We have entered a completely new business era where everything we do is shaped by data. Artificial intelligence has become the driving force behind which data evolves. It shapes day-to-day business processes and works in harmony with the decision-making process behind business intelligence. Pairing business intelligence with artificial intelligence is the only way businesses can stay ahead of the game.
One of the major problems that businesses now face is that they have access to so many data sources that it has started to overload their processes. They are drowning in data and need to be rescued. We see a lot of business intelligence systems being completely overrun with data. Artificial intelligence seems to be salvation.
The Evolution of Business Intelligence
· Descriptive Analytics: This aspect of the system will take raw data and then transform it into a format that is digestible to humans. It allows businesses to understand their customers’ behavior and adopt new policies to cater to them.
· Predictive Analytics: As the name suggests, this type of BI is used to provide future insights into businesses. It uses data to formulate the best statistical probabilities.
· Prescriptive Analytics: This type of BI provides statistical advice for businesses. It combines predictive analytics with other factors to explain why it will happen.
This evolution is important to understand because it’s the basis for everything businesses do today. But due to the sheer volume of data being introduced to businesses in today’s world, these systems are starting to become overwhelmed and eventually, they will break. Simply funneling data through filters into these systems is not going to cut it anymore.
Artificial Intelligence is Becoming Must-Have Technology
The modern business landscape is starting to place a high demand on artificial technology. It’s no longer optional. Even small businesses are beginning to see the strain being put on their business intelligence practices.
Artificial intelligence is transforming several industries. Look no further than the medical field to see this in action. AI has already started to take on the role of medical assistant and serves as a powerful tool to make a quicker, more reliable diagnosis of patients. Plus, we see it play a prominent role in the creation of medicines.
More importantly, combining business intelligence with artificial intelligence is enhancing the decision-making process for businesses. Without AI, leaders within a company are expected to go through hundreds of reports to make informed decisions. Artificial intelligence can break down this data even further, providing insights that help executives make these decisions. It essentially limits the number of reports that leaders have to wade through.
Why Business Intelligence Needs Artificial Intelligence
Business intelligence and artificial intelligence go together like peanut butter and jelly. By 2020, I fully expect this combination to become a requirement. Here are some reasons why business intelligence needs artificial intelligence to reach its full potential.
1: There is Too Much Data
The sheer volume of data is starting to overwhelm the entire business intelligence landscape. Big companies are investing millions in analyzing this data and finding ways to integrate it into their systems. Big data is not going to slow down, so businesses are trying to find ways to continue incorporating it into their business plans. Merging business intelligence with artificial intelligence is the Holy Grail. AI can transform raw data into actionable data automatically as its being fed into the system. This allows data to reach its full potential.
2: There is Not Enough Data Scientists
The United States is facing a data crisis in that there is a shortage of nearly 200,000 who possess the proper analytical data skills to make the most of big data. This demand has created a high price point in hiring these valuable individuals, so there is no way they can be placed in every department. Artificial intelligence provides information in a way so that users do not require deep technical knowledge. The goal of AI is to roll out information to all departments in a company into a digestible format so that management can focus on making important decisions.
3: AI Provides Real-Time Insights
The staggering rate in which big data is being introduced to the market requires businesses to constantly update their reports. Data that is a month old is sometimes useless. The ability to provide real-time insights makes artificial intelligence invaluable in all fields. For example, look at just how powerful it has become in the medical field. Artificial intelligence automatically monitors social media posts to predict outbreaks. If it can do that, imagine the real-time insights that businesses can receive.
4: Dashboards are Not Good Enough Anymore
Sure, when we’re looking at a single dashboard with only a couple of datasets, then it seems as if a dashboard is fine. But imagine trying to decipher thousands of data points coming in all at the same time. This is what businesses are dealing with right now. Artificial intelligence eliminates the need for dashboards by providing actionable reports that are based only on relevant data. To add to this note, statistical analysis is also no longer enough to make actionable decisions. Combining business intelligence with artificial intelligence is the only solution to meet these demands.
5: Spend Money Wisely
Artificial intelligence vastly reduces the costs of creating business reports since it can compare and sort data automatically in real-time. As entrepreneurs, we always look for different ways to increase revenue while also reducing costs. AI will do both at the same time! In the past, we’ve seen AI focus mostly on cost savings, but new applications are being created to generate higher revenue.
Artificial Intelligence is Here to Stay
AI has the power to analyze data as it is being collected. If you don’t invest in this powerful technology now, then you’re going to be stuck sorting through millions of gigabits of data being gathered by your business intelligence system. Eventually, the entire system is going to collapse. Combining business intelligence with artificial intelligence has now become a requirement if you are to stay competitive. Research Optimus Team guides with proper business intelligence and artificial intelligence needs for a business to take leap.