There is an immense amount of data being generated around the world in various businesses. Business Intelligence plays a pivotal role in helping analysts and marketers to understand this data.
The various tools and solutions available in the field of Business Intelligence can be used effectively to translate the store of raw, unprocessed data into meaningful visualisations and actionable insights. Data Scientists too play an important role in helping us comprehend the data and act on the findings. This seemingly manual process is rather slow and in this age of rapid change, faster data processing can spell success for a business.
Enter Artificial Intelligence.
Artificial Intelligence can expedite the analysis of raw data, making it easier for analysts to study and take action based on the results. AI-enabled Business Intelligence software and solutions can transform data into accurate, real-time reports.
Real-time data analytics helps businesses capture the all-important ROI metrics. This is often where many analytics companies fail. This is because they attempt to manually generate data analysis reports. In today’s fast-paced corporate culture, it is evident that the advancement of Business Intelligence will be extremely slow without the integration of Artificial Intelligence.
While we now understand that the Business Intelligence industry is rapidly evolving, through this article, let’s delve into the big question: Why does Business Intelligence require Artificial Intelligence?
1. There is a rapid increase in the generation of Big Data
Big Data is becoming increasingly popular. Big Data is rapidly increasing in volume and variety. Big Data has immense potential in enhancing the overall functioning of analytics in various businesses. Globally, several companies are focusing on Big Data investments, to get access to superior analytics tools to collect and study data. In order to meet the growing demand for Big Data, Artificial Intelligence is evidently the need of the hour, if we want to successfully interpret and transform data into easy-to-understand, actionable insights.
2. Lack of skilled Data Scientists and Analysts
According to reports from McKinsey, there is an alarming shortage of people with Data Analytics skills. The US currently sees a shortage of 190,000 people in the field of Data Analytics. There also happens to be a shortage of 1.5 million analysts who can make effective decisions on data. It will prove highly unaffordable to recruit data analysts and experts to each and every department in an organisation. Moreover, data is being circulated at such a speed that analysts simply cannot analyse the data quickly enough.
3. Real-time insights is the key to success
To remain relevant in a rapidly changing Business Intelligence industry, businesses can be truly successful and effective only if the data being analysed is processed in real-time.
Analysts can make strategic decisions and gain actionable insights only from real-time data and real-time recommendations. In this rapidly evolving industry, yesterday’s data is of little value and cannot be as relevant as data processed and analysed in real-time.
Artificial Intelligence is the key to success here. The integration of Artificial Intelligence with Business Intelligence solutions can allow businesses to greatly benefit from real-time data analysis. Real-time data has additional value when it can be understood and acted upon instantly.
4. AI-enabled solutions can manage multiple data sources
Artificial Intelligence-enabled data analytics platforms and solutions can seamlessly ingest, process and analyse huge volumes of data from multiple sources. However, this becomes difficult for analysts working with individual dashboards.
5. Business Intelligence powered by Artificial Intelligence can be affordable
Business Intelligence can be an expensive field to work in and still achieve success. But, in this dynamic sector, new technologies, software, platforms and solutions are making data analytics affordable and more accessible to various types of businesses.
At IQLECT, we offer small and large business organisations an affordable, scalable real-time analytics platform that is completely interactive and fully customisable to cater to individual business goals.
Explore our superior real-time analytics apps that function seamlessly with Artificial Intelligence and Machine Learning at its core.