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Analytics is not as cutting edge as it seems.
You have been using it for at least as long as you have been using
spreadsheets. The term analytics simply refers to using automated functions to
perform simple calculations and basic filters. Companies have had those
capabilities for years, so is analytics all hype?
In its early stages it arguably was. The first generation of “analytics” looked a lot like the technology it was claiming to revolutionize. Since then, however, the underlying technology has improved immensely, thanks almost entirely to artificial intelligence. The capabilities of today’s AI let companies do radically different and deeper things with data.
How AI and traditional analytics interoperate
is complex, and different depending on the solution. In all cases, however, the
goal is to use data about what has happened
to produce forecasts of what will happen.
It’s the difference between operating pro-actively instead of re-actively. In
practice, AI-driven analytics transforms how companies operate and what they
can do:
Make Informed
Decisions
Risk management is a fact of life for businesses.
When you don’t know exactly what will happen, the only option to carefully
manage all that could go wrong. Risk is a huge source of uncertainty and
instability at companies, and it’s caused entirely by the unpredictability of
the future. AI-driven analytics offers an antidote by turning empirical
observations into informed assumptions. Professionals
already do this, but AI can do it with impossible speed, scale, and precision.
The end product is predictions of what could happen, and prescriptions of what
should happen. They are not guaranteed or ironclad, but they are a lot more
accurate and informed than any alternative. Businesses can use these insights
to inform strategy, g… Read More
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