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The synergy of AI and BI
Organizations of all sizes generate a colossal amount of data across multiple lines of businesses (LOBs) today. Thanks to the advent of technologies such as cloud, data storage is no longer a concern. Furthermore, companies are also sourcing data from third-party systems (such as pharmaceutical or clinical data) besides the data collected in their own systems deployed in different LOBs such as CRM, ERP, and HR benefits administration among several others. It is no secret that companies are constantly endeavoring to obtain insights into the amalgamated data sets to improve decision making and enjoy an advantage in the market over their competitors. However, with huge piles of data being collected, manual processing is bound to be cumbersome and time-consuming. It is here that AI-powered business intelligence assumes importance.
The inbuilt capabilities of systems running on AI and machine learning extract meaningful insights from the unstructured data, thereby simplifying the analysis process along with saving the time and efforts required to do so. Predictive and prescriptive analytics tend to process large amounts of data in a short period of time. Data inconsistencies, if any, are spotted and alerts are generated for the users to initiate appropriate action.
A major headway that is fast catching up in the field of analytics is the AI-powered chatbot for business intelligence (BI). The BI chatbots provide deep insights into the data at the granular level, with the same experience as conversing with a person. Bots alleviate the need to switch between multiple dashboards, tools, and platforms to analyze the data, thereby providing an immense ROI for companies. The BI chatbots have been extremely advantageous for business analysts and executives that need swift access to information to make the right decisions.