Artificial intelligence (AI), which is becoming more popular, might seem like a buzzword. Or that it's only confined to self-driving cars or showing you what you should watch on Netflix. We'll tell ya, it is not.
AI is actually changing how we live. It has a direct impact on how we shop online, communicate and entertain ourselves. Artificial intelligence technology is all around us. It's everywhere, from deep learning and natural-language processing systems to autonomous cars and intelligent robots. It's changing the way we live in a connected world.
It doesn't end there. AI is fundamentally changing the way businesses work, manage their business processes and implement new strategies to increase their success.
Companies can now gather more data than ever before. AI is quickly becoming a key component in business analytics. It allows businesses to gain valuable insights from their data. It allows them to provide better customer service, make better decisions and grow faster.
How does AI help improve business intelligence? This post will explore the topic of AI, and explain why it is so important for next-generation business intelligence.
Why Business Intelligence?
Before we look at how AI can help businesses become more profitable and efficient, let's briefly define business intelligence. Business intelligence (BI), refers to the technologies and tools businesses can use for collecting, storing, and analysing their business data.
Think of dashboards, reports and visualizations as tools that help you understand and take action on data. These tools allow businesses to better understand and manage their business data, which in turn allows them make better decisions and improve processes.
Here's the problem. Although data from a business can help it understand its customers, market, and product better, it cannot show its owners where it is going or make any business decisions based on that information.
Artificial intelligence is the answer.
What is Artificial Intelligence?
Artificial intelligence (or AI for short) refers to computer systems that exhibit human-like traits. These are achieved through specific algorithms. It can learn, solve problems and make decisions just like a human.
AI models use historical data to do this. They can then use the information they have learned to predict future outcomes using new information. They process and act on information in much the same way as the human brain.
Artificial intelligence models can do tasks such as:
Text data can be read and categorized. This includes Twitter feeds, user reviews and emails.
You can detect the tone of conversations. This could be done in chat sessions or via voice interactions.
Identify objects in images by classifying them. It can identify almost any object in an image, and it can classify images based upon what is in them.
Pattern recognition. It can recognize patterns in data, such as seasonality in product sales.
Forecast key performance indicators. This allows the model to forecast things such as revenue and commodity prices
AI can draw on the data it has collected to try to predict the future, as shown above. An AI model can complete sentences in an email and predict how much revenue a company will generate over a certain period.
AI systems excel at sorting through large amounts of data and are therefore perfectly suited for Business Intelligence (AI).
The Interaction Between AI & BI
Businesses are now capturing more data than ever before. The reason is simple: With more people shopping online and communicating online, the volume of data generated by businesses is astounding.
Businesses can't rely on traditional BI tools for data analysis and insights. Businesses need additional tools to help them develop business strategies and improve their decision-making. Companies such as Marketing Mix Modeling Intelligence can help you make sense of the data. AI is the only way businesses can understand the huge amounts of data available to them.
AI helps businesses:
Understanding their data. Businesses can now use AI to analyze large amounts of data and spot trends faster than ever before.
Get deeper insights. Businesses can get deeper insights from their data. Businesses can get deeper insights from their data if they augment it with data from external sources that helps them identify trends and patterns.
Complex processes can be simplified. Businesses can automate tedious tasks by using technologies such as machine learning and natural language processing. This allows businesses to increase their operational efficiency and create better customer experiences.
Growth is possible. Businesses can grow when they are able make better decisions quicker.
It's easy to see why businesses want to combine business intelligence with machine learning and artificial intelligence. This can be a great investment for businesses. Even though AI and BI have different purposes, they work well together and businesses can make informed decisions based upon the huge amounts of data they collect every day.
These technologies allow for next-generation business processes, automation, and give businesses the chance to gain valuable insights and make better decisions. They also increase operational efficiency.
It is no surprise that BI with AI has gained popularity in large businesses around the globe. General Electric and Siemens, for example, use it to track their equipment and plan preventive maintenance. This improves their machinery's upkeep.
Amazon also uses AI and BI for optimizing their staffing and Amazon uses it for optimizing their supply chain based upon customer demand.
The bottom line
Artificial intelligence is the future of business intelligence, as more business data is being generated than ever before. This will give businesses deeper insights than ever before. This will allow them to create better strategies, spot trends and make better decisions.
This ultimately leads to greater growth and more success.