Top Business Questions Data Can Answer

Businesses are plagued with multiple ifs and buts that hinder their success. Historically, they relied on consulting companies for answers to these questions. This is evident in the management consulting industry being valued at $1 trillion in 2024. But things have changed since the entry of AI in space. By using AI for data analytics, businesses can get answers to their questions right from their data itself. By asking the right questions, companies can swiftly uncover valuable insights and trends that were previously obscured. In this blog, we’ll explore the myriad of business questions data can answer with ease.

Business Questions Data Can Answer

Let’s look at the business questions data can answer according to industries, departments, and question types.

Industry-Specific Business Questions Data Can Answer

1: Fintech

Identifying trends and preventing fraud are the biggest concerns in the fintech industry. Luckily, with AI in data analytics, these problems can be easily addressed. Here are a few questions you can ask your data:

Which customers won’t renew their policies in the next quarter?

What’s the ideal premium rate to maximize revenue?

Which policy is customer X more likely to buy?

What are the biggest risks to our portfolio? How can we mitigate these risks?

Where should we invest to maximize returns?

The incredible speed at which AI can run through your data and monitor real-time transactions allows it to detect any suspicious activity instantly. It triggers alerts on anomalies, empowering you to safeguard your business and customers against fraud.

2: Retail

Retail businesses keep juggling between retaining existing customers and attracting new ones. Reading the customers’ minds is a major challenge. Here are some retail business problems data analytics can solve:

What products are selling the fastest? Which ones are slow-moving?

Which customers haven’t purchased in the past 6 months, and what offer will bring them back?

How will a 15% discount affect the sales of laptops in Los Angeles?

Who are our most valuable customers? What are their purchasing behaviors?

What is the optimal pricing strategy to maximize revenue?

Which products should I stock up on for the next quarter?

AI can analyze customer data and predict their behavior. It can tell exactly which product and price the customer is likely to buy. This level of hyperpersonalization is a game changer for retail businesses.

3: Manufacturing

The manufacturing industry is constantly troubled by inconsistent demand. Overstocking and understocking are usual problems. Here are the manufacturing business-related questions you can ask your data to solve these problems:

Which products are in demand for the next quarter?

When is the best time to schedule maintenance for our equipment?

How many bottles should we manufacture this month?

Which retailers will/won’t reorder in the next quarter?

How can we optimize our product delivery route for winter next month?

By analyzing historical data and market trends, AI can forecast demand with laser-sharp accuracy. Predictive maintenance is another massive benefit of AI integration. AI monitors machines in real-time and detects signs of wear, instantly scheduling maintenance at the right time.

4: Real Estate

The real estate industry is a complex web of market trends and property values. Predicting market trends has a big impact on the success of a real estate business. Here are some key questions you can ask your data:

What areas are experiencing the highest growth in property values?

What marketing channels are most effective in reaching our target audience?

What is the optimal pricing strategy for a commercial building in Omaha?

How are interest rates impacting buyer behavior and property prices?

What are the demographics and preferences of our ideal buyer or tenant?

AI enables dynamic pricing based on market trends and demand. It can help you stabilize your business in the constant market fluctuations and changing customer preferences.

Get Answers With AI

NavAI is an ML-powered data analytics and forecasting tool that can answer these business questions and more in seconds. With its intuitive interface and advanced algorithms, you can easily explore your data and make smarter decisions.

NavAI empowers you to:

Predict future trends and make data-driven decisions.

Optimize your operations and reduce costs.

Personalize customer experiences and boost sales.

Identify hidden opportunities and risks.

Make the best use of your data.

Try NavAI!