AI in Business Analytics: Key to Growth

AI-powered business analytics revolutionises the way organizations leverage data to drive growth. By providing valuable insights, optimising processes, personalising customer experiences, and enabling data-driven decision-making, AI contributes significantly to a company's success and competitive advantage in today's data-centric business landscape.

At the Data NEXT 2023 in Bangalore, our esteemed panellists discussed the advancement of AI in analytics and why it is considered a promising case.??

While sharing his insight on the same Shrindhi Shama Rao, the CSO at Aegon Life said, AI and analytics led them to higher growth since they have started off with the implementation. He added that the journey began with a focus on enhancing customer experience through the implementation of data science and engineering solutions. By leveraging AI and analytics, the process of reviewing applications and documents was streamlined, leading to a drastic reduction in operational costs. The improved efficiency and seamless experience attracted more customers, resulting in higher growth and a positive feedback loop. The initial investment in optimising operations and customer experience created a virtuous cycle that propelled the company towards sustained growth and success.

Anand Tuli, the Head of Analytics and Decision Sciences of Vendantu shared that??"At Vendatu, we collaborate closely with business, product, and academic partners to solve specific challenges and address business problems effectively."

He went on to share that in their data-driven approach, they have identified three primary roles: enabler, partner, and leadership. As enablers, they establish clear data definitions and a single source of truth, providing reports and dashboards to empower various business functions to make data-driven decisions. In the partner role, they collaborate closely with business, product, and academic partners to solve specific challenges and address business problems effectively. The third role involves data analytics and data sciences taking the lead, owning specific charters. The Previous year, during challenging times, their data analytics and engineering teams were instrumental in achieving remarkable results, increasing the return on ad spend by 5x, and significantly reducing business burn for Vedanta.

Jitesh Shah, the VP Analytics of Indegene - "Advanced models basically, it keeps in context of the hcp and it actually predicts learning from the past interactions or you know from different engagements that we have."

He explained the model focuses on determining the best channels and optimal timing for engaging with healthcare professionals (HCPs). Additionally, the third model aims to identify the most effective content to be delivered to HCPs based on past interactions and engagements. These advanced models leverage data and insights to tailor interactions and predictions specifically for HCPs, improving customer experience. During the pandemic, there has been a significant increase in digital sales channels, and post-pandemic, a hybrid approach combining digital, remote, and field sales is expected. These models not only optimize ROI from sales but also play a vital role in enhancing customer experience in the evolving sales landscape.??

Krithika Muthukrishnan, Chief Data Science Officer of Scripbox led this discussion as a moderator and guided this discussion to bring out the best from the session. While sharing an instance of the data culture in her organization she pointed out that as Scripbox deals with investors, they are working extensively to understand the investor and create a personalized and hyper personalized experience for the customer, for example - what is the message they would like to convey to the customer to manage their money better. She also added that through her extensive experience of working in data she has observed a shift of focus from promotional analytics and fraud analytics to customer experience.

After the success of DATA NEXT in Bangalore, we are happy to bring the conference to Chennai on the 24th of August. The third edition of the DATA NEXT in Chennai is circled around the theme Data : Integration to Impact and will bring together 80+ Data and Technology leaders. Built to be educational and technical, the agenda of this event is designed for the digital leaders of business world and will showcase some of the best data-driven innovative projects, products, business ideas and technologies, presented by some of the most advanced and innovative organisations in India.