BLOGS

Business Intelligence for Business (2/5): How AI is transforming BI

Srivatsan Aravamudan Nemili / Oct 17, 2019

AI is bringing robustness to the BI

Welcome to the second post in this Business Intelligence for business series. We discuss several aspects of Business Intelligence and its implications on the business. If you have not read the first article on this series, please click here. Now let’s dive into today’s topic.

Business Intelligence for Business (2/5): How AI is transforming BI

AI was once discussed only in fictional books and movies. However, AI in business intelligence is evolving into everyday business as we know it. Companies can now use machine algorithms to identify trends and insights into consumer behavior and make faster decisions that potentially position them to be competitive in real-time.

The explosion of new big data sources, including smartphones, tablets, and Internet of Things (IoT) devices, means business no longer wishes to be weighed down by heavy static reports generated by BI software systems. They require more actionable insights. This is what powered BI to step out of its zone.

BI software over the years has evolved into:

Descriptive analytics

This is the most straightforward BI system that summarizes data and informs what happened.

Predictive analytics

As the name suggests it “predicts” the future. Predictive analytics enables companies to have future insights.

Prescriptive analytics

A relatively new but robust field that enables users to prescribe various possible actions and advise accordingly towards viable solutions

Adding artificial intelligence (in the form of machine learning) into business intelligence is the surest way to accelerate data insight.

Establishing a unified AI+BI database—an insight engine—means a business organization can move from an analytics posture that looks back to one that looks forward. This is the difference between asking “what happened in the past?” versus asking “what will happen in the future?”

This close AI integration provides seamless user experience, and deliberately so. People are busy running businesses, not technology, so it’s important for data analytics solutions to explain the logic behind the answers and suggestions, as well as receive live input from users as to how these AI-driven modules are performing in the real world.

Solutions that offer insights on past purchasing behavior, help plan and forecast for the future, and deliver ideas to optimize the business are in high demand. This is a result of their ease of use, ability to help market, buy and sell better, and improve operational efficiencies, ultimately leading to increased profitability — all with the help of AI.

If these were not enough let’s look at why a business needs AI-powered BI systems

1. The Dashboards are not enough.

2. AI helps to avoid a big data overload.

3. AI helps to get insights in real-time.

The journey to a fully operational AI +BI capability that can withstand the requirements of the Extreme Data Economy begins with a single step toward the right infrastructure. Get in touch to set up a no-obligation session with a PsiberTech expert who can help bring AI to your BI.