It is no overstatement to say that the arrival of artificial intelligence has revolutionized the business industry. The revolution may not be as apparent or as public, but it has made significant changes all the same. One of the main domains in which the impact of AI has been felt is business intelligence.
Business intelligence refers to the whole of the operations, software, and procedures that are used to understand and analyze business information. Previously, these complex operations were limited in scope by the available technology of the time. The power of AI and cloud computing has shown us the untapped potential which lies in enhancing business intelligence.
The following are some of the prominent examples of the impact of AI on BI.
1. Tracking Equipment Depreciation
Usually, when we think AI, we think usage in high rise corporate offices. Top executives making decisions using AI are the usual images that come to mind when we talk about the use of AI with BI.
In reality, that is not the case.
The potential of artificial intelligence is gauged by how it promises to change even the simplest and basic of business operations. Depreciation of equipment previously used to be a predictive exercise. The life of equipment could only be guessed and judged in hindsight. With AI systems, you can have sensors that keep track of equipment capacity minute by minute. This can provide live feedback and data about any piece of equipment.
2. Forecasting
Decisions about sales forecasts and predictions have seen changes due to AI. Conventional business intelligence used to rely on a limited number of factors and limited information to decide how to increase sales.
Now, AI applications are being developed, which can consume a wide variety of data to offer the best possible paths for sales increases. This is due to the predictive capacity of AI and machine learning developing at faster speeds. The accuracy of predictions through machine learning has almost reached perfection.
This can allow a business to take much more concrete decisions about planning for sales increase.
3. Making Sense of Big Data
Before the arrival of the cloud, Big Data was costly and tedious to store and maintain. Due to the limitations of available technology, businesses could not often leverage the technology the way they wished to.
Data had to be cleaned, filtered and selected before it could be used. The arrival of AI has meant that huge volumes of data can be processed in a matter of minutes to look understandable. This ensures that more comprehensive decisions are made which better capture as many factors as possible. This eliminates the risk for a business and increases the accuracy of its actual outcomes with predicted targets.
Conclusion
These are some of the few broad examples of the impact of AI on BI. The technology is still new and being developed. Many wider and more specific applications will emerge as it is further developed. The future is exciting for artificial intelligence and the business community. Very soon, even the corner store may be able to use AI to its benefit.
