Relay on Diamond Data? 4 Steps to Get Started with AI for Business

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Written By Ishika Chauhan

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While most companies are data-driven, not all data is created equal. Data can have different levels of value, and it can be hard to get the most from it.

Although artificial intelligence (AI), has made it easier to analyze and understand data, it is still not being used effectively at scale. AI adoption is slow because it's not yet easily accessible for most businesses.

Software developments and end-to–end platforms make it possible to bring AI's value to more companies, making it an attractive opportunity for more businesses.

Already, the implementation results are being felt. 63% reported that businesses saw an increase in revenues and 44% reported that AI has reduced their costs. These numbers are enough to show that AI software is worth the investment.

AI designed for business means that we can go beyond traditional text and image models when it comes to data. Instead, AI can be used to help people make better-informed decisions. For example, it can predict financial and churn rates.

Every business is different, therefore end-to-end platforms allow you to create data dashboards that are tailored for your company.

Here's how you can get started if you are curious about how AI could help your business.

Understanding The Problem With The Help of AI

Many companies don’t know how to solve their problems. This is particularly true for data analysis.

Understanding data is a different thing than having it. An AI platform can be a great way to maximize your data and metrics.

It is the difference between getting diamonds out of your data and something simpler: AI applied to metrics results in better quality insights.

An example: A studio and office rental agency could use data insights to determine which type of businesses rent their space and how they are used.

A data dashboard powered by AI could help you to correlate information, determine which types of rentals are being grouped, and optimize your services by getting to know your customers. These data-driven insights allow you to increase what's working and reduce what's not.

Know Your Diamond Data

AI can be tailored to businesses and people from all departments can use it.

Small businesses are most likely to have difficulty adopting AI. They cannot afford to pay for data analysts or other data-specific roles.

Platform APIs (application programming interfaces) replace analysts. They work with existing CMS (content management system) to provide end-to-end solutions that drive value from what you already own.

AI's ability to store and correlate large amounts and varied information allows it to analyze customer patterns. This is particularly important for eCommerce.

Sites such as Amazon and Etsy can use AI for this purpose. The algorithm can determine if the customer is willing to wait for a lower price product and decide which product to show them first. AI helps customers who aren't likely to make a sale.

AI to Gain Better Insight

AI is a tool that can help businesses optimize their production. It can provide precise predictions, accelerate innovation, and produce actual products.

Startups looking to quickly find product-market fit are sure to be thrilled by this news. Real-time data is more efficient and provides faster feedback cycles.

AI allows for the analysis of large amounts of data to help make optimal choices. AI algorithms are increasingly being used to solve real-world problems.

A good example of AI optimizing fleet logistics and optimization is trucking companies that have fleets.

AI is used in the transportation industry to provide real-time information about maintenance cycles and petrol prices. This can help with route selections.

AI can improve the user experience (UX), and even invent new industry offerings. AI can be used to combine data from real estate websites with personal preferences information, such as hobbies and school requirements, in order to provide more customized options for users and close deals.

AI can also be used to analyze photos of real estate properties in order to identify renovations or match listings that meet other criteria.

The user experience is seamless and users can see more options from a wider range of sources.

The industry you work in and the services and products you offer will determine how AI is applied.

Companies can use digital tools like an end to end AI platform to better understand their data and create actionable insights that will improve customer experiences.

Adoption Challenges: How to Overcome Them with AI

There is currently no standard for AI use.

Diverse companies may be creating different solutions. However, businesses can find it difficult to connect with multiple providers.

Likewise, only 54% customers trust companies to use AI in a positive way for consumers. Software development and end-to–end platforms make it easier to adopt and apply AI and give companies greater control over their data.

Businesses must also measure the impact of AI implementation to determine the value of AI. To establish a baseline, companies should measure the process or metric without AI and then build on it.

To see if the improvement is working, it's better to focus on one small step at a time. AI will meet user expectations and needs by simply asking customers and staff for feedback.

AI adoption has shown its value. It is important to focus more on scaling solutions for smaller businesses. Education about the tools available and how to use them will increase adoption.

End-to-end platforms that use existing data and offer user-friendly interfaces are available to companies.

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