It’s the age of informed decision-making. Everything is weighed, calculated, and calibrated with precision—even seemingly intangible data—using technology, redefining how we can harness data in decision-making. A game-changer in this segment is generative AI, which empowers individuals and companies to reshape and scale their businesses by coupling it with data analytics.
Generative AI (GenAI) has been a digital adversary for a while now. While its roots trace back to the 1960s, it wasn’t until the introduction of generative adversarial networks (GAN) in 2014 that it gained significant growth and widespread attention in deep learning and generative modelling. In 2022, the emergence of the smart chatbot ChatGPT was another milestone. Since then, large language models (LLMs) used in GenAI training have given rise to a technology that possesses the capacity to think and reason.
According to a 2024 Forbes report, 75% of professionals expect that GenAI will cause ‘significant or disruptive change like their industry’s competition’ over the next three years. It is also predicted that GenAI will contribute $15.7 trillion to the global economy by 2030.
In this blog, we’ll dive deep into the transformative potential of GenAI in data analytics by exploring its possibilities and applications.
What is Generative AI for Data Analytics?
GenAI primarily involves algorithms designed to generate new content using existing datasets. When applied in data analytics, GenAI facilitates synthetic data creation, enhancing the ability to test and validate analytical models. Synthetic data refers to artificially generated data that mimics real-world data but is created rather than collected from actual observations or measurements.
This was impossible with conventional approaches that read into historical data because of their rigidity. GenAI enhances the richness of existing data and allows businesses to predict potential outcomes by crafting tailor-made scenarios from the given data. 2024 is said to be the breakout year for GenAI. It will soon be a go-to solution for data analysis, as it is faster, more efficient, and facilitates easier generation of insights from massive datasets.
Using machine learning for data insights is a key element of generative AI. Drawing from the principles of machine learning, natural language processing, and generative models like GANs or variational autoencoders, GenAI simulates a series of data ‘instances,’ enabling analysis of potential trends and patterns within given datasets.
Applications of Generative AI in Data Analytics
GenAI can support your data and business throughout digital transformation as well as routine data analytics tasks by maintaining the quality of your data, refining it through multiple checks, navigating compliance regulations, and resolving glitches and gaps.
Automate Application Development Coding
By using GenAI-specific application development large language models (LLMs), you can generate the template code for your applications. It acts as a migration accelerator to convert legacy codes to codes supported by the source destination.
Automation for code changes enhances your applications’ development lifecycle by improving productivity and speeding up delivery. GenAI can automate the transformation of large data sets by interpreting and executing changes for vast data in a shorter time. It helps developers save time and reduce effort.
Chatbots for Engaging Interactions And Reports
Thinking about adding chatbots to enhance your content? Thanks to LLM models, it’s now easier to implement and launch chatbots for your website. Leveraging its ability to analyze language and generate text, GenAI assists in creating high-quality and engaging blog posts, news articles, and much more.
When incorporated into front-end analytics, it can add valuable context to your existing reports, enhancing their effectiveness. You can integrate GenAI chatbots with your workflows through API integration or native app deployment, based on your preference.
Data Integration, Visualization, and Optimization
Pool diverse data sources and let GenAI seamlessly integrate them via synthetic datasets— mirrored real-world scenarios that help identify potential challenges with harmonious convergence of different data sets.
Also, where visual representation in data analytics aids decision-making the most—GenAI can be an artist that draws up synthetic datasets for testing and refining. Boosting efficiency in data processes, GenAI can become a guide in data analytics and help refine data using algorithms, increasing collaborative efforts to set up optimized data processes.
Best Practices for Data in Cloud Migration Journeys
Staying compliant with governance frameworks is a top priority in migration journeys, for which GenAI tests and mitigates data misuse risks, helping you shift smoothly away from legacy systems in your digital transformation towards a new outlook on innovation with modern platforms.
Moreover, in shifting business intelligence (BI) solutions to the cloud, GenAI enables you to overcome compatibility challenges arising from legacy software. It takes over code conversions such as transforming SAS code to Python or PySpark, and addresses various other BI data requirements. Or, it can convert SQL queries to Apache Spark SQL for optimized big data processing and refactor R scripts into Scala for integration with Apache Kafka streaming platforms.
No Compromise on Data Quality in Any Process
Let GenAI guard your datasets and alert you proactively regarding potential issues by constantly assessing the robustness of data through multiple quality checks. GenAI ensures data accuracy and consistency by cleansing and standardizing data and identifying and rectifying inconsistencies, duplicates, and errors.
It leverages advanced analytics for thorough data profiling, gaining deep insights into quality metrics, and continuously monitoring data health while seamlessly integrating disparate data sources and performing intelligent data transformations to drive accurate analysis and reporting.
An Industry-specific Outlook: Enterprise AI Analytics Solutions
When it comes to data analytics, tailor-made solutions are the norm today. Let’s see how you can prepare your data to yield the best insights from your data using generative AI.
Customized industry-specific solutions help with the following:
- Customer Data Analytics: Increase satisfaction and delight customers by pre-empting their needs using GenAI for insights in customer data analytics. Different customer behaviors can be simulated as scenarios and tested, enabling you to develop accurate predictive analytics to enhance marketing strategies. Walmart, for instance, uses advanced AI for inventory management and pricing strategies.
