BI Trends for 2021 – 7 of 9

Lucky 7!!  The next up for our trends, is Lucky Number 7!!  BI & AI.  

Blending business intelligence with artificial intelligence:  BI and AI combined will give users even more power to use data to make better decisions

Business intelligence is a proven technology that provides organizations with the information they need to track performance across their sales, purchasing, logistics, marketing and other areas of operations.  They can see trends, identify opportunities and address challenges before they become major business hurdles. The process does require human insight and interaction with the data; however, to identify changes, which makes artificial intelligence (AI) and AI techniques such as machine learning (ML) and natural language processing (NLP) critical to keeping up with the pace of business and competition.  AI and these techniques make business intelligence even more  streamlined.

According to Gartner, “by the end of 2024, 75% of enterprises will shift from piloting to operationalizing AI, driving a 5x increase in streaming data and analytics infrastructures.”

 AI scales up the capability of traditional BI solutions by doing much of the “heavy lifting involved in preparing data to be analyzed, such as parsing and scrubbing.”

Raw data is returned ready for business analysis while users of all skill level, particularly those with no data analytics experience, can quickly find answers to questions.

AI can automatically review new data and identify important differences that can initiate actions. For example, when a customer stops buying a product that they frequently purchased in the past, AI can trigger a call to a customer. AI can also identify interesting differences in similar customers, such as what does one customer purchase that another one does not. AI can quickly identify similar customers while also the differences between the customers’ purchasing habits.

This year, there will be a greater convergence of BI and AI, providing users with even more power to manipulate and work with data to make better decisions.

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Written by Phocas Software