The emergence of data as a science – within the digital age of the 20th century - enabled data scientists to turn complex data sets, numbers, and statistics into actionable and intuitive insights, setting off a tidal wave of change across industries.
In the more recent past, we’ve seen Artificial Intelligence (AI) and Machine Learning, taking the world by storm. Conversations abound as to how AI is fast-tracking numerous business processes, and how by leveraging Machine Learning, business leaders, managers, c-suite executives, and other decision makers can analyse organizational and industry data to see into the future, adapt to industry trends and optimize operations throughout their supply chain.
According to McKinsey, ‘By 2025, smart workflows and seamless interactions among humans and machines will likely be as standard as the corporate balance sheet’ adding that, ‘Those able to make the most progress fastest stand to capture the highest value from data-supported capabilities’. McKinsey goes on to reveal that companies have already seen AI integrations leading to a 20 percent increase in their earnings before interest and taxes (EBIT).
This means that – in 2024 - we are now on the cusp of the golden age of data-driven business decisions. As AI and Machine Learning are fuelling greater Business Intelligence (BI) capabilities, your business or organization will be able to leverage advanced Business Intelligence tools to draw out meaningful business data analysis.
AI involves the conversion of human intelligence into computer intelligence or, in other words, AI is essentially human-like computer intelligence. It enables the seamless automation of several different business and organizational processes, freeing up time for people and professionals to focus on more human tasks like communication, creative direction, business strategy development and management.
BI, on the other hand, enables data-driven business decision making through data analytics and data visualisation. So, while AI replaces human agents in certain types of tasks, BI is a tool that helps business leaders and professionals visualise complex data and discover insights that are not easily apparent to the human mind.
Is there an overlap between AI and BI technologies? Yes. AI technologies empower BI solutions. For instance, Business Intelligence involves the collection of corporate and organizational data which can be automated with the use of AI.
Data visualisation for optimised business analysis: BI solutions like Tableau and Microsoft’s Power BI, help people in businesses and organizations visualise their complex corporate data via easily digestible dashboards, charts, and graphs to uncover hidden insights. What’s more? These BI tools adopt user friendly interfaces that facilitate quick and seamless data analysis and insight discovery.
Empowers real-time insights: BI enables the visualisation of a business’ historical data while AI technology integrations within BI solutions supports the provision of on-the-go actionable insights due to AI’s real-time data processing capabilities.
Promotes business agility: BI systems facilitate the streamlined sharing of organizational information across departments and divisions resulting in time saved on processes like data extraction, reporting, and data interpretation. This allows business and organizational professionals to remain nimble and be able to respond to shifts in market and industry trends.
Consumer insight generation for Retail industry: Retail industry managers and execs can leverage Business Intelligence tools to unlock insights into consumer needs, wants, purchasing behaviour and psychology to develop a more effective sales and marketing strategy or create more targeted in-store and online consumer experiences.
Operations optimizations for Consumer Packaged Goods industry: Consumer Packaged Goods industry leaders can make better operational and logistical decisions by relying on BI tools that consolidate, illustrate, and analyse their business’ sales, inventory, and purchasing data.
Risk management for Manufacturing industry: Inventory and supply chain managers within the Manufacturing industry can leverage BI tools and its AI integrations to predict future trends and take a proactive rather than reactive decision to volatile consumer and industry changes.
Business Intelligence (BI) helps decision makers visualise organizational data and draw insights at scale and speed. Although Artificial Intelligence (AI) differs from BI solutions, BI tools have AI integrations that offer real-time insight discovery and analytics. Companies and organizations that rely on BI solutions like Tableau and Power BI, are able to remain agile and nimble amidst changing market and industry trends.
If you’re interested in exploring how Business Intelligence can revolutionize your business or organizational operations and decision-making processes, get in touch.