Question

With the advancements in machine learning, artificial intelligence, and the Internet of Things (IoT), what benefits and challenges exist for organizations relying on artificial intelligence to perform Predictive and Prescriptive Analytics?

Answer 1

AI-powered tools help companies gain a competitive advantage by creating better products and services tailored to their customers, reduce risk of failures or downtime, reduce costs thanks to predictive maintenance, increase operational efficiency, improve safety and compliance, instantly process data, and to get a better understanding of their customers. Predictive analytics, when paired with artificial intelligence, allows businesses to identify their potential customers or probable responses by using personalized data collected over time.

In prescriptive analytics, AI can explore new lines of thought to propose unseen solutions that are out of reach of the human mind. Using machine learning, AI determines by itself the rules that best suit the data to reach the predefined objective . AI-enhanced human operators can then choose to manually execute or discard the actionable insights, or decide to automate the dull, expensive, unsafe or time-sensitive tasks. The shortcomings of using AI on predictive and prescriptive analytics included the limitation of human involvement in the data managements and analytics processes. The consideration that AI combined with prescriptive analytics can predict human behavior with certainty stems a form of danger where the technologies can be manipulated to envisaging future human intentions.The lack of control and exploitation of the technology are additional fears fault the use of AI in predictive and prescriptive analytics.