5 Industries Being Disrupted By AI, Data Analytics and Business Intelligence
by Christian Ofori-Boateng on Jan 14, 2020 8:39:00 AM
Nothing's changing today's industry as much as artificial intelligence (AI), data analytics, and business intelligence. It's supercharging businesses, enabling an analytical analysis that helps predict business futures. Data analytics is transforming industries' long-term goals and turning them into yesterday's achievements.
Several industries are being disrupted by AI, data analytics, and business intelligence. All five industries profiled below are being disrupted by all three. The five industries were made stronger and better by figuring out what disruptors worked and how to keep it going by using the next disruptive application when needed.
Read on to learn more about data analytics and why adopting a 'data-centric' culture is important. It helps your company leverage their own data for themselves. Find out more about how technology disruptors can work for your business.
What's Data Analytics?
In the last two years, ninety percent of the data in the world was generated. The terms data analytics, artificial intelligence, and business intelligence work together and dovetail into each other. Data analytics uses both AI and business intelligence to help make industry trend predictions based on what the data provides.
In other words, two of the disruptors play into the power of the third disruptor which is data analytics. But each one can be an industry disruptor without needing the umbrella coverage of data analytics to help them. Almost every industry uses data analytics, AI, and business intelligence.
Each of those industries has its reason for doing so.
#1 Finance Industry
The finance industry uses AI by allowing it to train their computers on how to produce finance models that can analyze bigger and more complex, unstructured data. It can then take the data and, together with data analytics finalize all of it into accurate results. If you add business intelligence to the finance industry equation you get even more data you can analyze and breakdown to help you make better future predictions.
Business intelligence deals with what happened in the finance industry's past and how it happened. Business intelligence takes this information on big trends and patterns up to the current day's market. Data analytics takes all the unstructured data information gained thus far and gives the finance industry analytical insight.
The finance industry uses data analytics because it allows them to make predictive and sound financial decisions with that insight. Data analytics can build on itself by building precise data analytic models that get faster results with more large scale data to sift through. The result is the finance industry can now identify profitable opportunities or turn down risky ones.
#2 Retail Industry
If there's ever been an industry desperate for a new way forward, it's the retail industry. Online shopping has rearranged, reenergized or diminished the storefront retail industry depending on what paper you read. AI helps the retail industry as a whole link their sales data to customer data.
By linking the sales data to customer data, AI can create an algorithm that can discover any actionable information about customers, inventory, the business, etc. AI producing this information can help disrupt day-to-day operations by increasing cash flow because customers buy more. Business intelligence is used to enhance a customer's shopping experience when they're at a brick and mortar store.
It enhances their experience by personalizing the customer's previous purchase history, so salespeople are loaded with information they need to help make a sale. Finally if you add data analytics to the AI and business intelligence inroads already made, you're able to organize and analyze the data. The analyzation of the data disrupts the retail way of the past by providing you with what you've gained thus far.
It can then take what you've gained through any of the business or customer loopholes. Then you can make informed predictions that guide you on what your future decisions should be.
#3 Real Estate Industry
AI is disrupting the real estate industry by using everything from non-human real estate agents to regression analysis. AI can match and append marketing lists on custom real estate and apply it to an algorithm for precise market value estimation. Then you use business intelligence to gather information about upcoming foreclosures, which has always been tricky to find out in the past.
Now you have real estate information data analytics you can use. Data analytics will be able to use all the unconventional data sources and business intelligence and turn them into extremely relevant data. Data analytics will be able to identify hyperlocal patterns or granular trends city block by county area.
All of the disruptors listed above are past due and needed by the real estate industry.
#4 Healthcare Industry
AI is disrupting the healthcare industry by using digital behavioral solution apps to help current gaps in mental and medical healthcare. There are AI-based tools for consumer-facing products for voice-first disease data management and virtual assistants. Combine business intelligence to AI to aggregate, and use clinical, financial, and non-traditional data to make industry decisions.
The combination is a winning application for successful industry disruption. Data analytics will be able to use all the data and deposit them into secure repositories or federated databases for analysis. Then data analytics can make historical and predictive views of the organization’s operations.
#5 Transportation Industry
AI is disrupting the transportation industry by using self-driving vehicles, traffic management, delay predictions, and drone taxis. There are AI-based tools for data to be sent to the cloud where traffic pattern revelation will be done in part by business intelligence. The business intelligence imparts knowledge on what new processes are needed in transportation based on historical trends.
But it's data analytics that's agile, more intelligent, and more responsive to the changes needed. Data analytics can remove data prep and analytical processing latencies to test and create predictive models. It keeps industries agile and able to make future decisions that will be successful.
The Way Forward Using AI, Data Analytics and Business Intelligence
There's only one way forward in using AI, data analytics, and business intelligence in your industry. The way forward is knowing you must use all of them. All three give you the tools you need to see your future as clearly as possible.
If you want to have a winning market presence these three disruptors give you a competitive edge that can make the difference between success and just surviving.