Artificial intelligence (AI) has risen to the forefront as a result of the quick development of digital technologies and is now driving the current generation of online enterprises. AI is assisting many firms in making knowledgeable decisions to improve company continuity and efficiency by using predictive analytics to generate business insights. With AI-powered solutions, Sports Techs, a pioneer in data analytics, helps its clients grow into innovative, agile businesses. In this interview today, Mr. Justin Peterson, CEO of Sports Techs provides additional insights.
How will AI bring about changes in business across industries?
The potential of AI has helped several sectors improve their operations, and they have also looked into new business opportunities as a result of the recent rapid advancements in AI. In order for organizations to achieve meaningful automation, increase efficiency, and make wise judgments, the data collection, processing, and application processes have undergone a fundamental transformation thanks to the development of AI technology. Though Industry 4.0 has mostly used AI to automate monotonous activities across multiple industries, ongoing algorithmic developments have also enabled businesses to engage customers through immersive experiences, deliver superior customer care, and foster creativity through simple models.
A lot of industries, including e-commerce and logistics, B2B and B2C, are adopting AI to gain better insights and predictability to reduce demand & supply gaps for product recommendations, inventory forecasting, customer churn, etc. Intelligent chatbots are currently serving billions of customers with little human assistance in customer service. Without a question, the development of AI is supporting numerous business revolutions across industries, and its uptake will only increase in the near future.
How does democratizing AI offer real-time insights to support value-driven business decisions?
It is difficult for someone to gain knowledge of the full ecosystem of AI technologies because there is so much untapped potential in AI that has yet to be uncovered. Because of this, the majority of enterprises are having trouble implementing AI because they lack the necessary knowledge and abilities, which has led to a shortage of AI-driven breakthroughs. Since AI is a constantly evolving field, experimentation and the development of novel solutions to address enterprise-wide use cases shouldn’t be left to a small number of individuals.
AI decentralization will assist companies in accelerating digital business changes on a broader scale. AI building blocks are being developed by businesses like Microsoft, Google, and Amazon and made available to its teams so they may build on top of the stack and address more complex issues. Making AI more approachable for a wider audience, including business users, is the notion behind democratizing AI. This will allow for the development of novel ideas without concern about technical difficulties. More precise machine learning models can be created if we have a big volume of data sets since AI, especially ML (machine learning), is all about data. These models may be made accessible so that a bigger group can use them and create new breakthroughs.
How are you using AI systems to help your clients’ business growth? Give some examples of use cases.
At Sports Techs, we are focused on the sporting industry. Our unique AI system uses an in-house architecture to perform data visualization to unveil hidden patterns in data and rapidly generate actionable insights. It offers real-time data delivery, real-time scalability and support for massive data loads. All with a 99.997% average up-time. Our proprietary end-to-end solution provides institutions a portfolio of market-leading product, bookmaking platform and wagering services.
One use case would be our sports fund, which it utilities a hybrid analytical method consisting of both quantitative and qualitative methods to derive trading strategies for our traders to execute high-margin trades with our global connected platforms.
What are the key trends in AI and Predictive analytics that can accelerate business transformation?
Based on previous data, predictive analytics allows for forecasts. The accuracy of the resultant forecasts will increase with the quality of the given data. Machines learn from historical data and make predictions with the aid of artificial intelligence (AI) and sophisticated machine learning algorithms, much as how we do the same when predicting what might happen in the future based on our prior experiences. The global market for predictive analytics will increase from 10.5 billion USD in 2021 to 28.1 billion USD by 2026, at a CAGR of 21.7 percent, claims a recent report.
Predictive analytics outcomes are improving in accuracy and precision as AI technology matures as a result of the big data revolution and accessibility of high-performance compute and storage. Organizations are using predictive analytics to save operating costs and find new ways to upsell or cross-sell their goods and services.