capabilities:
- Lifetime value (employees and customers)
- Prediction and understanding
- Business Optimization
- Customer Churn prevention
- Inventory management
- Sales & Marketing performance and optimization
- Product & Funnel optimization
AI efficiently analyze and understand the companies various unstructured dataset and translate it to something useful.
The eight core capabilities can be narrowed further down to two primary analysis categories:
‘Understanding and capturing today’ and ‘predicting the future.’
We experience that most companies dont think their data “has what it takes” to create valuable data science analysis. But the truth is that point-of-sales data alone can results in a big revenue increase. Our data scientist help a production company with increasing their revenue pr. customer with +65% just by analyzing their sales data.
Let AI identify the questions
AI gives business executives the ability to make data driven decisions, which will lead to the best possible business change for the business here and know (understanding and capturing today) or the business performance in the future (predicting the future).
Our AI analysis can help you answer questions like: How can I increase my turnover with my loyal and new customers? How can my business process become more efficient? or which decision, A or B, will give me the best output?
In the end, is it all about the question asked.
The algorithms behind AI are a whole other subject, which we will dive into later on, but the AI algorithms’ main purpose is to help you find the best output from various inputs.
Sometimes with a goal or a hypothesis to be confirmed or denied as “If a customer has brought product A today, how much times does it take before they buy product B.
In other cases, is it not necessary to know what you are searching for. AI’s main focus is to spot clusters and patterns in data. AI is ‘naive’ and doesn’t care about what the data means; all it does is to look for patterns in different data sets. That means that you, as a user or company, don’t need to know what you are looking for or what the connections in your dataset are – AI does all that work. Once AI has identified the patterns, predictions can be made for new inputs.
Borbaki is a company working with the newest data science technologies.
Let us have a talk about your company. Together we will identify which analysis there will give you the insight to grow your business. Just give us a quote, and we will contact you.