A whole new world ¦ the lyrics go as Aladdin flies up in the skies on his magical carpet. Yes, a childhood nostalgia, but yes today it can become a business reality. Yes, of course, with the winning combination of Analytics and Artificial Intelligence (AI).
Any business today, you name it, encounters a highly competitive landscape. However, the data that it generates, both structured and unstructured, has a kind of a digital footprint, which can be thoughtfully analyzed and utilized. Though, you need that vantage point to correlate the dots and create the bigger picture. It is the same bird’s eye view, which the above lyrics hint at and allows you to join the dots to identify those blue ocean opportunities.
How does this technology combination work?
Businesses typically have their own enterprise data management platform to manage, store, and retrieve their multi-structured data. They can use Analytics and AI on top of it to correlate their data sets and come up with evolving business trends and patterns. This AI-powered Analytics offers a practical business solution to what otherwise takes months of tedious, manual, and time-consuming analysis.
This technology amalgamation creates a 360-degree analysis of data points along with interactive visualizations, which you can trace back to the source. This paradigm offers high business transparency and a strong perspective, vis-Ã -vis business opportunities as well as threats.
This digital platform also uses other leading technologies, such as Robotics or Robotic Process Automation (RPA), Optical Character Recognition (OCR), and Natural Language Processing (NLP), to extend the scope and move further away from Big Data towards All Data. This data spectrum includes hard copies, digital copies, spreadsheets, PDFs, social media, email, images, audio, video, etc.
Business benefits reaped by using Analytics and Artificial Intelligence solutions:
AI-powered Analytics is the latest tool in the advanced analytics and data sciences stack. It allows you to deal with business issues that were unimaginable in the past and create new revenue streams. It enables you to:
- Monitor all communication, involving data such as social media, email, etc., and alert the concerned personnel about activities that get usually classified as illegal in data-intensive sectors, such as banks, government agencies, etc.to prevent losses in real-time
- Harness huge amounts of data, which gets continuously generated and identify fraudulent transactions
- Analyze big data related to regulatory compliance, anti-money laundering (AML), non-performing assets (NPAs) monitoring, etc.for taking corrective and preventive actions on time
- Monitor heavy machinery logs and avoid hefty machine resurrection costs through predictive maintenance
- Analyze high volumes of documents during various statutory audits, create concise summaries along with interactive dashboards, and get periodic enterprise-status updates
AI-powered Analytics is extending the use of data that was getting stored away or archived in the bygone eras. By analyzing the digital footprint generated in the form of data logs, email, social media, etc.from business-as-usual activities, you can save huge amounts of revenue. Yes, Sir, revenue saved is revenue earned.
