We are currently ushering in a new era, an era where data is being leveraged like never before. What was once viewed as a near impossibility is now realistic, and by utilizing the power of AI companies can extract maximum value from data.
AI is slowly integrating with various business processes, where companies are using advanced algorithms to uncover trends and insight to maximize productivity. Machines can sift through reams of information and help businesses make better business decisions in real-time.
AI continues to gather momentum, growing in stature and application. Platforms are more holistic than ever before, automating analytics processes with advanced software. There are various emerging vendors offering software suites built on AI principles.
But what AI software are businesses using? Let’s take a look at some of the top players to look out for:
HANA is used to manage the databases of information companies collect regularly, serving as SAP’s cloud platform. It operates by replicating structured data, from customer information to sales transactions collated from various sources.
Whether installed on a company server or via the cloud, the technology absorbs information from various access points, like mobile and desktop computers for example. Data from most business transactions can be analyzed and better understood by HANA, so you can better spot trends and irregularities.
Walmart has been utilizing HANA to process transactions in more than 11,000 stores, providing its capabilities at scale. What’s impressive about the technology is it can process many transaction records within seconds. It has enabled Walmart to operate faster, while dramatically reducing back-office costs by consolidating processes.
DOMO: Business Dashboards
This business management software company has raised an astonishing $500 million in funding, creating a dashboard that collects information to assist decision-making. It uses a cloud-based dashboard that can effectively scale as organizations grow.
It can be used by teams of 50 or 500, via more than 400 native software connectors which facilitate DOMO operations. These collect data from third-party apps, which offer insight and give context to business intelligence.
DOMO can pull data from various sources, including Salesforce, Facebook, Shopify, Square, and other applications, offering insight on things like product inventory, customers and sales. A practical example of this is where merchants extract data from Shopify and e-commerce software to manage their only stores.
When information is extracted, it can be used to generate reports and highlight trends in real-time. These trends can then be shared with other company devices. DOMO representatives recently announced a new set of features for the platform, which draws upon AI, predictive analytics and machine learning.
This has been introduced as Mr. Roberto, a feature that provides advanced guidance for decision-makers. Many major players are already putting the platform to good use, for issuing new alerts and notifications, for example. Its detection of patterns in data can help companies predict ROI in real-time.
Evisort was founded to initiate AI contract management, developed to make life easier for attorneys, procurement officers, finance and ops. Contract automation can significantly reduce workflows which often detract from a company’s core competencies.
Typically a human would have to sift through reams of information, but with Evisort’s principles contracts are easily accessible and trackable. AI technology enables companies to activate critical data in contracts, to analyze and manage contracts like never before.
Companies can consequently unlock productivity in unique ways, using the power and speed of machines to execute otherwise time-consuming tasks, while adding value to business processes like never before.
Manual contract tracking is a thing of the past, and the Evisort concept is currently spreading across multiple industries.