Most CIOs and analysts, whether focused on marketing or operations, rely heavily on data and there is no doubt in it.But,what needs to be understood is that,how a data is retrieved, analyzed and ultimately leveraged for better decision making. This is when Business intelligence and Artificial intelligence plays an important role. These terms are not new to us.We have been going through these terms very often. Individually, these solutions offer capabilities many organizations find powerful. Now,what becomes more interesting and effective is implementing both the solutions together.
BI involves processes that focus on data collection, analysis, reporting, and insight generation, while AI in BI supports these and other BI functionalities too. BI requires the ability to handle extremely large volumes of data. AI also works well when a large volume of data is considered inorder to increase the quality and accuracy of algorithms and machine learning processes.In this sense,their blending will be a worthier process.
The primary focus of BI AI is faster and more accurate management of data sources and processes that an organization performs for BI and analytics. Let us now look into how AI contributes to improve based on the different type of process as shown below:
Data preparation - AI tools help to improve the quality and speed of data preparation by automatically monitoring for input errors, formatting issues, and duplication.
Analytics - As it was discussed before,analyzing large amounts of data becomes much quicker when BI solutions use integrated AI capabilities to enhance data analytics.
Insight generation - There are certain difficulties that a human faces while processing or extracting from large datasets.AI has the ability to produce insight that humans would have difficulty extracting from large datasets. Business intelligence AI in BI systems can discover unexpected patterns and unanticipated connections across business departments, core processes, and datasets.
Real-time reporting and visual dashboards — AI within BI systems can lead to enhanced real-time reporting and dashboards. When AI prepares and analyzes data, companies can rely on rapid, up-to-date insight on important KPIs and business metrics without the need for constant human surveillance.
rrespective of the size or industry, the organizations strive for better decision-making capability and improved outcomes. The application of AI to BI continues to develop Organizations that used these two previously separate capabilities are now finding its combination potentially transformative.
AI is poised to transform how analysts and their organizations work with information , while BI providing fancy dashboards with little intelligence, AI-enabled BI can scan through a variety of information sources and help determine the positive and the negative. The result is a notification with the right information inorder to make right decision at the right time.
There are many companies that has embraced AI in BI to improve their analysis of sales, customer personalization, production, risk management, fraud detection, and other core business processes. Many organizations have begun this revolution, transforming their operations with noticeable results.
Here are few companies listed that uses AI in BI:
ING, a Dutch multinational banking and financial services organization, has used AI-enabled BI. ING has tied payments, client credit data, and other information into a powerful tool for various departments. The sales department, for example, can use the insights gleaned from the new tool to help clients see various options in order to make better decisions. In addition, the risk department can improve the quality and efficiency of risk assessment to more efficiently determine loans and lines of credit for worthy clients.
Chevron, This energy industry leader used AI to analyze massive volumes of data from historical well performance. The analysis revealed the best areas to drill new wells around California, increasing production by 30% compared to older methods of well analysis.
Netflix, It has disrupted the entertainment industry and redefined the way studios and publishers produce content that fulfills the demands of their audience. The company uses AI in BI to enhance production and their understanding of customers by gaining insight into actors that people want to watch the most and scouting for the most desirable filming locations.
Uber, uses BI to bring multiple data sources together in real time to produce up-to-the-moment analysis. This includes the ability to change pricing for services as the demand for rides rises and perform risk assessments and fraud detection.
Due to the proliferation of data, many businesses are at risk of being overburdened with data. The unique rise of 'big data' — and the obsession with its analysis — can easily silence the core business of the company.
Enter BI and AI. Business intelligence software based on AI allows businesses to break down data into manageable insights and understand big data.
AI is set to alter the very dynamics of analysis. The current generation of analysis tools (supported by AI) makes it possible to perform predictive analyses, or to use data to decipher future insights. And this can also use historical and behavioural data to predict the possibilities.
In turn, organizations can use their AI-powered BI platforms to make direct, data-led decisions with speed, precision, and foresight.
The Value of AI-Powered Business Intelligence sheds light on the future of AI in BI. Included are insights from AI subject matter experts on the features to look for in the next generation of BI tools, including predictive insights. Through this article you will gain an understanding of how AI is fundamentally changing the discipline of business intelligence where AI decision-making can have serious consequences for both individuals and organizations.
Simply, the future of BI is likely to be driven by artificial intelligence-based systems.