Will Artificial Intelligence And Business Intelligence Be A Combinational Boost for Businesses?

Business Intelligence (BI) and Artificial Intelligence (AI) are tools that are often misunderstood in the enterprise setting. Business Intelligence and artificial intelligence are widely popular and imperative.

Artificial intelligence travels around the usage of computer systems to imitate different attributes of human intelligence. It includes learning, problem-solving, and judgment. Although it is still in the inception stage, businesses are already witnessing massive potential in AI for decision-making, speech recognition, and everything in between. AI and BI have essential and overlapping enterprise-related applications.

Business intelligence solutions talk about the various technologies and tools used to gather and analyze business data. The primary purpose of BI is to offer companies with valuable information and analysis to help in decision-making. By making use of BI, businesses can make decisions approximately five times quicker than they could otherwise.

This article throws some light on the differences among each field and how they can work in harmony in the future.

The Differences: Goals of BI and AI

Goals of BI

• BI targets to make the process of accumulating, reporting, and analyzing data more efficient.
• It lets companies enhance the data quality they collect and maintains consistency.
• Business Intelligence solutions help to convert raw data into an understandable picture. Still, they are not designed to deliver the way in which that data has to be used in decision-making.
• Many leading companies use BI tools for a variety of business purposes, like HR, sales, and marketing.
• It monitors every business operation on a regular basis and utilizes data to generate spreadsheets, dashboards, performance metrics, graphs, charts, and other insights.

Goals of AI

• By modeling human behaviors and thought processes, AI programs can learn, adapt and make rational decisions.
• Using AI-driven applications, like chatbots, can boost efficiency and bring in more significant profits.
• AI can offer human operators recommendations and can act autonomously.
• In contrast to BI, which analyzes data but leaves the decision-making process to humans, AI can empower computers to make business decisions.
• AI chatbots can answer customer questions without human intervention.

Use-Cases: BI vs. AI

BI Use-Cases

Many companies also use BI ubiquitously and to better understand their customers. Businesses communicate with their customers through various interfaces, such as emails, social media, and chatbots. BI tools are capable of collecting customer data from these disparate sources and deliver it in a unified and cohesive format. By gathering and combining such data from these sources, businesses can better understand their customers and find better ways to serve them.

Companies also utilize business intelligence solutions to enhance operational efficiency. BI tools can keep track of the key performance indicators in real-time, allowing businesses to recognize and solve problems quicker than they otherwise could.

Some of the general BI applications are spreadsheets, data warehousing tools, data visualization tools, and reporting software.

AI Use-Cases

The use-cases of AI enterprise are widespread, from refining medical diagnoses to designing useful energy grids. Artificial intelligence in web applications helps in understanding retail customers better. They generally help in delivering cognitive insight, process automation, and cognitive engagement.

Process automation is the most common and valuable type of AI-powered enterprise application. Such applications can automatically update customer information and records, manage boilerplate customer communication, and offer elementary guidance on standard documentation and contracts. These applications can swap human back-office and administrative functions, according to a Harvard Business Review. Every so often, it comes with a great return on investment.

Cognitive insight applications are more progressive when compared to process automation applications. Since they interact with users and data, they can learn and progress over time. Such kinds of applications can forecast customer behavior, offer advanced IT security solutions, and frame personalized ads.

Cognitive engagement happens directly with employees and customers alike in the case of chatbots. It can respond to internal company questions, offer medical advice or general customer service, and many more.

How interdependent are Business Intelligence and Artificial Intelligence?

BI and AI are unique but harmonizing. Both computer intelligence present in AI and business decision-making intelligence with data analysis and BI visualization go hand in hand.

BI supports companies by streamlining the vast amounts of collected data. However, clear visualizations and dashboards may not be enough. By embracing AI and BI’s convergence, businesses can convert a vast amount of data into a coherent action plan.

Their benefits include the following.

• AI can empower BI tools to render clear, valuable insights from the data analyzed.
• An AI-powered system can elucidate the significance of every data point on a granular level
• It can make human operators understand the way in which we can translate the data into workable business decisions.
• AI can result in the development of more adaptive and smarter BI tools.
• With extensive data, interaction with more users, and outcome analysis, one can know the various recommendations and analyses are beneficial and adjust.
• Rather than human software engineers, AI may ultimately provide the incremental improvements that make BI tools to the next level.

Several tech companies, ranging from well-established giants to novice startups, are looking forward to capitalizing based on this approach. IBM’s research wing is moving towards rethinking enterprise architecture and transforming business processes by uniting AI algorithms, human-computer interaction, distributed systems, and software engineering.

CIO Magazine had written about the company DataRobot that builds BI solutions by predictive modeling and machine learning. It had helped a healthcare company combine AI into its BI systems. 200+ medical practitioners and nurses can access forecasts and recommendations through tablets and smartphones from their PowerBI dashboards. It enabled the healthcare company to identify patients at higher risk and plan proactively on the treatments.

Wrapping it up

The prospect of BI will likely depend on AI in a specific capacity. Even though AI and BI differ significantly, they are more powerful together. We may witness several businesses would consider AI and BI as totally attached technologies in the upcoming days. Additionally, they may further explore and invest in utilizing the full potential and enabling businesses to overcome challenges grow to new heights.

We help develop expert solutions that can help streamline your critical workflows, increase ROI with Artificial intelligence in web applications. We make sure you get the desired BI solutions catered to meet your needs. Are you looking for Business intelligence solutions? Reach our experts to know more and to receive a free quote within 24 hours.

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• Artificial intelligence in web applications
• Business Intelligence Solutions