20 Sep Five Ways that AI is Shaping Analytics in 2021
It’s no shock to anyone who works with analytics and data that AI is changing everything. From automating some of the data analysis processes of the past to new promising ventures with Big Data and machine learning, major things are coming to this element of business.
When it comes to AI shaping analytics, here are five things to watch for in 2021.
AI Transforms What We Do With Data
AI allows businesses and individuals to take part in data analysis in a brand new way. One of the top trends in AI for 2021 is that more people than ever are going to start looking into what role artificial intelligence might play in their professional lives.
Best of all, AI transforms more than just how we perform analysis. With Big Data, the way we approach statistics is more impactful than ever before. Plus, new resources like an ai-powered bi tool or automated data reports could be the push businesses need to reach new heights. Analytics used to be about measuring success, but now AI allows us to plan for the future. Not to mention, AI is making analytics more powerful than ever.
Analytics are More Powerful than Ever
The rapid shift to AI-based analysis for data in companies and businesses is changing the power of statistics. For a long time, we looked at data usually towards the end of the month to plan future efforts and reflect or recent campaigns and practices. Instead, the power of analytics now allows us to monitor data in real-time on a daily basis.
This sounds like more work, but it instead allows us to see strategic efforts in the workplace related to KPIs measured quicker and more efficiently. The power that AI provides us in terms of data also comes with a caveat: it’s making the job of human analysts much easier.
AI Makes Human Analysts Better
There’s some doom and gloom around AI for analysis when it comes to traditional human analysts. There’s no need to panic: humans who work with data are not going away. In fact, AI makes these professionals more efficient. The menial tasks related to data analysis are now taken care of by machine learned programs and algorithms. But what about the human analysts?
Interpreting these data reports and planning strategic initiatives are the key changes we’ll see for analysts in 2021. Automated actions do not make humans unnecessary, but rather shift their work into a new light when it comes to analyzing data.
AI Leads to Better Strategies for Future Business
When it comes to using data, there are some crucial AI ethics to monitor. For example, many businesses plan strategies around KPIs and other goals. But what about emerging concerns in 2021 like cybersecurity?
AI leads to better strategies when it comes to future business because it reminds us that we need to focus on securing the data we use every day. It’s not just about cloud-based AI technologies being more risky; most companies are not likely not where they need to be in terms of data security now as it is. The transformation to use AI is a great way to plan for future considerations beyond metric-based goals.
Data is Bigger than Ever, and AI Helps Us Keep Up
Lastly, but most importantly, there’s more data in the working world than ever before. In fact, there’s a good chance businesses have access to data they’re not even using. In those cases, some major lapses in potential success are taking place.
AI helps us keep up with an increasingly technological and digital world. It’s the best path forward for shaping analytics to our advantage in 2021 and beyond. With these five ways in mind, make moves now to introduce an AI-based approach to analytics in your company or business as soon as possible.