The role in AI within the Future of Business Intelligence
Factories employ AI to automate complicated physical tasks that require flexibility and agility. Marketers employ AI to create individualized suggestions and automate fulfillment of orders. The possibilities are endless. Many of the services we take for granted such as fraud detection for credit cards to spam filters for emails to pre-programmed traffic alerts to personalized reminders, would not be feasible without AI.
One area in which AI is extensively used is business intelligence. Companies rely on deep-learning algorithms to detect patterns of behavior that are likely to result in sales, and use signals from IoT sensors to predict maintenance and optimization of inventory and more.
But, what companies do currently is only the beginning of the iceberg.
AI Enables Live Decision Making
With the increasing amount of data, a number of companies are at risk of overloading their data. The rapid increase in Big Data and the obsession to study such data could be a major hindrance to the activities of the business. Business intelligence applications powered by AI helps businesses to cut down the data into digestible insights and help to understand Big Data.
AI is also able to alter the dynamic of analytics. Traditional data analytics focuses on descriptive analytics, or analyzing data to reveal what took place. The current generation of AI-powered analytics tools can be used to enable predictive analytics, which rely on data to discover the future trends. However, this is built in “best guesses” using historical and behavioral data to determine probabilities.
Prescriptive analytics is set to become the norm within the next few years. AI-powered tools for prescriptive analytics would search through huge amounts of data that would allow users to suggest a variety of possible actions and recommend feasible solutions. Prescriptive analytics does not only predict but also provides sound guidance as well. It also provides the reasons for why something happens in the way they do or will.
The transition between reactive and proactive analytics enhances the efficacy and value of business decision-making. Real-time, live insights allow businesses to make the most efficient utilization of the data they have, and take decisions based upon what’s taking place, rather than based on events that occurred in the past. Many of the recommendations are also automated using the best option being determined by the machine based on available information or Future of Business Intelligence.
AI brings voice as well as Facial Recognition on the Centerstage
AI-powered digital personal assistants that can be activated by voice have already captured the attention of young people in a huge way. The surge in deep learning-powered apps like voice recognition, its wide use by businesses, and the booming popularity of voice-activated digital assistants like Apple Siri, Amazon Alexa and Google Assistant are portents of the future. Voice will replace keyboards and touchscreen interfaces as the standard method of interaction for consumers to connect with brands, spanning different industries.
Additionally, advanced face recognition technologies are ready to take a leap over the present level soon. AI-powered facial recognition technology could simply make the extremely frustrating password obsolete.
AI Powers Hyper-Personalization
AI-based intelligence is able to learn from experienceand gets better every time you experience or make a transaction. The next time a decision is made, it’s will be more efficient than the one before it.
It will get more efficient. AI-powered systems of the future could automatically decipher the user and even the users’ emotions from the soon-to-be-commonplace voice commands, to make highly accurate recommendations or engage with them at a truly personal level. The next generation of AI-powered assistants can analyze vast amounts of data on a contextual basis and in real-time to comprehend customers’ requirements and needs quickly, and then take the necessary actions. AI is all set to make hyper-personalization the default norm, rather than a premium service as it is now.
On a larger scale enterprise could collect information from different data sources and conduct live, real-time sentiment analysis. For instance, an enterprise could track live data about the customer’s interaction with the business and their social media postings and other information, to learn about their thoughts and emotional reaction to an item and implement real-time interventions to strengthen or change Future of Business Intelligence
AI to Expand into More Domains
AI can already help businesses like healthcare, financial services life sciences, and securities trading in significant ways. For example, AI is taking over the function as a clinical assistant and helping doctors to make quicker and more accurate diagnosis. These kinds of situations will become more common in the sense that humans will be unable to intervene.
But, at present machines typically don’t perform well with the more abstract tasks that require human skills like empathy, creativity as well as judgment, inspiration, and leadership. Two essential management functions such as innovation and management of people, are largely exclusively performed by humans. This may alter in the future due to AI systems that are becoming more advanced. At present, AI systems may be affected by some subjectivity or bias, given that algorithms are created by humans, after all. As the training data becomes older, these biases and negative impacts are quickly eliminated.
Artificial intelligence is going to be here for the long haul. AI is able to change the way top executives make their decisions and how marketers interact with customers, how businesses compete against each other, and how they evolve to become more effective and effective. Future of Business Intelligence is sure to be driven by AI-powered systems.