News
News
Knowledge is power. The more you know about your business, the better you can run it. Business intelligence is the process of analyzing large datasets to give actionable insights. Artificial intelligence tools are perfectly positioned to assist business leaders in making data-driven decisions by performing analysis more efficiently and accurately.
In this article, we’ll go through exactly how artificial intelligence in businesses helps people make more informed decisions.
Broadly speaking, AI's role in business intelligence is to improve efficiency and accuracy. And it does this at every stage of the process. While a business intelligence analyst may take days or weeks to sort through massive datasets, AI takes minutes.
After the AI system has sorted through the data, it can detect patterns and trends. This could be patterns in sales, stock demands, or customer satisfaction. Once the trend is spotted, predictive modeling can produce descriptive business intelligence analytics to identify business opportunities.
AI has the power to collect, store, and analyze datasets that would previously have been accessible only to large organizations. These AI systems democratize information to allow companies of all sizes to make informed business decisions. All you need to do is adopt the right AI solution for your needs.
Automating data collection means gathering, sorting, and storing a vast amount of data in a fraction of the time it would take a human to complete the same task. This vastly improves the efficiency of business operations right away. AI can analyze huge datasets and determine what is relevant and what should be discarded.
Having AI handle your data gathering also means that you can collect data in real time. Smart sensors accurately filter out useful information as it comes in, allowing businesses to react quickly and adjust their predictions immediately. The more data processed by AI models, the more accurate they become. AI models are very accurate from the start, but just like humans, they improve over time as they become more attuned to your specific needs.
In addition to capturing relevant data, AI models can understand sentiment. This allows them to categorize raw data in ways that offer real insight into things like customer experience.
Speech-to-text software can be used to understand and collate audio information from podcasts or news sources discussing your brand or industry, while customer phone calls are analyzed to identify common issues and customer sentiment. With AI in the mix, you are no longer limited by the source of information. It is now all available to be quickly collected, analyzed, and used to make better business decisions.
In the modern business world, data comes from a wide range of sources. A broader scope of information allows you to make better business decisions. But only if you can properly collect and sort the information.
Implementing an AI system to automate the extract, transform, and load (ETL) processes gives you a unified platform to view the data. Regardless of the source, the data will be transformed into the same format so it can be easily analyzed, viewed, and manipulated in one place.
While the data is viewable in one place under one format, you can still check the source of each piece of data. Intelligent data categorizing allows you to track the source of the data so you can manually review anything that stands out. These anomalies can then be used to train the AI system further so it can spot them independently in the future.
The natural language processing that it takes to understand and organize texts semantically is a very advanced AI model. So, too, is anomaly detection and pattern recognition, which allow AI tools to produce accurate predictive analytics in real time.
The latest and perhaps most crucial advancement lies in explainable AI. This means that the business intelligence solution can fully explain in simple terms why it has come to its conclusions. This ability to self-report on business intelligence helps to give business users confidence in taking action on AI recommendations as they understand the logic and reasoning behind them.
AI can improve the speed and accuracy of data analysis, but it can also improve the quality of reports. The report is ultimately the document used to make decisions. It often needs to be viewed by multiple stakeholders and decision-makers from different areas of expertise.
Differences in terminology and goals often lead to conflicts in understanding and, therefore, decision-making. For these reasons, a simple PDF data summary isn’t going to cut it. AI allows you to create interactive dashboards with real-time data that allow business users to drill down into different areas.
Finance analysts, marketing experts, and business leaders can all highlight the issues that are most important to them, and then AI can produce data visualizations that encourage cross-department understanding. This allows everyone to set benchmarks and identify areas for improvement. A well-trained AI system will find these opportunities and even suggest a corrective course of action.
Natural language generation summarizes technical data in a way that can be understood by everyone within the company. This ensures that every area of the business can make decisions from a holistic point of view. A well-designed reporting system removes many of the intra-department unknowns, encouraging more cohesive decisions that focus on improving the business as a whole.
AI technology is the future of business. It gives you far greater knowledge in a faster time than you've ever had access to before. If using AI for improved business intelligence seems out of the realm of possibility for your company, get in touch so we can show you what New Odyssey is capable of achieving. Everyone can be in the business intelligence business. Talk to our team of experts to get started.
reach out to us
