Artificial intelligence, or AI, gets thrown around so much in the business and technology fields, nowadays, that it seems more like a cliche than a usable tool. However, the truth is that AI and machine learning really are changing the field of BI in profound and lasting ways. While AI on its current scale is fairly new to the market, the reality is that businesses that utilize BI will eventually need to capitalize on the advantages that AI brings to the table, or else they will be left behind. Here are some of the key benefits that AI has in the world of business intelligence…
See Changes and Irregularities in Real-time
The tools of BI are typically built around presenting data in a way that allows management to see trends and predict future behavior. This means that it’s important to notice when specific trends change, suddenly, whether that’s an impact on sales, clientele, personnel, or the market at large. If you have a streaming data warehouse, AI tools are able to process that information, immediately, as it happens. This allows dashboards to be built with specific features that notify executives of sudden changes that necessitate important and timely changes.
Integrate Search-Based Platforms to Your Dashboard
Even after a huge amount of data from various sources is carefully organized and presented in a dashboard, large enterprises can still have an overwhelming amount of information to sort through. The good news is that you can create your own search-based solutions in your dashboard with the use of machine learning. Over time, AI can be trained to recognize the answers that people are looking for so that executives can spend less time looking for them. Essentially, you can use a similar algorithm that Google uses, but on a much smaller scale that is personalized to a specific business and industry.
View Future Trends and Possibilities
Perhaps the biggest benefit of AI is that machine learning is able to make complex calculations from large amounts of data that make it able to more accurately predict future trends. This is invaluable for businesses that need to react to an ever-changing market at breakneck speeds. The BI & analytics value chain moves from descriptive (see what happened in the past) to diagnostic (see why it happened) to predictive (show what will happen in the future), and finally prescriptive (how will we make it happen). Traditional BI and analytics are mainly helpful with descriptive and diagnostic, but if you want to get higher up the value chain, AI is what will help you move into the realm of predictive and prescriptive.