10 Ways AI in Business Intelligence Transforms Data Analytics Capabilities
One way to take your business to the next level is through the power of Artificial Intelligence (AI) and Business Intelligence (BI). Whether it's identifying trends, simplifying complex tasks, or streamlining work processes, AI can transform the capabilities of BI to make it more accurate, modern, and efficient.
At Aloa, we emphasize the importance of business intelligence in accelerating startup and business growth. Business intelligence has the capability to streamline your decision-making process, increase revenue, and create a sustainable roadmap for your company's success. But with the advent of AI, BI can be taken to a whole new level.
In this blog, we will explore the difference between AI and BI. We will also discuss some ways AI in business intelligence can transform your business capabilities, along with top AI tools that can help your organization unlock deeper insights, manage initiatives effectively, and synergize efforts across the organization.
Let's get started!
What are Artificial Intelligence and Business Intelligence, and is there a Difference?
The terms Artificial Intelligence (AI) and Business Intelligence (BI) are not interchangeable.
AI refers to computer-generated intelligence that can help in decision-making and synthesizing large amounts of data to provide insights that you can use to make better-informed decisions. AI tools and software can also help you detect patterns that can be difficult to uncover using manual data collection methods.
Conversely, BI refers to the use of data and analytics (gathered by AI) to make informed business decisions. When applying BI, you organize and structure data to bring about actionable insights you can act on. These insights then lead to improved decision-making processes based on real-time data.
As we go through this blog post, remember that AI and BI are different technologies used together to provide more insights and create a competitive advantage.
10 Ways AI in Business Intelligence Transforms Your Capabilities
AI in business intelligence can open up many opportunities for organizations to improve their decision-making processes. As a result of better decision-making processes, businesses can also start to see improved revenue and cost savings.
Here are 10 ways AI in business intelligence can help you achieve this:
1. Enhance Overall Decision Making
One of the main benefits of AI is its ability to analyze large datasets quickly and accurately, allowing for better and more informed decisions in real time. Automating mundane tasks through AI can also free up valuable resources, allowing businesses to focus on more pressing and vital decision-making tasks.
Companies and startups can use AI-enabled dashboards to aggregate, and correlate gathered data into one place. Whether you use pre-made AI-enable dashboards or build your own custom-made dashboard, AI-powered dashboards can provide a comprehensive view of the data and help you gain insights into performance.
Extracting meaningful data then opens up the opportunity to uncover insights that would be too complex or difficult to do manually. AI can see past traditional market trends due to its vast capabilities, allowing organizations to make informed decisions based on insights they may not have discovered before.
2. Streamline Work Processes
Another valuable way that AI in business intelligence can transform your capabilities is by streamlining work processes. AI can automate monotonous tasks, freeing employees to focus on more high-value tasks requiring human input.
Moreover, AI-powered data analytics helps you uncover previously unreachable insights by allowing users to cast a broader net in data gathering. With the ability of an AI to streamline work processes, companies can start to transform their capabilities past the necessary business elements.
The byproduct of enhanced BI also results in better employer-employee relationships as employees see more productive and engaging tasks. With that businesses could see better retention rates among employees and an overall boost in morale when it comes to accomplishing essential business tasks like reporting and project completion.
3. Boost Functionality of Existing Systems
Modern startups and companies must use systems and software that enhance their capabilities to function in an organized and efficient manner. However, these systems and software must keep up with the ever-changing market conditions, customer needs, and cybersecurity threats.
AI can help businesses quickly adjust to changing market conditions and customer needs. AI can improve various functions such as spam detectors, automated insights, process automation, sales forecasting, and security surveillance.
Traditionally, investing in system and software updating requires a full investment of time, resources, and manpower. Using AI to support software development and necessary updates, businesses can apply newer systems more quickly while saving time and resources on the components needed to stay updated.
4. Simplify Complex Tasks
Simplifying complex tasks such as data analysis, inventory management, and customer service is another capability that AI technology can bring to businesses. AI's ability to process vast amounts of data quickly enables businesses to gain insights faster than ever before.
This means being able to identify and target potential customers more accurately, as well as quickly responding to customer inquiries and feedback. For example, customer service and sales teams can double their capabilities in handling customer inquiries. AI can help with pre-emptive problem-solving before customers are even aware of it.
