Artificial intelligence is changing the business landscape as we know it. It is already being used in a number of industries to improve efficiency and productivity, and it is transforming business intelligence applications. AI can be used to manage all of the time-consuming admin work and start automatically finding links in datasets. Ultimately, this means more insights are generated in a much shorter period, and businesses get more benefits from their data.
In this article, we will explore some of the different ways that AI is being used in business intelligence.
1. SAP – AI is programmed to convert databases into useful intel
SAP is one of the worldâ€™s largest providers of enterprise software and it has been using AI for some time now. Their cloud platform HANA includes an in-memory database that can process large amounts of data quickly. HANA also has an AI layer that can be used to convert this data into useful intelligence. This is done by automatically finding links in datasets and creating useful data visualizations.
It is installed on-site in a business and can analyze data from a variety of sources, including social media, ERP systems, and CRM systems. This means that businesses can get real-time insights into their operations and make decisions quickly. Manually processing the information in large databases is incredibly time-consuming, but this AI application makes it more feasible for businesses to make real-time changes.
2. DOMO – AI for business analytics dashboards
Domo is a cloud-based platform that provides business intelligence dashboards. It uses artificial intelligence to provide users with insights into their data on an intuitive dashboard. Domoâ€™s AI can be used to automatically find trends in data and generate reports using data from a variety of third-party sources.
Using DOMO, businesses can look at data from Facebook, Shopify, Salesforce, and many other platforms. Using this information, AI tools can make predictions to guide business decisions. This allows companies to predict their ROI from marketing campaigns, create more accurate sales forecasts, and plan future product designs based on consumer trends.
3. APPTUS – AI for a sales enablement platform
Apptus is a sales enablement platform that uses artificial intelligence to help businesses close more deals. It does this by providing users with insights into their customerâ€™s behavior. Apptusâ€™ AI can predict when a customer is ready to buy and provide guidance on the best way to approach them.
When a business has APPTUS installed on their site, it automatically predicts what products a customer is most likely to be interested in, based on their past behavior online. As they start typing in the search bar, they will get very accurately targeted suggestions generated by the AI.
Implementing this AI tool can drastically improve conversion rates for online businesses.
4. AVANADE – AI programmed for business insights
Avanade is a provider of artificial intelligence solutions for businesses. Their aim is to help businesses make better decisions by providing them with insights that they wouldnâ€™t otherwise have access to. Avanade does this by analyzing data and finding patterns that would be difficult for humans to spot.
One of the ways they do this is by using machine learning to analyze customer behavior. Companies like Pacific Specialty Insurance use Avanadeâ€™s machine learning tool to predict which customers are most likely to renew their policies. This allows them to focus their resources on the customers that are most valuable to them. They are also using the insights to direct the creation of new product lines.
5. Embedded business intelligence
As business intelligence software develops, it is increasingly being integrated with other processes. Using AI, third-party applications can be built straight into business intelligence programs like Power BI, so the features can be used simultaneously. This is known as embedded business intelligence. This level of integration allows you to quickly import data from multiple sources and analyze it in one comprehensive application.
One example of this is Sisenseâ€™s integration with Amazon Web Services (AWS). Sisense is a business intelligence platform that can be used to build dashboards and visualizations. It now has an integration with AWS that allows users to access AWS data directly from the Sisense interface.
As business intelligence becomes a more important part of everyday business operations, embedded business intelligence driven by AI will become more common.
6. AI and BI – Applications for machinery, vehicle repairs and heavy industry
The applications for artificial intelligence in business intelligence are vast and varied. In the past, business intelligence has been used mostly for sales and marketing purposes. However, with the advent of more sophisticated AI tools, BI is being used in a wider range of industries.
One example of this is in the field of machinery repairs. Machine learning can be used to create preventative maintenance schedules. Data about past performance and maintenance issues can be collated easily. This information can be used to determine if and when a piece of equipment is likely to break down. Companies can then plan maintenance and repairs so that the machine is fixed before an expensive malfunction occurs. This allows companies to reduce their maintenance costs and avoid expensive downtime.
This technology can be used on a small scale in a manufacturing operation, for example. But examples like Accentureâ€™s Intelligent Pipeline Solution, which monitors oil pipelines around the globe, demonstrate how it can be used on a much larger scale.
Companies are also using the same applications for fleet management. The maintenance of business vehicles comes with a significant cost, which can easily be reduced with AI business intelligence software.
7. AI for data proactivity
One of the most exciting things about AI in business intelligence is its potential for proactivity. In the past, business intelligence has often been used to react to problems after they have already occurred. When creating a dashboard, it is up to the user to determine what data is included and what insights are important. However, with AI-powered BI, data and insights will be delivered to businesses without intervention. The AI software can determine what data and trends are likely to impact a business and highlight them automatically. As this technology develops, business intelligence will take an even more central role in the decision-making process.
Artificial intelligence – the future of business intelligence
As AI tools become more sophisticated, we can expect to see even more changes in the way businesses use BI to make decisions and improve their operations. We will see more businesses using AI to proactively detect trends and predict problems. We will also see more businesses embedding BI into their existing applications. And as data becomes more central to business operations, we can expect AI to play an even bigger role in business intelligence than ever before.
Invest in BI for business success
If your business is not already using applications such as Power BI to assist in decision making, you are missing out on excellent opportunities to leverage the data that you collect about customers. Investing in business intelligence applications is one of the most effective ways to make better decisions and drive growth in your business.