Listen : Audio version of this article
Businesses all over the world have started incorporating artificial intelligence. AI aids in resolving sophisticated issues with much reliable ease and provides answers to demanding business questions. Organizations have started collecting data and structuring a better data strategy.
They are employing advanced analytics that utilize artificial intelligence. AI allows users to enjoy personalized experiences. Data analysts and scientists grasp new information from the data they collect and provide users a better experience. Traditional analytics methods do not excel in that feat while the modern methods incorporating AI have enhanced analytic methods.
The data collected offer smarter insights for ameliorating an organization’s competitive edge. AI-driven data analytics in an organization will help in deep exploration of the available data.
It requires critical thinking and processing abilities for any organization that incorporates AI to perform data analytics. The analysis of problems in any business organization is one part while making decisions based on the analytics. In order to ensure a successful AI project, there are five pivotal steps.
Data silos have the ability to render a unified view of the analytical data. Many organizations face strife in managing data silos. In order to achieve better performance, the foremost step is to have a vivid idea of the project. Planning also implicates strategizing a better data collection process.
In order to do that, potential data sources have to be identified across the enterprise. Integration of this data will need data lake in addition to that of conventionally available data in the enterprise’s data warehouse.
Integrating diversity of data:
Organizations have to determine how they will have to incorporate data in order to gain additional value. Data addressing strategic interrogations often tend to be qualitative in nature and such data are usually unstructured. These data forms are generally from sources such as social media posts, external website, text documents, images and more.
Data architecture definition:
We can view the same data in different ways and this usually raises various questions involving the best optimum usage of data. Organizations that have undergone mergers and acquisitions usually possess the niche of analyzing the same data in different ways.
This also applies for organizations with diverse lines of businesses.Such organizations would have to traverse beyond mere database administration and go for defining the data architecture across diverse sources.
Data governance establishment:
Organizations should essentially begin testing out the security of data obtained from different sources and check if they are trustworthy enough. This applies specifically for organizations in regulated industries.
Organizations should also aim to regulate the visibility into the data supply chain along with protecting privacy and security. Data analytics models should possess the ability to detect and validate the source of data and track down any issue that arises in the data pipeline.
Safe data pipeline:
Organizations should construct better policies and procedures in order to ensure the continuous flow of data into the analytics pipeline and hence ensure to make the best usage of AI analytics. It is critical to have a secured design of the infrastructure and the software utilized to deliver this ability across the organization.