The hype around artificial intelligence (AI) shows no signs of slowing down. Much of that noise is caused by the sheer number of startups and major players that claim to offer products powered by AI.
But what exactly is AI? How can it be used in business intelligence? And, perhaps most importantly, how can it transform the business world?
Artificial intelligence (AI) is a broad term that describes the ability of machines to think and act like humans. It's an umbrella term encompassing many technology types, including machine learning, natural language processing, computer vision, and robotics.
What is business intelligence?
Business intelligence is a set of tools and processes for analyzing data, making decisions, and improving operational efficiency. It's been around since at least the 1960s, but it has recently seen a significant resurgence in popularity for several reasons.
For one thing, it's less expensive than ever before to get started on business intelligence projects – with modern cloud-based platforms like Microsoft Power BI and Google Analytics 360, it's possible to get started with just a few thousand dollars. Whether you're looking to learn more about what your customers are saying about your products, or you want to make smarter decisions about how much money you spend on marketing campaigns, there are many ways AI can help.
BI primarily relies on data – and the more data a business has, the better its decisions become. With the rise of AI, companies can use more complex algorithms and machine learning to gather, organize and analyze more data than ever.
Companies have used BI tools to help them make better decisions, but the technology has been limited in some ways.
But what if we could combine those same tools with artificial intelligence (AI)? That's precisely what several companies are doing. According to Datamation, these include Microsoft Azure, Google Cloud Platform, Amazon Web Services, IBM Cloud, and Alibaba Cloud.
How can AI transform business intelligence?
In the past, data was often processed and stored in ways that didn't make sense for decision-making. Data was unstructured and difficult to analyze, making it hard to derive meaningful results from the data. In addition, there were many cases where decisions had to be made based on information that was not readily available, which led to delays in getting the correct answers.
Today, businesses can automate many processes that previously required human intervention using AI tools like machine learning, predictive analytics, and artificial intelligence (AI). This allows companies to make better decisions faster than ever before while providing more accurate predictions about future outcomes.
Businesses can also use these tools to streamline their operations by simultaneously identifying new opportunities and risks across different parts of the enterprise. This will allow them to act on them immediately rather than waiting until something disruptive happens before taking action – which could cost millions or even billions of dollars if they don't catch it quickly enough!
In short, AI has the potential to transform the way businesses collect, analyze and make decisions.
Technology can be used in many ways. Let's dive a little deeper, shall we?
Expanding the role of team members
Companies adopting AI tools are finding new ways to use them to expand their business. For example, many companies have started using bots for customer service or salespeople who are not physically present at certain times or locations. The bots can answer questions from customers seeking assistance via chat or phone and provide relevant information about products or services without requiring a member's time and attention during those interactions.
These can include but are not limited to providing additional customer support through social media channels or developing new product lines based on customer feedback received via email inboxes. This frees up time for the team members so they can focus on other tasks.
Impacting the customer experience
Another way that AI is transforming business intelligence is by helping companies understand their customers better so they can improve their customer experience (CX). The more insight businesses have into customer behavior, usage behavior, and preferences, the better they'll be able to serve those customers' needs – and increase sales as a result!
Making processing of data easier
By automating the process around data finding and organising, AI is helping in driving decisions that were previously made based on intuition or hunches. This allows companies to make intelligent predictions and make informed decisions about what products and services to offer their customers.
These benefits are not limited to big companies; smaller enterprises can also benefit from AI-powered BI solutions that provide them with the same information processing power that large corporations enjoy.
Encouraging more collaboration
The ability to collaborate with others has become much more critical since AI has developed. One of the most exciting developments in AI is the ability to converse with other experts who might be in a different location or country.
These tools allow people to work better, and find answers quickly and efficiently by pooling their collective knowledge and expertise. So, suppose you have a team of data engineers you have hired. In that case, they can work together in real-time across borders, time zones, and other boundaries, which helps increase productivity and efficiency across the organization.
Changing the relationship between business and IT
By using AI-powered tools such as advanced search functions, organizations can quickly sift through large amounts of data without relying on manual workarounds or human help. As a result, businesses can reduce costs while freeing up resources to focus more intently on their core business operations.
The reliance on IT for decision-making is unsustainable for many organizations, as it takes too long to collect and process the data needed. AI can help solve this problem by automating the processes that used to take days or weeks.
AI and business intelligence are a perfect match. AI is designed to solve problems, and business intelligence is designed to understand problems. Together, they can help business leaders make smarter decisions. AI is all around us, but we're only just beginning to realize its potential for BI.