Artificial intelligence and business intelligence have something in common – they’re both about data, information, and knowledge.
Business intelligence AI , or BI AI , is an increasingly popular way to understand more about the world around you, from human activity patterns to supply chain management to the performance of your workforce.
Data mining and analytical processes have never been faster or more accurate than with business intelligence AI . As it becomes more widely available, we’ll see our own businesses become faster, smarter, and more efficient, using the most powerful tools at our disposal – AI.
Business intelligence (BI) isn’t exactly new – it’s actually been around since the 1960s, when companies began using computers to analyze data and drive strategic business decisions.
Back then, the process of collecting data was much more cumbersome than it is today, however, and it wasn’t until recently that technology improved to the point where big data analytics could be effectively used by businesses.
However, with recent innovations in artificial intelligence (AI), that has all changed – AI can now analyze data faster and more accurately than humans can – but does this mean that BI will become obsolete? Absolutely not!
So why have these two seemingly disparate technologies suddenly found themselves working together? One word: progress.
What is Artificial Intelligence?
Artificial intelligence (AI) is a blanket term used to describe computer systems capable of performing tasks usually requiring human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.
AI can be found everywhere from self-driving cars to spam filtering.
In business intelligence (BI), it is primarily used for pattern analysis on data collected through business processes and reporting that information back to users.
The combination of these two technologies can help organizations gain valuable insights into consumer trends, uncover hidden patterns in transactions, and make more informed decisions than ever before
Artificial intelligence, or AI, is a hot topic. In fact, Google CEO Sundar Pichai proclaimed that machine learning and AI are at a seminal moment and have become fundamental to modern-day computing.
However, while many people understand what artificial intelligence is, they might not fully understand its role in business intelligence or know why so many companies are incorporating it into their BI (business intelligence) strategy.
To help set things straight on exactly what AI can do for your company as well as some future projections for where it could go next, let’s look at some of its most prominent uses today.
How Does Artificial Intelligence Help with Business Intelligence?
Artificial intelligence (AI) is rapidly transforming business, from self-driving cars to streamlining customer service.
AI systems can take in vast amounts of data, analyze it instantly and make better predictions than humans can.
Think how that might help businesses make smarter decisions. While AI is being used to change every part of your business, business intelligence (BI) helps you gather all that information, organize it and act on it.
AI is often cited as one of BI’s most important future growth areas. With AI playing an increasingly prominent role in big data analysis, it should come as no surprise that BI providers are incorporating AI into their products or actively partnering with AI specialists to offer hybrid solutions featuring both technologies.
According to Gartner, business processes involving structured, predictable information are well suited for automation with AI technologies. This means AI can take care of repetitive tasks (and free up your team for more strategic projects). Most notably, AI is expected to make a big impact on customer service.
Artificial Intelligence Improves Business Intelligence’s Applications
Artificial intelligence improves the performance of business intelligence software.
Business intelligence is better positioned to break down enormous amounts of big data into granular insights, helping organisations to better comprehend the value of tiny components within a broader picture, thanks to artificial intelligence.
Then there’s the issue of real-time insights, given that BI can analyse and visualise huge data but can’t foresee trends or provide real-time insights in its current form. AI, on the other hand, uses cutting-edge technology such as machine learning to provide real-time predictions about future trends.
As a result, business intelligence systems’ capability will be expanded, and their value to organisations will increase.
Artificial Intelligence Facilitating Difficult Procedures for Business intelligence
Even with business intelligence technologies, surveying huge data may be a difficult task.
Professional data analysts must comb through hundreds of charts and dashboards to obtain the information they want.
AI, on the other hand, can make the procedure easier. The simplification occurs when AI-based technologies such as natural language processing (NLP) and machine learning bridge the gap between machine and human communication.
Artificial intelligence helps robots comprehend human language and vice versa, making it easier for data analysts to identify correlations and insights.
AI-powered BI enables businesses to analyse a wider range of data, including both structured and unstructured data, in order to gain more deep and complete insights.
Artificial Intelligence can Help Close the Gap Between Visual Representation and Actionable Insights
AI-enabled Businesses may use BI to gain vital insights into previously unexplored data.
AI-powered business intelligence apps may analyse new data and discover any trends that are important to the company. AI also enables BI to make use of cutting-edge technologies like as predictive analytics, machine learning, and natural language processing to broaden the scope of the information given.
Organizations need solutions that can bridge the gap between visual representation and actionable insights, not just a visual dashboard of big data trends.
AI-assisted business intelligence can help bridge this gap.
Resolve Issues with Talent Shortage
Data discoveries are presented on a visual dashboard by business intelligence; however, with data coming in from various sources, dashboards find it difficult to present the data in an easy-to-read fashion.
AI, on the other hand, allows information to be described at a large scale, making it easier to derive actionable insights.
There’s also the problem of skill to consider. There is a serious scarcity of data analysts as of 2019. By handling some of the activities traditionally outsourced to a data analyst, the correct processing software can help ease some of the challenges caused by a skills scarcity.
How You Can Use Artificial Intelligence for Your Company
Artificial intelligence is almost always seen as a separate entity from business intelligence. The truth is, however, that AI can make all forms of BI better.
The partnership between AI and business intelligence is something that’s going to be increasingly important in coming years.
When it comes to finding ways to work together, you might find yourself asking questions like How can I use artificial intelligence for my company? or What role does AI play in business intelligence?
Those are good questions, especially since we’re only just starting to see how effective these technologies can be.
Here are a few things that AI can help with when you incorporate it into your BI strategy.
In order to leverage AI for your business intelligence, you have to understand how it works. There are three main ways businesses use AI today:
- Using machine learning algorithms to analyze large datasets;
- Training robots to simulate human tasks;
- Using natural language processing to interact with customers.
Each of these three methods of implementing artificial intelligence has a role in your company’s AI strategy.
The role of AI in business intelligence has grown rapidly over recent years. It is now capable of analyzing data quicker than a human can, which provides business owners with vital information to make informed decisions.
Artificial intelligence is essentially computer software that can act autonomously. Through its many algorithms, it’s able to learn from your data and make predictions based on those observations.
For example, a company could use artificial intelligence for its call center by collecting customer service inquiries through phone calls, emails or live chats. Then AI could use data such as age, zip code or gender to group customers into segments like 45-55 year old women or students. These groups are called clusters.
Ascend Analytics and Business intelligence AI
Ascend Analytics envisions a world in which analytics and artificial intelligence are seamlessly integrated to improve human experiences and business outcomes.
Over ten nations and a wide range of industries rely on us. Ascend Analytics offers consultancy services in data analytics and predictive analytics. It facilitates the extraction of essential insights from high-quality data by allowing real-time data streaming from a variety of sources.
Ascend Analytics brings together strategists, data analysts, data engineers, developers, data scientists, and machine learning specialists to visualise and nurture new ideas alongside your company. All of the relevant enabling technologies is included in the final architecture.
Descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics are all available through Ascend Analytics.
For Ascend it’s all about data driven business growth and new opportunities for value creation. Contact us today to get a free consultation.