Business Intelligence (BI) today has very little in common with business intelligence techniques of the past. Artificial intelligence and machine learning have revolutionized the way we collect, process, and interpret data.
Artificial intelligence tools are the only way to effectively gather and crunch the colossal amounts of business data generated on the internet. So, what are the benefits of these tools, and how do they improve business systems?
- Analysis and Insights
Merely collecting and storing data does not provide meaningful ways for businesses to use it and deliver relevant insights. Artificial intelligence provides what the business industry now refers to as augmented analytics or AI-powered analytics. That is, processing and analyzing large datasets quickly and detecting patterns, trends, irregularities, and producing valuable insights that modern internet-connected businesses need to function.
According to 2018 studies, at least 2.5 exabytes of data is generated every day on the internet. This number is equivalent to 2.5 million terabytes, or approximately 625,000 average hard drives. Processing even a tiny fraction of this data by hand would be impossible.
- AI-Powered Services
AI-powered customer services, such as chatbots, have changed the way we approach customer communication. Chatbots are available with almost 100% uptime, 24 hours a day, 7 days a week. Although they cannot answer every question or carry a conversation like a real human being would, most customer interactions don’t require that degree of involvement.
Almost 9 in 10 of these interactions involve asking basic questions, and customers are more concerned about receiving answers promptly, both of which are traits AI-powered chatbots are uniquely suited to tackle.
The advantage of an AI chatbot solution is language processing, which interprets natural language into a machine-readable query, finds a matching answer, and returns it to the customer in natural language. Chatbots are now a common sight on many websites, and they are here to stay.
According to a 2016 HubSpot survey, many customers would be willing to use a chatbot for more than just assistance, with 47% of respondents saying they’d buy items from one.
- Automation for Efficiency
AI-powered BI tools are not only helpful in analyzing and processing data and natural language processing, but they are also powerful efficiency-increasing tools, assisting humans by cutting through the tedious aspects of analytics with the power of automation.
Without AI analytics, tasks such as data preparation, cleaning, and comparisons usually take weeks, if not months, depending on the dataset size. The introduction of AI means a dedicated analytics team no longer has to sift through the data manually and methodically.
Artificial intelligence tools can do the same tasks in seconds, significantly increasing work efficiency and saving human resources for jobs better-suited to human intelligence.
In addition, the machine learning component of the same tools can retain information from successive searches and processes, becoming better at recognizing desirable patterns and distinguishing them from uncommon events.
- Personalized Content and Customer Experience
The same pattern detection capabilities can be used by artificial intelligence in predictive analytics, using a customer’s data to produce personalized content and increase customer retention.
A typical example of AI-driven personalization is in the retail sector. AI tools collect data and information on the customer, such as the frequency of site visits, product page history, and purchase history, making an educated guess about this customer’s spending habits, preferences, and potential future purchases.
From here, the AI tool displays a list of products under a section such as “You may also like” or “Products you may also be interested in,” listing choices selected by artificial intelligence.
As in many other industries, artificial intelligence provides many undeniable benefits to business intelligence. Analytics tools powered by artificial intelligence and machine learning are faster, more efficient, and more cost-effective than traditional non-AI-powered human analytics teams of the past.