How well do you understand the benefit of AI analytics for your organization and your members? Analytics tools including Artificial Intelligence (AI) and Business Intelligence (BI) tools can help your association maintain a competitive edge, exceed goals, and drive innovation.
Momentive Software research discovered 33% of association professionals will increase their spending on analytics and business intel tools in the next 12 months. Large organizations are more likely than small organizations to invest in analytics and BI tools.
Read our blog to discover what AI analytics is, why it matters, and how your association can use it.
What is AI analytics?
AI analytics is the application of AI techniques to automate processes, analyze and interpret data, gain insights, and make predictions or recommendations. To enhance decision-making capabilities, AI analytics uses advanced technologies like machine learning, natural language processing, and data visualization.
Ultimately, AI analytics can help you lower organizational costs, reduce errors, improve accuracy, and free up staff resources to focus on member-related strategic tasks.
How does traditional analytics differ compared to AI analytics?
Traditional analytics can be performed without AI and be organized into two types:
- Descriptive
Descriptive analytics summarizes and interprets historical data to gain insight into events, patterns, and trends. It answers the question: “what happened?”
- Diagnostic
Diagnostic analytics offers crucial information about why a relationship or trend happened between variables. It answers the question: “why did this happen?”
AI can be used to enhance analytics with machine learning to handle complex data, identify patterns, and make predictions. AI is a powerful tool that organizations can use to process data and accomplish tasks much faster than a human.
Here are the two types of AI analytics:
- Predictive
Predictive analytics uses statistical modeling, machine learning, and data mining to make predictions based on historical and current data. You can use predictive analytics to determine which members are likely to lapse. It answers the question: “what will happen?” - Prescriptive
Prescriptive analytics uses advanced processes and tools to analyze data and content to recommend a strategy or course of action. After identifying which members are at high risk of lapsing, you can use prescriptive analytics to determine your next best action to keep the membership—for example inviting them to an event or doing personal outreach.It answers the question: “what should we do?”
5 key benefits of AI analytics for associations
When you leverage AI analytics you can achieve better outcomes for your association. Here are the top five benefits for your organization:
1. Advance data analysis
AI helps your organization analyze your member data quickly, ensuring you uncover patterns and correlations a human might miss. AI makes comprehensive data analysis simple, offering deeper insights and ensuring your organization is on track for data-driven decision making.
2. Elevate decision-making
With AI analytics, your association can process complex data sets, perform member predictions, and make recommendations based on your data. This offers your organization actionable insights, ensuring you make strategic decisions and helping you stay competitive within your industry.
3. Automate repetitive tasks
Do you ever feel like you’re wasting time on the same process related tasks? AI can help! AI can automate repetitive and time-consuming tasks related to data analysis, freeing you up to focus on higher-value activities. Automation also leads to more consistent and reliable results, reducing the risk of human error.
4. Boost efficiency and productivity
AI analytics can accelerate data processing, helping your association gain faster insights and make quicker decisions. AI can also streamline your operations and boost productivity, ultimately resulting in cost savings and an improved use of your resources.
5. Enhance the member experience
As you leverage AI analytics at your organization, you will better understand your members’ behaviors, needs, and preferences. You can use AI to personalize marketing, pricing, and member service. Your personalization efforts can enhance the member experience, increase satisfaction in your association, and improve retention.
Examples of how associations can use AI analytics
Now more than ever, you can use AI analytic tools to future-proof your association. Here are two examples of how organizations are using AI prepare their processes and empower their staff for the future:
- Events
Enhance your association’s events with AI analytics to help you track and analyze your records by different event types or registration information. Leverage widgets and tracking options to break down your event goals, outline your KPIs, and more. For example, you can configure your AI analytics tool to show how many events your members have registered for, track which events are most popular with your members, and determine which events might generate the most interest with non-members. - Donations
Your association can gain valuable insights into your fundraising initiatives with AI analytics. Using AI analytics tools can give your organization visual indicators to help you know if you’re on track to meet your current campaign goals. By leveraging AI analytics, you can track your revenue, increase staff efficiency, and stay focused on hitting your fundraising KPIs.For example, perhaps your organization is wondering about an appropriate member donation based on past behavior. Leveraging AI analytics, you can determine a specific donation, using a data model set to acquire the proper recommendation.
