How to Utilize AI in Data Analytics

by Rupesh on March 16, 2021
Precision Blog

How does artificial intelligence improve data analytics? How does it help your business? Utilizing AI in data analytics allows for easy access to analytics as well as automatic and thorough data analysis. Ultimately, this leads to the delivery of better business insights. In today’s digitally transformed world, automation and machine learning is the way to go.

The Big Question: How does AI Improve Analytics?

The Big Answer: With the help of automation, your business processes become more efficient.

Because of artificial intelligence, your data analytics are automated and therefore more easily accessible. AI has the ability to automatically analyze your business’s data which leads to the uncovering of new trends and insights that is used to your advantage. Another aspect of AI that improves data analytics is it’s function to automatically generate reports. These reports are easy to understand and allow for accurate and informed decision making. It was found that by the end of 2024, 75% of organizations are to be utilizing AI, resulting in a 5x increase in streamlining data and analytics infrastructures. This is a promising statistic, so don’t wait until 2024. Get started today!

Going Deeper: How Artificial Intelligence Improves Your Data Analytics
As mentioned previously, AI allows for your organization to obtain better insights from your data analytics. You want to be able to unlock the full potential of your data and analytics, and through machine learning models, you are able to reach this. Referring back to our first question, how does artificial intelligence improve data analytics? Find the reasons below, provided by The Enterprisers Project.

AI creates new methods for analyzing data
Without using AI in your data analysis, a lot of manual effort is used to gain practical insights from your data. With AI, this is automatic and eliminates all of the extra effort making it less labor-intensive. Managing and analyzing data manually is very time consuming. AI is a new method that analyzes data quickly and efficiently in a way that you know you won’t miss any important insights.

Human and Machine Create the Dream Team
It’s important to remember that the use of AI doesn’t diminish human intelligence and insights. All data analytics-related positions are safe, as they are still greatly needed. The combination of machine learning and human intuition is key to obtaining the best insights from your data. The result of this is more efficient business operations, quicker insights, and increased productivity.

Your analytics become more predictive and prescriptive
Utilizing AI allows for your analytics to become predictive. By using predictive analytics, AI is able to present data points further down the line. Typically, you are able to conduct data analysis for past and present data, but AI provides forward-looking insights to help your business make the right decisions.

Ways to Use AI for Your Data Analysis
Now that we reviewed how AI improves your data analytics, let’s go over the different ways you are able to implement AI. First, AI is able to breakdown text and uncover insights. This is called Text Analysis. AI reads unstructured text data, which is used to find out why things are happening. You are able to discover keywords, names, and more specifications. Under the category of text analysis is sentiment analysis, text classification, and text extraction. Sentiment analysis automatically categorizes text by polarity of opinion. Text classification includes features similar to sentiment analysis, however, it also offers automatic functions such as topic labeling, which reads text for a topic or a theme. Text extraction extracts pieces of data from within text. This finds data that already exists in the text, including keyword extraction.

Bots are another way to use AI in your data analysis. Analyzing a chatbots knowledge base provides insights as to how they perform best for customers. AI bots have to ability to conduct analyses quickly due to the fact that they are working with compounded stored data.

Lastly, we previously mentioned that AI improves data analytics due to its predictive functions. Predicting outcomes is yet another way to use AI for data analysis. Machine learning is able to develop qualitative data for predictive, prescriptive, and diagnostic analyses. This uncovers what works and what doesn’t work as well as find patterns to constantly learn from. With this data, you are able to predict certain outcomes.

Using AI in data analytics provides many benefits for your business. If you have any more questions, stay tuned. We are conducting an online panel discussion event to provide insights and answer all of your data and analytics questions. To learn more and register for the free event, click here.

About Precision
Precision Technologies Corp. (PTC) is a leading full stack IT Company with a diversified portfolio of agile transformation, application & mobile development, the PMO suite, automation, analytics, salesforce solutions and technology staffing services. Since 2010, our clients have leveraged our staffing and consulting experience to obtain escalated technical services across the industries. We often are told that our solutions are very precise, cost-effective and process driven, thereby delivering intended results.