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Data analytics & artificial intelligence: What it means for your business and society

Introduction of artificial intelligence and data analytics

Although artificial intelligence’s (AI) adoption in modern society is new, the concept is not. Despite the fact that the current field of AI was created in 1956, major progress towards developing an AI system and making it a technological reality required decades of effort.

AI is employed in a range of business applications. In reality, most of us interact with AI on a regular basis in some form. It is already disrupting virtually every business activity in every field, from the ordinary to the extraordinary. AI technologies are becoming more vital in order to maintain a competitive advantage.

The science of processing raw data to produce results is known as data analytics. Several data analytics approaches and processes have been turned into mechanical processes and algorithms that operate on raw data for human consumption.

What function do these technologies play in business?

  • Rational pricing

AI is increasingly being employed in pricing. Most businesses struggle to determine the appropriate pricing for a product or service. To calculate a product’s price, you’ll need a lot of information, such as consumer activity, competitor pricing, production expenses, customer reviews, customer willingness to pay, and so on.

With AI, businesses can quickly track and evaluate customer behaviour across several channels, including online and offline customers (AI). AI can also integrate and evaluate this data to increase conversions.

  • Automatic hiring

Selecting the right people from a bunch of candidates is a critical task in human resources. Several businesses have failed with it.

AI could make the screening process easier. AI can find the best applicants and schedule and locate them for interviews. This method saves you more time and money than you might think. Furthermore, AI may provide information on hiring costs and how long a candidate stays in a job or company.

  • Improved customer service

Customer service is essential for success. That also takes a long time.

If AI is integrated with traditional customer service, both the firm and the customers will save a lot of time. Chatbots provide quick answers to frequently asked queries and direct clients to the right website or executive.

  • Analytics in real time

AI is a powerful tool for processing and analyzing data in real-time. This technique allows businesses to make critical decisions and take action much more swiftly, preserving the company’s competitive position. In the transport sector, for example, drivers can immediately adjust their routes based on data on traffic jams based on their location.

How can we use these technologies to enhance our society?

  • Social Work

Voluntary work and socially focused data science software can make a significant contribution to society, often in collaboration with NGOs and municipal governments. These platforms provide a more in-depth look at the wide range of issues that can be handled using data and analytic technologies. There are few data-science companies that are entirely dedicated to social benefit and provide various volunteer opportunities. This can be accomplished by mentoring or using your data science talents for the resolution of a social problem in one of their initiatives.

  • Role of Governments and Global Institutions

Big Data analytics are also being used to improve the world in which we live. One such key is urban planning, which includes systems such as utilities, energy, housing, transportation, and infrastructure. Many cities are using big data to transform their municipalities into smart cities and to solve parking, pollution, and energy consumption issues.

  • Protecting the environment

Big data is playing an important role in environmental protection. Big data provides alternatives to deforestation, allowing us to reduce our carbon footprint. Likewise, it provides an opportunity to safeguard endangered species and reduce poaching.

  • Public Health Services

Big data includes professionals with enhanced abilities to predict patterns in diseases and genes. Recently, they developed algorithms to help forecast infections based on data—hours before physical symptoms emerge.

What is the future of AI and data analytics?

Overall, we can say the future of AI and data analytics has potential in various business sectors. It helps to automate workload and reduce cost of business but also saves time and energy of staff. Government and public institutions use data to regulate traffic, analyse government data, and diagnose and treat illnesses.