Business Intelligence and AI: Do They Stack Together?
In this post, let’s discuss the role of BI and AI in making your business successful.
We live in a world where tools and technologies evolve at a rapid pace. For businesses, it means to continually evolve with the change and adapt themselves to the new technologies.
One such technology that is changing the business landscape is artificial intelligence(AI). It is the branch of computer science that mimics human intelligence when it comes to judgment, learning, and problem-solving.
On the other hand, they also have business intelligence(BI), which utilizes a collection of tools and technologies to analyze the data.
But why am I discussing all of these?
In this post, I will discuss the role of BI and AI in making your business successful.
Business Intelligence and Artificial Intelligence, Do They Stack?
It is essential to understand that BI and AI have their own roles when it comes to enterprise applications. Their roles can either solve some key aspects in complete isolation or have some interesting overlapping use cases.
Clearly, the goals for AI and BI are different.
Business intelligence is a process through which businesses collect, report, and analyze data. The BI tools such as Power BI, Tableau, and Knowi, offer diverse sets of features, empowering businesses in what they are doing. BI tools are also available from the likes of Oracle and Microsoft that fit a wide range of business functions.
Using any of the BI tools, companies can improve their data quality and consistency. This way, they can get a better picture of how their businesses are performing and take actions based on them.
Artificial Intelligence, on the other hand, is all about modeling human intelligence. By doing so, they can help companies to make rational decisions. Chatbots, for example, can improve customer handling and improve customer satisfaction.
AI can solve problems by offering humans a way to act on the issues themselves.
In short, BI refines data and leaves the decision making tasks for humans. As for AI, it can create a solution and use it to solve the problems for humans autonomously.
How BI and AI Overlap?
So, where do we stand? Does BI need artificial intelligence or vice-versa?
According to a Harvard study, AI projects are not all about process automation. Many AI projects are about cognitive insight and cognitive engagement. The first one is doing an analytical study, and the second one is about engagement with customers and employees directly.
In real-world scenarios, AI and BI can have a huge impact on how businesses can work with tons of data and use it to create an action plan. Artificial Intelligence can use BI‘s generated data to create better AI-powered systems, which can mean better real-time decision making for businesses.
Infact, companies like IBM are already trying to solve problems using this approach. IBM’s research division is keen to use AI algorithms and business processes together.
In conclusion, we can say that both technologies can stack and create results beneficial to any company out there. So, what do you think about the topic? Do you think that AI will replace BI completely, even when both serve different purposes?