by Disha Sinha
May 2, 2021
Companies have to design a blueprint to maximise ROI from their data analytics strategies against competitors
Today any investment is inexplicably linked with data, especially in the form of data flow. Without adequate quantity of data and in the absence of appropriate and relevant data-base, investment becomes a high risk venture. There is often a bridge between consumer data collection and data analytics in the companies, which reduces the probability to maximise return on investment (ROI). Thus, this article will guide you on techniques to maximise ROI from your data analysis strategies through AI-based machine learning system.
We are living in the world of data explosion, which is a great opportunity for the companies who work with a large-scale consumers’ real-time data-base. Some companies face issues while managing big data-base and some companies invest on AI-based machine learning for smooth data analytics. The application of data analytics is an on-going process in the era of digital transformation.
A blueprint to maximise ROI with lower risk is required for companies to prioritize and curate proper usage of real-time data-base for appropriate business outputs. Sometimes a large amount of data gets trapped in useless applications. AI-based machine learning system eliminates the useless data and collects the appropriate data for the company. It is critical to have a proper data ecosystem through either purchasing external data from third-party sources or engaging in partnerships to gather consumer data. Data analysts and data leaders can maximise ROI with lower risks by aligning the business with the updated AI-based machine learning algorithms. Success can only be experienced while focusing on business value and data analytics simultaneously.
Which features should be present in a blueprint to maximise ROI?
1. Capability of capturing multi-dimensional fields
2. Improves transparency for AI-based machine learning system
3. Permits agility
4. Allows business team to plan according to the expectations
In which areas a business can leverage data to maximise ROI?
1. AI-base analytics of performance data: Performance data assists companies to track effectiveness and conversion, detect optimisation opportunities and help in SWOT analysis. AI-based machine learning system educates the existing clients as well as the potential clients regarding important information about feedbacks, experiences and engagements.
2. AI-based analytics of consumer data: Consumer data is very much important to maximise ROI for consumer-based industries. Due to the drastic shift to digital domain, companies can provide a large-scale consumer data-base to the AI-based systems to leverage consumer data.
3. AI-based analytics of operations data: Operations data helps the AI-based machine learning system to help data analytics to improve operations, enhance work-flow efficiency and decrease maintenance cost. The tracking sensor always generates real-time data about any product or service, which decreases work-load for employees.
4. Telemetry and tracking for in-house systems: Telemetry is the AI-based machine learning system, which helps to track the in-house system on a regular basis. Faulty issues or malfunctions can be easily detected and the system helps in critical decision-making process for better future.
Thus, we can see that companies must have a blueprint to maximise ROI through investments on updated AI-based machine learning system. A better customer engagement and efficient work-flow can maximise your ROI within a short span of time.
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