Advances in artificial intelligence and the development of new AI fields like machine learning, big data, etc. has completely transformed the business environment in the world – more and more businesses need to adopt AI just to survive much less thrive in the competitive post-COVID business environment.
The literature around AI is very dense, and there are a lot of information-less clickbaity articles out there that don’t help you at all. This article aims to help businessmen uninformed in technology explore the fascinating world of AI and learn about what the field has to offer.
Data Management and Analysis
How to manage and handle the wealth of data your business collects over its daily operations is one of the hardest tasks for a business – in today’s world, through internet platforms and mobile apps, business managers have access to more data than ever before – the judicial use of this data could help completely transform your business operations and help you run your business processes much more efficiently.
Artificial intelligence and specifically big data help you collect and analyze massive amounts of data and extract useful insights from them. These insights will help you learn which products are hot right now, which products are showing promise based on future trends, and products that have turned out duds. Insights are crucial for revenue maximization.
Market Research and Risk Management
Managing the long term health of a company and consistently making the right investment, expansions, and exploiting new market opportunities is one of the hardest tasks in the world. It requires a lot of research, data collection, reading, and expertise to get it right, and the most experienced CEOs barely manage to do it – in fact, one of the main reasons why CEOs get paid so much more than regular workers is due to their ability and experience absorbing all this data and coming up with decisions that benefit the long-term health of the company.
Artificial intelligence has the ability to make this easier, in a few key ways:
- Hand-picked news feed: keeping up with news around the world is one of the hardest tasks for a business manager – depending on the size of the company, you need to be aware of local and international market conditions, the state of supply chains, local, state, federal, and foreign regulatory frameworks, and much more. AI algorithms help you by judicially showing you pieces of news from sources you trust saving you a lot of time in the process. Keeping up with news around the world has never been easier.
- Trend analysis: relying on publicly available data from Google, Microsoft, Amazon, and a bunch of other companies, AI algorithms can accurately keep track of trends in specific markets. Do you want to know how interest in real estate in a very specific small town in California has evolved over the last decade? With appropriately coded AI algorithms, you can do that. You might not know how to design your own AI algorithm, but there’s no need to worry – you can contact an agency like logicai.io to help you with the technical details.