AI is a collection of technologies for making predictions about large amounts of data. You can use AI to predict what drives your outcome data and improve those predictions over time. This makes AI perfect for any decisions you make based on analytical data.
While this all sounds great on paper, it may not be straightforward to know where to begin. This blog post will share how to get started with AI analytics and the steps to do so.
Don’t let the word “artificial” scare you away. AI is not a difficult concept to grasp. You can start with AI simply by understanding the basics.
Artificial Intelligence and Analytics are the same things. They are computer systems (not human ones) that use algorithms and mathematical calculations to predict outcomes. The results are more accurate than any human can be.
Why Should You Use AI?
It’s not just about making decisions about your outcomes data. AI gives you the power to make decisions about the same data in multiple ways.
You can use AI to make decisions about your data. You’ll be able to make the same decisions more quickly and easily than ever before.
You can also use AI to make decisions about the same data in more ways. You’ll be able to make decisions more quickly and easily than ever before.
You can use AI to make decisions about the same data in multiple ways. You’ll be able to make the same decisions more quickly and easily than ever before.
Predicting the future is the ultimate goal of AI. While it’s unlikely that AI will ever be able to make exact predictions, it can certainly be extremely accurate.
AI in Analytics Use Cases
If you’re not sure where to start with AI, use these use cases as inspiration.
Predictive maintenance is the idea that you can predict when things will break. You can use AI to predict when things will break and schedule the necessary repair work.
This ensures that your machinery and equipment will always be available and running at peak performance. It also prevents expensive accidents.
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Predicting the outcome of a particular action is also possible with AI. You can use AI to predict things like when service techs will visit, when prospects will respond to an outreach campaign, or if customers will increase their existing spending with your company.
There’s no way to predict exactly when this will happen, but AI allows you to get extremely close.
Predictive analytics is different. You’re looking at historical data to predict what will happen in the future. This can be extremely powerful to see how things will change over time.
You can use predictive analytics to predict how much a different set of marketing tactics will cost. You can also use predictive analytics to predict when your biggest customers will leave.
These are just two examples of how predictive analytics can help your business.
Granted, AI is not easy to get started with. It requires a lot of computer processing power, and it takes training to get accurate results. But the benefits can be huge.
If you are in need of AI consulting, come to Newcomp Analytics. We help organizations tap into their data by leading with a mix of strategy and development expertise, using data science, machine learning and AI. Learn more by contacting us today!