Future of Analytics : AI-Powered Business Intelligence
Artificial intelligence (AI) in business intelligence has been a hot topic for quite some time. Gartner’s hype cycle features AI heavily, and AI will play a big role in the future of Business Intelligence. For example, some of the recently developed AI capabilities seem to come straight out of a science fiction movie: voice recognition and digital assistants, task automation, medical diagnoses, and facial recognition systems—and systems to fight those facial recognition systems.
This growth is a result of several factors, including big data proliferation, IoT expansion, and the need to better understand the collected data. While BI has contributed significantly, there are still some areas for improvement. Hence, in this article we will explain what BI is, how AI improves technology and what it means for the organisations.
What is Business Intelligence (BI)
Most often, business intelligence systems use data that has been gathered into a data mart or a data warehouse and sometimes from operational data to provide historical, current, and predictive views of business operations. Statistical data mining, interactive pie charts, pivot table analyses, and reporting are all supported by the BI software. There are applications for managing business performance, analyzing sales data, production data, and financial information as well. By benchmarking, information can also be gathered about other companies in the same industry, including their competitors, their products, or similar markets.
The business intelligence (BI) industry is facing massive disruption. Business intelligence is transforming due to the powerful integration of artificial intelligence (AI) frameworks such as Natural Language Processing (NLP) and predictive analytics.
What is Artificial Intelligence (AI)
Artificial Intelligence (AI) differs from Business Intelligence (BI) by concentrating its primary goal on automating the process of collecting, reporting and analyzing data. Artificial intelligence is primarily focused on modeling human intelligence. AI programs can simulate human behaviors and thought processes and learn to make rational decisions.
Business users who do not possess deep technical knowledge can benefit a lot from artificial intelligence.
- AI’s ability to analyze massive quantities of data and deliver recommendations recommendations based on that data makes analytics and big data insights understandable to the average person, and not just data scientists. There used to be a sharp divide between two groups of users-those familiar with data science and those not-but AI bridges that gap, providing insights in an easy-to-understand form.
- AI enables you to put your data to work. AI helps you to use your data to your advantage by analyzing all the collected data and delivering real-time recommendations. Your competitors will be stuck sorting through mountains of data on their own if they don’t use AI. By integrating AI into your data collection process, you will be able to identify more trends, create recommended actions based on those trends, and ensure that those actions and contextual information are provided to your end users exactly when and where they need it.
- Like any technology, AI certainly has its limitations—most notably in terms of cybersecurity or inherent bias—but there are also significant advantages. Despite this, many businesses still cannot recognize AI as a trend in the future of business intelligence and analytics. The companies that begin to implement AI will soon find themselves outperforming their competitors in terms of improved business performance and higher revenue.
- In the business world, Artificial Intelligence (AI) has helped usher in a new era of Business Intelligence (BI), which uses analytics to create real-world business solutions. It is now possible for BI practitioners and developers to develop systems and solutions to guide effective decisions. Business decisions can be based on more reliable, accurate information, which can lead to valuable insights. Up until now, BI professionals were stymied by bad or incomplete data, poorly architected solutions, or even just outright inefficient systems and resources. AI has opened up new possibilities for BI. For practitioners, developers, and more importantly, executives and leaders who are responsible for making knowledge-based and intelligent decisions for their organizations, AI powered Business Intelligence brings plethora of opportunities.
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