Using chatbots and automated responses can also help businesses delegate the importance of an inquiry and prioritize them should the chatbot be unable to develop a viable response that answers the customer's question. There are a handful of other ways AI can simplify complex tasks, so be sure to read up on them and see how you can apply them to your current needs.
The best way to optimize your use of AI in BI is to thoroughly outline a sustainable business-process redesign. This involves working with AI to divide labor between humans and machines, to ensure a balanced workflow that leverages both types of intelligence to deliver optimal outcomes.
Applied right, you'll see a system that enhances the capabilities of each individual to speed up traditionally intricate tasks in business intelligence. This includes marketing efforts, sales processes, and customer data collection, where AI tools such as ML can be used to maximize efficiency and minimize resource waste.
5. Create Well-rounded Products
Products that add value and benefit customers are a business's foundation. Understanding what customers want, need, and expect is necessary for building success. AI can help enterprises to gain insights into customer expectations and help companies create products that satisfy customers' needs.
Additionally, AI in BI helps companies understand how their current products are performing and can help improve existing products by identifying new features or solutions for customers' concerns. With that, businesses can ensure the longevity of their product's success by continuously applying changes and updates as needed.
AI-based predictive analysis can also be utilized in new product development to understand the potential demand for a product by analyzing current market trends. Since AI in BI assists in uncovering essential data on customer expectations, founders and innovators can then use that data to build products that fulfill customer needs.
Startups and businesses focusing on selling digital products can also leverage tools like GitHub Copilot to support their product development process. On the other hand, companies focused on selling tangible products, like retail or e-commerce, can take advantage of Amazon's predictive analytics capabilities to understand customer buying habits.
6. Assimilate the Latest Industry Trends
Businesses that keep up with industry trends can gain a competitive edge. With the help of AI in BI, companies can stay ahead of their competition and leverage the latest industry trends to their advantage.
AI-based solutions provide companies with data on market shifts, customer behavior, and other essential metrics, which helps them identify potential growth opportunities. By assimilating the latest industry trends, businesses can seize new opportunities and understand how to leverage them for success.
Furthermore, AI in BI tools gives businesses the insights to understand potential risks associated with certain decisions. This helps organizations make more informed decisions regarding investments, product development, marketing strategies, etc.
With AI in BI, businesses can stay ahead of the curve and make sure they are taking advantage of any trends or opportunities that come their way. This can be especially important for startups and small businesses that need to act quickly to stay competitive in their respective markets.
7. Adopt New Strategies to Fit Customer Behavior
AI in business intelligence brings new opportunities for companies to transform their strategic capabilities to align with customer behavior. By gathering data-driven insights into customer needs and behaviors, companies can make each touchpoint more relevant and responsive.
AI can help curate content and recommendations, create individualized news feeds, and process unstructured customer data. Additionally, utilizing AI for ad targeting and real-time, optimized bidding can enhance customer segmentation, sentiment analysis, and social semantics.
Being able to adapt strategies to fit customer behavior then results in higher engagement and loyalty, as customers are connecting with the brands they love in a more meaningful way. In turn, this can lead to better conversions and increased revenue.
8. Unlock In-Depth Analysis
With access to in-depth analysis in regard to business performance, AI and BI can serve as valuable resources for organizations. AI in business intelligence allows businesses to go beyond simplistic data analysis like the number of people who attended an event or the number of new customers gained.
AI-based BI solutions provide companies with a greater understanding of customer behavior by combining insights from different sources and providing more accurate predictions. AI-based analytics solutions can also give a business a better view of its customers, products, services, and industry. With this data-driven understanding, the business can make better decisions on developing products and creating customer-centric approaches.
AI in business intelligence also helps businesses gain insights into competitors' performance, allowing them to understand their market better and stay ahead of the competition. With access to in-depth analysis provided by AI-based BI tools, companies can identify gaps in their offerings and devise strategies accordingly.
9. Effectively Manage Department Initiatives
AI in business intelligence can help organizations effectively manage department initiatives by reducing operational time and costs and eliminating human errors. When individual departments can access the correct data, they can make better decisions and create strategies to help them reach their goals.
AI-based business intelligence solutions can process large quantities of data quickly and accurately to gain insights into customer behavior, product performance, or market trends. This also helps businesses become more agile and efficient in making decisions and developing strategies.
In effect, individuals and department leads can quickly analyze data, make decisions and take action without waiting days or weeks for a report.
