Rather than replace human decision makers, AI will free them to focus on value-added activities and make decisions with data rather than rely solely on gut instinct.
AI will transform BI and the way people make decisions and act. Rather than start with a hypothesis, data analysts will begin with an AI-driven insight. Instead of querying data to prove or disprove their hypothesis, users will query data to expand or validate a machine-generated insight or recommendation—or they might act on the AI-based insight at face value.
But to get to that point, AI-infused BI tools will need to gain people’s trust by consistently delivering accurate, relevant, and transparent insights within the context of a business user’s existing workflow.
In the future, AI-infused BI tools will go beyond just surfacing insights;
- 1. they will recommend ways to address or fix issues,
- 2. run simulations to optimize processes,
- 3. create new performance targets based on forecasts and take action automatically.
4. will make some decisions for us—especially operational decisions in real-time environments. We see this today with fraud detection and online trading systems, but it will become more pervasive.
HERE’S HOW ARTIFICIAL INTELLIGENCE IMPACTS BUSINESSES
AI is usually defined as “a part of computer science involving the computer software study focused on helping machines make practical decisions, solve problems and perform complex reasoning.”
HERE’S WHY BI NEEDS AI:
1. BIG DATA VOLUME IS HIGH
Big Data is growing in different forms and at high speed. It has the power to provide substantial insight for enterprises. Companies are investing in Big Data tools to evaluate the data and develop ideas from it. But how do you describe the analysis results in a way that everyone understands? This is precisely why we need Artificial Intelligence to reshape data into easy-to-understand insights at scale.
2. LACK OF EXPERTISE
According to McKinsey, the United States faces a shortage of 190,000 people with analytical data skills. Furthermore, there is a shortage of 1.5 million analysts to make data-based decisions. It costs companies a significant amount of money to assign data experts to every department in an enterprise.
Even if a business could afford to do this, the data analysts still would not be able to analyze and describe data fast enough.
3. REAL-TIME INSIGHTS
Due to the staggering success rate of Big Data and the speed at which the market shifts, it has become impossible to make decisions from old data. Natural Language Generation and Artificial intelligence, however, helps businesses do real-time data analysis with just one click of a button. Fresh data has an added value when it can be acted upon in real time.
4. DASHBOARDS ARE NOT ENOUGH
An analyst helps with one dashboard (from one dataset), but what if you have various data points coming in real time from multiple data sources.
How can many dashboards be described all at once? As artificial intelligence applies reasoning to data, it can define what this information means at scale.
We’re confident that soon most companies will be forced to take the “AI way or the highway.” As a business owner, you don’t have to think about this as a negative situation.
The changes that AI bring to your business are likely to be positive and embracing it sooner than later will help your firm gain the upper hand over your peers.
