Four Ways AI And Location Intelligence Are Guiding The Future Of Business - GADGET-INNOVATIONS

Four Ways AI And Location Intelligence Are Guiding The Future Of Business

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While executives, already working through digital transformation, grapple with pandemic-related recovery issues, they’re leaning on technologies—both proven and innovative—to stay on track.Most leaders see artificial intelligence as crucial and describe a “sense of urgency at the top” to implement it. Yet, they struggle to integrate company-wide AI initiatives. Seventy-five percent of executives surveyed believe that if they fail to do so, their companies will be gone in five years.



1. Market Analysis, Growth Planning, Advanced Analytics -Machine learning programs find clusters and hotspots in complex datasets. Applying that capability to customer data, AI and LI can unlock patterns and trends that help businesses understand their markets.As companies increasingly tailor products and services for specific geographic areas, this kind of information helps anticipate and meet customer needs. Machine learning programs can perform advanced analytics, often in real time, to identify patterns in sales data, linking those patterns to location. A program might, for example, help a company discover commonalities among regional demographics such as urban versus suburban, or areas with young families—spotting patterns that might otherwise be missed.



2. Monitoring and Tracking Assets

Companies using data to make better decisions, often fail to make the “right” decisions for a variety of reasons from not doing the correct analysis to not collecting the right data to letting data paralyze their decision-making. In fact, a recent study by Inc found up to 73% of data collected by organizations goes unused, thus increasing costs to collect and store the data without improving decision-making. Thinking of data this way, data represents a cost rather than a benefit to the firm.

3. Risk Management and Operational Efficiency

Machine learning algorithms, by examining huge datasets, can make credible predictions about the results of various choices a business might make. By encouraging smarter risks, AI in effect lowers the cost of risk-taking, which helps businesses reach their full potential.It’s important to remember that sophisticated non-AI prediction tools have existed for some time



4. Putting It All Together

By using location intelligence with AI machine learning, businesses get the benefit of pattern recognition, classification, and prediction. Consider the way one wireless provider in Orlando, Florida, made plans for expanding its network.Planners started with cluster analysis of dropped calls, looking for hotspots and patterns. They added demographic data to these smart maps, visualizing areas where population growth will create new subscribers.