10. Connect Efforts Across the Organization
In relation to the previous section, individual departments connected to each other can maximize their connection with AI in business intelligence. Once each department is able to efficiently and accurately manage its tasks and initiatives, it can improve communication and collaboration across the organization. This then results in better overall performance and working efficiency.
For instance, sales teams can leverage insights from product teams such as customer trends and usage data when crafting campaigns and strategies. Also, product development teams can leverage customer feedback that's been gathered by customer service teams to better understand customer preferences.
By utilizing AI in business intelligence, organizations can extract and analyze data from various sources across the organization. This allows them to identify trends, correlations, and relationships between different departments, providing a more holistic view of their operations.
With this level of insight, they can quickly identify areas for improvement and drive business growth.
5 AI-Powered Tools For Business Intelligence
AI in business intelligence is rapidly becoming an integral part of data analytics. Companies have access to many AI-based tools to help them get the most out of their data. Here are some popular AI tools for business intelligence to consider:
Microsoft Power BI
Power BI allows businesses to organize, analyze, and visualize data more efficiently than other spreadsheet programs. It provides companies a unified view of customer data from emails, chatbots, and social media. It enables them to track key performance indicators in real time and quickly identify and solve problems.
In addition, AI-as-a-service and AutoML platforms can be used with Power BI to create enterprise-grade proofs of concept. Companies can leverage this powerful tool to develop smarter, more adaptive BI tools that can help them make more informed decisions and gain a competitive edge in their industries.
With its advanced functionality and robust features, Power BI is a must-have tool for any organization looking to harness the power of AI in business intelligence.
Looker is designed to curate content, recognize patterns and images, process unstructured data, and anticipate customer needs. It can also help in:
- Prioritizing leads
- Forecasting demand
- Building automated insights
- Creating automated customer assistance
- Providing diagnostic, descriptive, predictive, and prescriptive analytics
Looker provides organizations with real-time insights that help in making informed decisions. It is a must-have tool for businesses that want to leverage AI in business intelligence to transform their operations and stay ahead of the competition.
When it comes to leveraging AI in business intelligence, Board Software is a powerful tool that can optimize AI-driven decision-making. Board Software can co-opt customer emotions, optimize processes, and enable informed decision-making.
Additionally, it can extract business value from data and help curate content, individualized news feeds, ad targeting, and customer segmentation. Board Software is a valuable tool for businesses looking to effectively leverage AI to make data-driven decisions and achieve their goals.
One of the AI tools for business intelligence is Tableau Software. This business intelligence tool uses AI to analyze data and create meaningful visualizations. Tableau Software provides a range of features such as:
- Process analytics
- Automated insights
- Data mining in social networks
- Online analytical processing (OLAP)
Companies can leverage Tableau Software to automate tasks, increase output, reduce operational time and cost, and provide a better and more personalized customer service experience. With these advanced technologies, Tableau Software can help businesses make data-driven decisions more efficiently and accurately, ultimately leading to better business outcomes.
Oracle Analytics Cloud
Oracle Analytics Cloud (OAC) is a cloud-based analytics platform that helps companies gain valuable insights from relational databases, apps, and other sources. It offers advanced analytics capabilities such as machine learning (ML), predictive analytics, and natural language processing that can help organizations quickly process and analyze large volumes of data.
Additionally, OAC provides an intuitive user interface to quickly build, deploy, and share dashboards and reports. With its powerful features and capabilities, using OAC can help businesses make better-informed decisions based on accurate and relevant data.
AI in business intelligence has the potential to transform data analytics capabilities by helping companies extract valuable insights from customer data, anticipate customer needs, and make better-informed decisions. Businesses can optimize their operations and stay ahead of the competition by leveraging tools such as Power BI, Looker, Board Software, Tableau Software, and Oracle Analytics Cloud.
Alternatively, businesses can invest in developing their own AI software to automate processes, reduce operational costs, and gain a competitive edge. Regardless of the approach taken, leveraging AI in business intelligence is critical for any organization looking to stay ahead in today's ever-evolving digital world.
Using AI-enabled technology to streamline BI initiatives is fast becoming essential to running a successful business. If you're ready to apply AI in BI, reach out to the Aloa team and see how we can guide you through creating the best software that supports your goals.
Our custom software development services are designed to help companies create the best AI-powered BI solutions that will lead them to success.