Business intelligence (BI) systems have steadily grown faster, simpler to use, more accurate at processing massive amounts of internal and external data, as well as identifying patterns that were previously undetected, or even undetectable, by human users. And yet, some of the more popular BI systems on the market do little more than repackage and distil existing data about past performance, albeit in a visually palatable format. A new approach to mining and deciphering unstructured data using algorithms and automated machine learning (AutoML) to forecast changes in the business landscape before they happen has quite rightly been hailed as the next big thing in artificial intelligence. Here’s how next-generation business platforms that leverage these predictive capabilities put you in a better position than traditional BI.
1. They let you make better decisions faster
The powerful combination of classical ML and deep learning within a single platform means users at almost any skill level can forecast future trends and behaviors with greater precision and incorporate the resulting insights into their day-to-day-decision-making processes. This helps accelerate time-to-value in practically every industry by determining the optimal course of action to take and reducing margin of error. That means goodbye to clunky, short-sighted interpretation of past activity and hello to rich, data-driven insights that are the next best thing to seeing into the future.
2. They enhance the agility of your organization and your teams
Struggling with bottlenecks? Lacking the expertise you need to scale your operations quickly and efficiently? Predictive capabilities can be used to forecast resources and manage inventory in a proactive way. In the transportation industry, for example, leaders are currently under a great deal of pressure to find efficiencies throughout the supply chain. Acting quickly while staying adaptive and agile in this environment is a must to keep warehouses and store shelves stocked, no matter how uncertain the external market forces.
3. They help you hedge against uncertainty
According to a recent Forbes article, “the greater the uncertainty in an industry, the more likely their executive and C-suite leaders are using analytics to search for greater stability.” The manufacturing industry, for example, is a great candidate for advanced ML and deep learning technology to cut costs and adjust to dramatically and rapidly shifting consumer behaviors. It seems as if they are catching on, too, as the same article mentions deeper findings that show over the past year analytics’ perceived importance increased 38% among those surveyed in manufacturing.
4. They mitigate risk
Predictive analytics can be used to analyze relationships between various factors and use this information to zero in on significant risks that need to be nipped in the bud. In a manufacturing plant, these can be measured in terms of likelihood of equipment failure, downtime and shortage of resources, to name but a few. In the financial world, they can help protect against fraudulent activity through anomaly detection. And they can also make a significant contribution to reducing a host of safety, liability and performance issues in almost every sector.
5. They give you a deeper understanding of your customers
In the CPG industry, applying predictive analytics to customer behaviors, use and spending can be particularly beneficial in detecting trends and guiding strategies. These technologies can be utilized to unlock new insights into consumer intent and seize promising new opportunities. Customer segmentation is one of the areas where ML really shines, making it possible to classify specific groups according to characteristics such as age, location, purchase history, spending frequency and more. Predictive AI empowers CPG decision-makers to leverage complex datasets to target each group with the right products at the right time.
The key to smarter insights and sustainable growth is prediction
Today’s sophisticated predictive analytics platforms generate dynamic insights that can be used to inform forward-looking strategies that are more granular, more accurate and more actionable than ever before. By harnessing data-driven intelligence to bridge the gap between leading-edge AI/ML technology and real business value, you’ll be helping to hone your competitive edge and future-proof your organization in a fast- and ever-changing world.
To learn more about how our self-serve SaaS AI business platform Kepler can offer better, data-driven decisions to anyone in your organization, do not hesitate to contact us.