When most companies marry AI and analytics, the initial intent is focused on reviewing current and past data for insights. Data mining is a major component with correlations being used to determine why a certain event occurred in a particular way. However, the next step in AI and data analysis goes beyond understanding the past or present. Instead, it hopes to anticipate the future.
Predictive analytics takes machine learning principles and aims to create systems that can anticipate customer needs or business outcomes based on legacy information. It allows for greater pattern recognition as a larger pool of available data can be considered before results are provided. While there is no guaranteed way to see the future entirely as it occurs, AI does provide a method for using data in such a way as to create better outcomes.
Lowering the Burden on Data Analytics Professionals
Just as other data automation processes relieved employees from the tedious and involved analysis that was challenging to complete by hand, AI allows IT workers to redirect their energies towards tasks that require input even when the goal is to predict possible outcomes. It advances goals in all departments by increasing the speed at which patterns can be identified, leading to higher levels of production across the board.
Improved Planning Opportunities
Since AI-based predictive analytics solutions can produce results at rates that simply aren’t attainable when you rely solely on your tech employees and has the capacity to handle more requests in that shorter time period, your business has an opportunity to plan more efficiently for future efforts. Reports can target specific areas while pulling information from a variety of structured, semi-structured, and unstructured data sources, increasing the reach of the data analysis for more accurate results. Then, as information becomes available, the associated departments can use the predictive data to anticipate the ideal times for certain actions, like marketing initiatives or adjustments to a product in developments.
In some cases, insights can be practically instantaneous thanks to AI. This can be especially helpful in cases where consumer sentiment needs to be monitored in near real time, and quick course corrections are vital to a company’s success. Predictive analytics completed at this speed can help businesses understand consumer behavior as changes are occurring, so you can also examine the results in any changes and continuously improve your approach thanks to AI technology.
Implementing AI for Predictive Analytics
If you want to enjoy the benefits offered by AI for predictive analytics, it is critical to have a strong team familiar with the technology to support the efforts. Ultimately, AI is only as effective as the professionals behind the system. The experts at Solving IT can help you find the ideal candidates for your AI and predictive analytics positions. Contact us today so you can enjoy everything the technology has to offer.