Our world is driven by data, but, if you work in it often you know that data processing and analytics is time-consuming. It could take hours, even days, to collect and organize; wasting valuable time and resources and delaying decision-making.
International Data Corporation’s (IDC) Global Datasphere, which measures the amount of data created and consumed in the world each year, forecasts that the amount of data created over the next three years will be more than the data created over the past 30 years. With this rapidly increasing amount of available data and the ever-growing intricacies of customer preferences, we are quickly maturing beyond the processes we once used to grow our businesses. Businesses and their decision-makers have hit a growth spurt. The remedy to address these pain points: artificial intelligence (AI)
AI is evolving into one of the most valuable platforms for decision-making, in part because of the increased digitalization of companies. Now more than ever, AI is enabling companies to not only compile data but analyze it and generate actionable insights crucial to decision-making.
AI is no longer a futuristic and abstract concept, it is an essential tool for businesses, big and small. In the world of reporting and analytics, AI assists companies in streamlining their processes and enhancing efficiency. Here are a few ways businesses can utilize AI for analysis and reporting, now and in the future.
Artificial Intelligence As a Stronger Supporting Tool
AI technologies not only collect, translate, and analyze data far more quickly than average humans (54,000 times faster, in Turbine Lab’s case) but they also find and contextualize this information to create integrated strategies, intelligent solutions, and actionable insights. As these insights are presented to human users, the analytical process is automated and supported by AI-making the seemingly unmanageable data, much more manageable.
As it gathers and synthesizes vast amounts of information, AI guides strategic decision-making across businesses. This fosters efficient human intervention in conjunction with AI, creating more accurate and effective processes, like reporting and analytic functions. As companies grow and these processes become more complex, this relationship between human intelligence and AI will allow the flexibility to constantly improve core business models and expand industry knowledge to gain competitive edge.
Bridging the Information Gap
How do companies weed through today’s endless sea of data to create reliable reports and accurate analytics? If they aren’t already using it, AI bridges this gap and minimizes the inevitable information overload. AI automatically feeds data into reporting and analytics, enhancing these processes and encouraging real-time innovation.
As traditional analytics and reporting tools and workflows become increasingly intricate, AI will bridge the gap further, creating faster and more accurate mechanisms within these businesses by providing nearly instantaneous insights. AI becomes smarter with age, while the tools of the past get more inefficient.
Energized by Artificial Intelligence
In this evolving climate, companies will demonstrate their analytical and reporting power and effectiveness through a cultural appetite for data, a means of data generation, and an eagerness to invest in and deploy these new AI technologies.
A Forbes survey indicates that investment in advanced analytics will exceed 11% of overall marketing budgets by 2022. An additional survey conducted by IDC found that global spending on AI will more than double over the next four years, from $50.1 billion in 2020 to more than $110 billion in 2024, as organizations integrate AI tools into their business functions.
As more companies advance their AI capabilities within their business processes, like reporting and analytics, companies will be able to innovate more efficiently, assess risks in real-time, understand customer needs better, and increase their overall competitive advantage across industries.
AI offers an opportunity for companies that are eager to be energized and powered by innovative technologies. As we emerge from the pandemic, and into the future, knowing that AI’s capabilities are endless, executives and their teams must pinpoint valuable uses for these technologies and determine how these platforms will help them achieve success in their business initiatives and reach their overall company objectives.
Turbine Labs enables executives and their teams to obtain essential intelligence on critical topics, expeditiously and with incredible efficiency. We use artificial intelligence and machine learning to read and filter through the massive volume of information online, 54,000 times faster than a human, saving executives and their teams critical time, and measurably improving decision quality.
Interested in learning more about how Turbine Labs can best assist your needs? Schedule an assessment with us!