- Marketing Analytics: Empower strategies and fine-tune campaigns with GenAI to simulate market scenarios and optimize performance. Cloud hyperscalers like Microsoft, AWS, Snowflake, and more have multiple AI features for businesses looking for GenAI solutions. For example, Hexaware’s AWS-backed GenAI solution helps build better retail marketing strategies by offering in-depth analysis and insights into customer reviews and ratings.
The solution empowers product experts by enabling them to ask GenAI questions to gain deep insights into customer behavior, emerging trends, and new product specifications. This accelerates e-retail feedback loops and puts you ahead of your competition.
- Supply Chain Analytics: You can perfect operational excellence by simplifying your supply chain with GenAI. It helps with deeper insights and minimizes risks by aligning your data to mirror real-world scenarios. GenAI assists supply chain management and lets manufacturers optimize operations by identifying demand fluctuations. It also can provide personalized delivery operations and transport route optimization. Ultimately, it helps identify bottlenecks and vulnerabilities, aiding in strategy development.
- Finance and Operations Analytics: GenAI can give you precise forecasts when coupled with data analytics so that you can plan for contingencies and allocate resources for an optimal operational budget accordingly. It is a transformative solution for robust risk management strategies, new business cases, vendor management, and regulatory measures.
For instance, in automating the loan auditing process, GenAI helps financial institutions to enhance efficiency and accuracy while reducing operational costs. In the case of ERISA bonds, Hexaware’s GenAI solution leverages Microsoft’s OpenAI, providing a user-friendly interface that simplifies bond classification and risk assessment. It secures bond investments and ensures that they align seamlessly with the specifications under the ERISA Act and other regulations.
Benefits of Integrating Generative AI in Data Analytics
For many businesses, the most time-consuming, labor-intensive manual process is sifting through vast amounts of data. It’s just like searching for a needle in a haystack. Nevertheless, this process is crucial and unavoidable. It demands meticulous attention to detail and a considerable amount of guesswork when done manually, making it prone to human errors that can prove costly.
GenAI in data analytics improves data quality by continuously refining it using custom algorithms for specific scenarios. This helps businesses pinpoint and work through potential issues before they affect growth and revenue. Here’s how:
- Quick Time-to-market: Time to market is quicker as and when analytical models and demand-based innovation become possible. If you are about to launch a product and wish to conduct a test campaign, combining data analytics and GenAI helps leverage the data that you already have. It helps with effective storytelling, anticipating market reactions, and exploring alternative strategies.
- Contextual Understanding of Data: The AI system can comprehend and interpret data within the appropriate context. It helps with context-specific, deeper insights. Leveraging GenAI to integrate natural language into data analytics enhances data agility, enabling it to accurately reflect intricate datasets and generate diverse scenarios.
- Natural Language Queries: When natural language processing and GenAI are used together in data analytics, data insights become more accessible through natural language queries. This streamlined interaction enhances the user’s experience with the data.
- Support For Automation and Real-Time Analysis: Real-time analysis gives you the agility to respond to market conditions quickly. Especially for marketing firms, the ability to instantly work around trends, consumer reactions, and behaviors as they unfold can allow for real-time adjustments to campaigns, content, and strategies.
- Recognition of Patterns, Correlations, and Relationships: GenAI makes it possible to read into data like never before and reveals hidden narratives. It helps integrate and visualize data from various sources to identify outliers, clusters, correlations, and changes to improve accuracy in problem-solving.
- Scalability In Data Processing: GenAI enhances scalability in data processing by employing advanced algorithms that can efficiently handle large and growing volumes of data. For instance, in healthcare, it can analyze massive datasets from patient records to identify trends and patterns for personalized treatment plans.
- Finding Perfect Business Solutions: GenAI adeptly navigates extensive historical and unstructured data, unveiling hidden patterns that empower your business to pinpoint optimal strategies for resolving complex organizational challenges.
Generative AI: The Perfect Solution for Enhancing Data Analytics
If you want to enhance your data-powered initiatives’ effectiveness and efficiency, then generative AI models could be the differentiator. It adds value in challenges arising from scenarios where markets change rapidly, businesses are subject to global turmoil, and other factors need keen monitoring, even pre-empting.
By clubbing GenAI with data analytics, you can deal with the complexities of data precisively. Moreover, GenAI has become rather easy to adapt to these days, as IT services companies like Hexaware are increasingly enabling businesses to transform such ideas into business goals. Get insights on our advanced data and AI solutions, already elevating businesses to simplify tomorrow’s challenges.
Transform the Way You Analyze, Interpret, and Act on Data with Hexaware
Data-driven decision-making doesn’t need to be a challenge anymore. Generative AI has brought a transformative wave in data analytics. From amplifying industry-specific business intelligence to redefining advanced analytics for various business verticals, GenAI solutions now play a crucial role in modernizing businesses.
Your business can use GenAI to scale data processes, improve contextual understanding of data, and even automate the development of applications; the list is endless. Reach out to Hexaware today to upgrade your enterprise data and analytics strategy and learn all about our generative AI services to reimagine possibilities.
