AI In Business Intelligence – How It Is Transforming the World
The technology-driven process for analyzing data along with delivering actionable information to help executives make informed decisions is known as BI (business intelligence). Just simply going through that definition, one could say that BI is tailor-made for AI’s intervention.
Artificial intelligence today for many ventures is offering an incredible amount of use cases that involve improving business process, gathering insights, engaging customers, and building interactions with employees. The day isn’t far where both will become inseparable from one another.
According to a recent study published by AI Multiple, the AI industry is expected to grow and reach a worth of more than $15 trillion by 2030. Furthermore, it is also speculated that 80% of emerging technologies will have an AI foundation by 2021.
Around 37% of the organization in 2019 had already adopted AI in some form or shape within the workplace with AI and machine learning projected to replace 16% of US jobs by 2025.
In light of this information, let’s take a quick look at how AI is transforming the world and creating an impact on business intelligence.
AI doesn’t need rest, nor does it need any coffee breaks during working hours. It is perfect for crunching and smashing incredible amounts of data due to its satiable diet and voracity to consume data. Therefore it is only natural to consider augmenting your databases with the help of AI.
What happens is that advanced technologies are utilized to optimize and improve data management processes for the company. One fine example from Salesforce Einstein acting as an intelligent layer works beneath the company’s CRM (customer relationship management) portfolio.
Another way AI and machine learning can enhance applications for businesses is by improving sales and their enablement. Apptus Technologies AB is a company founded in 2000 that currently offers e-commerce solutions for merchandising that is powered by AI.
Their main takeaways are next-generation software solutions that deliver the value and powerful strategies that are proven to increase conversions, generate profits, and improve revenues. Companies like Bokus.com, based in Sweden, has already use Apptus to automate selling process and keeping overheads to a minimum.
Direct Towards Improvements
For any business to stay at its industry’s peak, regular evaluation of business processes is mandatory. In comes AI and totally takes the steering wheel, providing decision-makers about various means through which organizational goals and objectives can be accomplished.
In particular, deep learning shows the greatest potential for both small and larger enterprises to use AI’s human-like interactivity to examine processes, find loopholes, and provide suggestions for improvements.
IBM’s Watson is a good example. It is a question-answering computer system capable of answering questions posed in natural language. It was developed by IBM’s DeepQA project led by David Ferrucci and his principal investigators’ research team.
Evaluation of Business Assets
Business assets can be highly cost-intensive to maintain, and even procuring them can be a huge investment that can pose the risk of bankruptcy for feeble organizations. This is why getting the most out of these assets is one of the primary goals for any entrepreneur or establishment out there.
Take the example of Siemens that launched its MindSphere back in March 2016. It was designed to monitor and evaluate machine fleets with the help of machine tool analytics to keep track of the performance of business assets. With its capabilities, MindSphere can be used by any company that wants to collect data about its operating machines.
Foster Business Automation
One of the greatest proponents of AI is its ability to promote business automation. This has also given rise to the development and implementation of RPA (robotic process automation). Today we have companies like Amazon, Alibaba, and DHL who have actively achieved warehouse automation with the help of similar technologies like inventory planning services.
On the other hand, we have Viz.ai’s example of Viz.ai that uses artificial intelligence to synchronize stroke care and reduce systematic delays, thus filling the gap between patients and disbursement of life-saving treatments.
Only time can tell how this business automation will lead to greater implementation of AI in various other industries and business processes.
Dashboards are important for top managers to relate with collected insights and utilize such useful insights and Intel to make informed decisions. However, at times dashboards can be a disdain to look at if they are not properly organized and instead of being useful only end up confusing top managers.
This is where Wal-Mart found a viable solution by using HANA, an SAP’s cloud platform. HANA takes information gathered from numerous access points and is also able to spot trends and irregularities.
However, the icing on the cake is HANA’s dashboard that is easy to comprehend and allows managers useful information in a matter of seconds.
AI is concerned with what is happening within the business and how it can impact your customers and clients. So far, we have seen the emergence of intelligent and AI-infused chatbots being utilized by various companies.
These chatbots deliver 24/7 customer support and generate an incredible amount of user engagement by holding conversations with online visitors and gathering user data.
Take ChatBot.com, for instance, which offers you to build your own custom made AI chatbot software that you can train and develop to serve your website. Young learners looking for reliable assignment writers UK also prefer opting for service providers who have a chatbot on their website to inquire about more information.
Our machines that run tirelessly often require maintenance. However, due to poor reporting, they can suffer from undisclosed wear and tear that can lead to multiple problems such as an assembly line being shut down due to some robots malfunctioning.
To avoid such circumstances, AI can be integrated into the process to provide predictive maintenance. General Electric has done a tremendous job at this by using an operating system known as Predix. It has the ability to take vast amounts of information that is recorded over time to develop its own forecasts.
Yield Better Insights
Regardless of what anyone says about AI, there is no debate when it comes to its ability to generate terrific insights. One prime example can be taken from Avanade, a joint venture between Microsoft and Accenture that can leverage the Cortana Intelligence Suite. This allows Avanade to accomplish predictive analytics and data-based insights.
At present, Avanade is considered the leading provider of innovative digital and cloud services utilized to deliver incredible business solutions. This also includes mining greater insights from the internet of things as well as harnessing robotic process automation to create a more intelligence-based enterprise.
With big names including the likes of Alphabet, Amazon, Facebook, IBM, Microsoft, NVIDIA, Salesforce, and Twilio heavily investing in the development of greater AI, its advent seems unstoppable.
People running AI startups have already begun to receive the lion’s share of investment, and unlike bitcoin that faced considerable backlash, AI has a tremendous following from all over the world.
That is until you see Jack Ma and Elon Musk discussion back in 2019 in Shanghai. If you haven’t watched it, then please do as it will open you up towards new ideas and how tycoons think about AI and its integration for the masses. That’s it for now, until next, cheers, and all the best for your future endeavors!
Author Bio: Amanda Jerelyn currently works as a Sr. Content Executive at Dissertation Assistance. This is where higher education students can acquire professional custom essay writing from experts specializing in their field of study. She likes to indulge herself in pop culture during her free time, including movies, music, anime, and video games.