The business intelligence applications industry has grown significantly. A prominent market research website expects it to reach around $27 billion by 2021. We can highlight several reasons for its escalation such as enhancement of big data and the proliferation of IoT devices, etc. But one of the major contributors, which has played a pivotal role in the growth of Business Intelligence services is Artificial Intelligence.
Business Intelligence – Prized Asset for Organizations
Business Intelligence is a prized asset for organizations that streamline the process of data collection, processing, and analysis. Today, enterprises look to thrive on huge volumes of data, which helps them to make sharp and accurate decisions. With artificial intelligence joining the alliance, business intelligence applications will gain huge impetus to streamline their solutions.
Here, in this blog, we will take a walkthrough on how artificial intelligence can boost your business intelligence.
Expanding the Functionality of Business Intelligence
First and foremost, artificial intelligence enhances the functionality of business intelligence applications. Business applications can breakthrough huge data volumes with ease, allowing enterprises to better understand Big Data inputs and analytics.
With competition escalating, the organizations also have to leverage real-time data insights. Business intelligence, along with business analytics, helps to conduct data visualization. Artificial intelligence accelerates the entire process with the added advantage of predictive data analysis. You can look to implement the latest technologies such as machine learning to deliver real-time data insights. Therefore, it is expanding the business intelligence functionality of business intelligence applications so that the apps can add core value to the enterprises.
AI has Paved the Way for Cloud BI
Artificial intelligence empowers business intelligence applications to unleash fresh data and trends. It won’t be wrong to say that AI has paved the way forward for Cloud BI with innovative technologies including predictive analytics, natural language, and machine learning.
What is Cloud BI
Cloud BI is an innovative Software-as-a-Service (SaaS) based solution that is hosted on a virtual network. Cloud BI is known to offer faster, scalable, and secure applications, which can be accessed from anywhere.
According to a study, 45% of the organizations are planning to implement cloud BI solutions. Here are some important reasons-
- The internet-based solution is faster and easier to deploy.
- It simplifies the use of dashboards and real-time reports.
- Cloud BI is mobile-friendly. The employees can access details through their smartphones and tablets.
- Due to high scalability, it becomes easier to add new users to the current BI solutions.
- Cloud BI is cost-effective.
- Companies of all sizes can incorporate cloud BI services.
Simplification of a Complex Process
The business intelligence applications get a major boost with artificial intelligence where you can simplify various complex processes. For instance, AI helps you yo survey the Big Data easily.
In the earlier stance, the data analysts had to survey numerous charts to generate important insights. Surveying data has been simplified due to the presence of next-generation technologies that streamlines the communication process. Moreover, organizations can easily find connections with data insight.
With AI collaborating with BI applications, the organizations can easily cope with the humongous amount of data. It includes both structured and unstructured data.
Streamline Various Business Operations
Artificial intelligence is enabled by machine learning technology. Thus, it can boost the capacity of the organizations to streamline various operations.
- Seamless Management of Customer Service
- Risk and compliance management
- Easily manage your accounts and financial reports
- Streamlining the manufacturing and sale of the products
With Machine Learning, the business process and workflows have been automated. This has given birth to Intelligent IT automation.
Boosting the Level of Customer Experience
Artificial intelligence in combination with business intelligence applications can create a positive impact on the customers. Yes, you can use AI and ML to collect and analyze data to enhance the user experience. You can thus develop custom analytics solutions for your target audience based on the gathered data.
A Few Final Words
Artificial intelligence has been a real bonus for business intelligence services, helping organizations leverage Big Data, Machine Learning, IoT, and more. AI also helps enterprises to predict future trends and get actionable insights to produce real-time reports.