Artificial Intelligence (AI) is one of the most sought-after technologies espoused by businesses across the world. The organizations that uphold the value of innovation rely on artificial intelligence as the long-term business objective to achieve new or enhanced business strategies or business models. With businesses becoming more technology-driven and depend on cloud computing to store important assets and data, cybersecurity is always a matter of concern. Artificial intelligence and machine learning can help protect the data by identifying suspicious activities. Shortage of skilful professionals has become a back burner for many business organizations. Many organizations are considering it worth to invest in training their employees in AI.
Business Analysts’ Role
Many organisations identify the importance of hiring a business analyst to analyse and interpret the collected data and to use it to expand the scope of the business such as discovering a new market or to expand their services. Thus, business analysts play a key role in business organizations using machine learning tools techniques and AI tools to leverage diverse and rich data available. Four important contributions business analysts can make are:
- Help reduce customer churn
- Influence customer behaviour
- Remodel quality assurance
- Building Brand Reputation
Helping Reduce Customer Churn
Customer churn is a huge problem for businesses. Even big corporates like Accenture lost about 52 per cent of their consumers due to poor customer service. While it is impossible to prevent the churn, businesses can use AI to minimize it and achieve breakthrough results. Leveraging machine learning algorithms helps predict customer churn and analyse the cause. Finding customer pain points is the key step in reducing churn.
Influencing Consumer Behaviour
Consumer behaviour sways due to big and small factors. The entry of new players could also influence customer preferences. Collecting data such as income, gender, age, buying preferences and shopping patterns could help in extending personalised offers and thereby increase sales, customer retention and brand recall. Predictive analysis is especially important in industries such as retail and banking.
Remodelling Quality Assurance
Quality assurance is especially crucial in evolving markets, where those who deliver better quality and services than their competitors seize the market. AI plays an important role in gaining this competitive advantage. Artificial Intelligence helps increase productivity, reduce the cost of production, detecting high-risk areas, predict market trends, promote customer satisfaction, and increase profitability.
Consider the example of a construction company. It initially depended on people’s feedback to identify the issues in construction. Later, it started using drones to shoot the exteriors and interiors, but it still required heavy manpower to watch the video and to identify problems. However, things got better as it adapted AI for this task. Using an object detecting model, it could easily detect damages. Additionally, the company could inspect the energy usage across its buildings and detect anomalies. Thus, it could save manpower, manhours, money and time and increase efficiency.
Building Brand Reputation
AI helps in better targeting and thus, helps develop relevant campaigns and create better touchpoints for prospect customers, existing customers, and partners. This helps in building brand reputation and improve brand recall. AI helps understand the preferences of the individual customer and the technology he/she is interested in, thus helps decide the best channel to push the product/service.
This is the best time to take up a business analyst course as today’s day-to-day business needs are increasingly becoming data-driven and professionals who can analyse data and do predictive analysis will be of high demand. AI is going to find application throughout the business world and hence the demand for business analysts will see an increase soon.