Learn how AI helps businesses analyze customer provided data and IoT implementation important for growth, customer loyalty, and greater profitability.
There is so much data available to your business but getting a proper read on its importance an investment in costly data scientists. Learn ways technological advances, such as AI, helps your business synthesize data and provide your IT team with the information needed to create apps and other solutions at a lower cost.
The Internet of Things (IoT) is at the forefront of the data analysis performed by businesses. According to a recent article appearing in Forbes.com, data centers used to house the billions of bytes of data businesses collect, along with business analytics are growing at a compound annual growth rate of 50 percent between the years 2017 – 2021. The market value of IoT in 2017 was $235 billion and expected to more than double to $520 billion by 2021.
What does this mean for you and your business? All those valuable bits and bytes you collect from your customers is useless if you do not have a team in place that can help you make sense of it and use it to grow your business. This typically means hiring a staff of professional data scientists who, according to the U.S. Bureau of Labor Statistics (BLS), earned a median pay in 2018 of $118,370 or $56.91 an hour. That is a huge investment in labor which may be better spent instead on AI developed approaches to data analysis and app development.
Leveraging AI to Produce Professional Data Analysis
Professional data scientists cost you nearly $60 per hour while computer programmers with less education and the skills necessary to write and test computer code and develop apps based on your data earn about $40 an hour (median pay of $84,280 according to BLS). AI gives you the ability to hire programmers over scientists, who can help you properly analyze and utilize your data. Here’s how: AI has involved in one of the few technological advances capable of passing the Turing test.
If you are not familiar with the Turing test, it is the ability of a machine to demonstrate human-like intelligence and provide responses indistinguishable from human responses. That this phenomenon has finally happened for the first time in 2014 (64 years after the test was developed in 1950 by British mathematician Alan Turing, noted for breaking German code during World War II) means AI has become the leading driver for businesses looking to bring sense and order to data and quickly create consumer-driven apps to further engage customers and increase revenue.
Why AI over Human Analysis?
Without giving away to fears about machines taking over ala Stanley Kubrick’s HAL 9000 in the movie “2001: A Space Odyssey,” business should come to quickly recognize that machine learning and AI are useful technologies, important in reducing human labor costs and providing a way to integrate IoT into your business.
Hiring programmers who can seize upon the results of AI analysis comes at a savings of about $35,000 per scientist needed to perform the role artificial intelligence does. This alone gives you a compelling business reason to consider the advantage of leveraging AI over traditional human analysis performed by professional data scientists. As companies move slowly toward IoT implementation, you have the opportunity to be on the forefront and beat your competitors to the punch, enabling you to chart uncharted territories and seize important market share!