Unlocking Business Insights: Leveraging the Synergy of Business Intelligence and Artifical Intelligence for Effective Data Analytics

Preview this chapter:

Unlocking Business Insights: Leveraging the Synergy of Business Intelligence and Artifical Intelligence for Effective Data Analytics, Page 1 of 1

< Previous page | Next page > /docserver/preview/fulltext/9789815256864/chapter-7-1.gif

Nowadays, the market is full of a variety of products for a single item, which makes it very difficult for customers to choose which product is best for them according to their price range. At the same time, it also creates a huge problem for manufacturers and business people to sell their products in this market, with a variety of customers who have different needs and expectations from the products they purchase. One of the most important factors in selling a product is its price and standard, which determine its sales and demand in the market. So, it is most important to sell the product as per the customer's needs and also at a price so that they can afford it. As there is a rapid evolution of technology, it is being used by other sectors to make a profit and also to understand market needs and their performance in the market. So, it is also very necessary to implement the technology in this sector, as it deals with a huge number of customers and is very important for the businessperson to make a huge amount of profit. A business intelligence tool is used, and its purpose is to analyze the market. It collects complete information about a product in a huge quantity, which helps it predict future results more accurately. By applying this tool in business, it predicts the future sale of the product in the market, and if they decide to come up with a new product in the market, what should be the selling price they need to fix for its sale, and how can they increase the demand for that product in the market? One of the biggest advantages of using this tool is that it also predicts the performance of the manufacturer in the market and the different areas they should focus on to improve their productivity. This concludes that using business intelligence in business solves many problems for the manufacturer, starting from analyzing the market to understanding the needs and expectations of the customers. Not only does it help businesses, but it also helps customers so that they can purchase the product that meets their expectations.