ProjectBlog: A Better Approach to Unlock Power of Predictive Analytics and AI

Blog: A Better Approach to Unlock Power of Predictive Analytics and AI

What allows customers to transform their business? What keeps customer stories awake at night? It is the reliable data that enables business owners to decode, take risks and gain customer confidence by analyzing and insights. Digital technologies play an imminent role of business in Artificial Intelligence and its prevalent form for efficient data analysis, Machine Learning is now the most sought-after technology to help companies to diversify and transform. Through machine learning models, the perks of predictive analytics tools are seen by companies in retail, insurance, energy, meteorology, marketing, healthcare, and other industries. Companies of all sizes now find that combining predictive analytics with AI can help them stay ahead of their competing companies.

By associating with the latest trends, retail brands are constantly seeking to remain relevant. According to the Business of Fashion, AI-based demand projection approaches can reduce forecast errors by up to 50 percent. This enhancement can mean large savings for the bottom line of a retail brand and positive ROI for inventory-sensitive organizations. Utilities also use predictive analytics to help identify energy use trends. Smart meters supervise the activity and report consumption spikes to customers at certain times of the day, aiding them to reduce power consumption. Utilities also help companies predict if they can get a high bill based on a variety of data points and receive notifications to warn customers if they run a big bill that month. Read More…

Source: Artificial Intelligence on Medium

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