Along with data and analytics, the focus on continuous improvement remains a constant in the business world. Recent market disruptions have only emphasized the need for businesses to optimize their processes and core functions moving forward. Artificial intelligence is one tool companies are turning to when achieving greater efficiency within their operations. Let’s explore how AI is transforming the way we do business, from data cleaning to the customer experience.
Using AI to Cleanup Dirty Data
Let’s get straight to the point. Dirty data costs businesses money, regardless of if they heavily rely on or prioritize data in their operations. The average cost of dirty data sings to the tune of around 15% to 25% of revenue each year. While this percentage doesn’t appear to be an overwhelming amount, consider the overarching estimate from IBM that bad data costs the U.S. $3.1 trillion each year. This high cost is mainly due to the complexities associated with cleaning and maintaining an organization’s data quality.
There’s no question that data cleaning is a lengthy and time-consuming process. As a result of this, less time is able to be devoted to high-level goals. Decision-makers have long wait times when it comes to converting raw data into actionable insights. AI, though, is able to automate this process so businesses can focus their efforts elsewhere. AI learns from each data set and can detect columns in need of cleaning, all while simultaneously updating the data model. The productivity of your data science team is improved, saving hundreds of hours that would have been spent on cleaning tasks.
Analyzing Business Data for Forecasting and Prediction
The use of business data to identify patterns and make predictions is well established. Using AI-powered tools and solutions, any business user can generate insights quickly without advanced programming or data science skills. The ease of use makes this process faster, more accessible, and efficient across business units. This reduces miscommunications between the analytics team and eliminates wait times on reports, query requests, and dashboard delivery.
Additionally, exploding data volumes have made effective use of an organization’s data difficult to manage. Artificial intelligence helps to quickly analyze these large volumes in record time, allowing for faster insights along with higher quality forecasting. Actionable business data is becoming accelerated with the use of AI, helping business leaders make decisions with greater accuracy.
Improving Sales and Customer Success
AI-powered analytics is helping companies gain insights into their prospects as well as current customers. For instance, companies can use AI in conjunction with their CRM data to predict which customers are most likely to cancel their subscriptions or which new sales accounts are more likely to close. These predictions can be flagged to alert the customer success team or sales staff, highlighting where they should be maximizing their time. This acceleration can also result in a more efficient and effective customer lifecycle.
On the customer experience side of things, process improvement can also be established through automatic support lines and AI-powered chatbots. AI systems can monitor customer support calls and detect detailed elements as minuscule as tone to continually keep an eye on quality. Chatbots also offer additional availability for immediate support. Problems are identified and resolved faster to increase revenue along with customer retention.
