The benefits of AI in data analytics.
Saving you time, money and effort
Data analytics is no fad. In fact, the global market for data analytics has been predicted to exhibit a CAGR of 30.08% between 2017–2023 to surpass a valuation of USD 77.64 billion. A large part of this is due to the increased generation of data during the period but far more because of the increasing ability to use statistical algorithms and machine learning techniques to deliver actionable results for businesses.
“People used to say that information is power but that is no longer the case. It’s the analysis of the data, use of the data, digging into it — that is the power”
From a business perspective, data analytics can be used to increase revenue, respond to emerging trends, improve operational efficiency and optimize marketing to create a competitive advantage. However, with so many buzzwords flying about such as data lakes, machine learning, and artificial intelligence, it can be difficult to understand where the value is coming from and what an external provider can offer.
Structuring the data.
One of the most difficult challenges faced by organizations in the field of analytics is that data sources have historically been very difficult to analyze. As data sources are often disparate and fragmented, there has been a requirement for manual data cleansing prior to analysis. Studies show that this process of data preparation takes around 80% of the average analysts time.
In addition to this, much of the information generated by businesses have little or no formal structure; contracts, surveys, and emails all hold a wealth of knowledge that analysts could use to uncover opportunities.