In 2020, artificial intelligence and machine learning technologies are poised to revolutionize data analysis and business intelligence processes. And it’s just as well, because Big Data is getting bigger and more complex by the day. Each day, users create more than 2.5 quintillion bytes of data — and that’s a lot of data.
It’s so much data that the human mind simply can’t grapple with it effectively. People are creating billions of texts, tweets, and social media posts each day, and retail sector data growth is exploding, with more and more shoppers buying online and using dedicated apps for their shopping experiences. Artificial intelligence (AI) and machine learning (ML) are coming to the rescue to help business users make sense of the mountains of data their customers are generating, and harness it to improve business processes like real-time customer service, increased operational efficiency, and automated business communications. Let’s take a look at some of the things AI can do for your business.
More people than ever are shopping online, especially as the COVID-19 pandemic forces most people around the world to limit their interactions with others. Collecting data on how users interact with your website, apps, and other systems is valuable, but what if you could monitor it in real time? You might be able to stop a customer from leaving your portal to go make their purchase somewhere else. You could possibly pinpoint fraud and intervene before the scammer gets away.
Streaming analytics software and other business analysis tools can help you influence customer buying decisions in real time, so you don’t lose the power of that personal connection that shoppers get with sales staff in-store now that the forum has been moved to cyberspace. It can do this by helping you identify patterns and anomalies that could point to the causes of low conversion rates or fraud vulnerabilities. Not only can you take action in real time when you see that a customer is, for example, leaving your portal, you can also gain insights that will help you improve and secure your portal for future users.
