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AI has taken the business world by storm. Companies are testing applications in a wide range of areas to extend productivity and reduce costs. However, certainly one of the numerous potential uses for artificial intelligence is its potential for use along with business intelligence (BI) tools to enhance a corporation’s data usage and decision-making.
The convergence of generative AI and business intelligence gives executives a more powerful toolkit to assist them make informed decisions and shape the long run direction of their brand.
Related topics: Artificial intelligence might help leaders make higher decisions faster
The value of mixing AI and BI
The value of applying artificial intelligence to business intelligence tools needs to be immediately apparent given the quantity of information that corporations generate and depend on every single day. According to an evaluation by Veritas, the typical enterprise-level company stores roughly 10 PB data — that’s 23.1 billion files — with 15% of that data being business-critical, 33% being redundant or outdated, and 52% being unclassified.
From sales pipelines and logistics tracking to the information captured from web visitors or by customer resource management software, the sheer number of information points a business can (and doubtless should) use to enhance its performance can quickly change into overwhelming.
As Konstantinos Mitsopoulos, a researcher on the Institute for Human and Machine Cognition (IHMC) in Florida, explains in an interview The Harvard Business Review states: “Fundamentally, generative AI systems can help overcome some of the problems that hamper human decision-making, such as limited working memory, short attention spans, and decision fatigue, especially when decisions must be made under pressure. Generative AI tools can potentially help decision makers save time and energy, freeing up time to focus on the most important problems or questions.”
How generative business intelligence works
Although business intelligence tools contain a wide selection of useful data, accessing that data is usually difficult for organizations. If team members don’t understand tips on how to turn available data into meaningful insights—and even tips on how to find that data—they will not deliver the worth they need.
On the opposite hand, combining AI and BI (also known as Generative Business Intelligence or GenBI) makes it much easier to realize data-related insights. GenBI tools allow users to enter a question or query in natural language, which the combined AI and BI solution transforms into an analytical query to provide a relevant evaluation and even a whole dashboard.
In an interview with Unite.ai, Omri Kohl, CEO and co-founder of Pyramid Analytics, said: explained“GenBI simply enables anyone to gain the insights they need, regardless of their expertise. Traditional BI tools require the user to know which data manipulation technique is best to get the results they want. But most people don’t think in pie charts, scatter plots, or tables. They don’t want to have to figure out which visualization is most effective for their situation – they just want answers to their questions. GenBI provides those answers to anyone, regardless of their expertise.”
In particular, this mixture of AI and BI makes it possible to offer query results either in a plain language version or in a visualization that best conveys the information. GenBI removes the technical barriers that usually prevent individuals from accessing and using the information they need. These tools lay the inspiration for informed decisions by not only providing data, but in addition making it easy to know.
Related: How to make use of the facility of information analytics to grow what you are promoting
Practical applications
Business intelligence has long been considered a helpful tool for identifying trends in consumer and market behavior, evaluating performance, and understanding what’s and is not working for a business. High-quality data analytics are essential for business leaders to make informed decisions for marketing, product development, and other essential points of the business.
By using AI to increase the facility of traditional business intelligence, executives are opening up a world of recent possibilities for a way they’ll use their data to strengthen the business.
For example, AI can construct on standard business intelligence data by utilizing that historical data for predictive analytics – namely, forecasting outcomes related to potential future trends or business decisions. This allows corporations to more proactively understand the risks and opportunities related to various events and actions.
AI’s ability to routinely discover trends and anomalies can prove critical to empowering the human decision-making process. Given the vast amount of information available, combining AI and BI might help leaders discover specific issues or concerns and respond quickly. Alternatively, GenBI could make it easier for leaders to discover opportunities to personalize the client experience or optimize their internal processes to create more engaging experiences.
By improving operational efficiency, the mix of AI and BI ultimately enables executives to make decisions with confidence, knowing they’ve access to all relevant data related to that call.
Related: 4 strategies to assist leaders improve and speed up their decision-making process
The way forward for decision making
Combining an easy interface with the power to maximise the use and understanding of an organization’s data, the mix of AI and BI will dramatically improve business decision-making within the years to return.
Leaders who strategically use these resources to expand their very own knowledge and skills are well positioned to attain results which can be aligned with their organization’s key objectives.
