Traditionally, business intelligence
(BI) was restricted to business analysts who supplied information based
on a collection of data over set time periods. The evolution of data
and the collection of real-time data has greatly influenced the
structuring of BI trends. The speed of data is imperative to drive
timely actionable insights. Data that had been the metrics a day back
would become stale within the next few days. Consequently, live access
to data and its immediate interpretation has become the core of BI
models. Like data, BI models too have started changing constantly with
time bridging the time gap between data gathering and analysis.
The dawn of digitalization
The metrics of digitalization,
consumerization, agility, security, analytics, cloud, and mobile are
also simultaneously influencing the changing landscape of BI. One of the
revolutionizing ideas that are taking form for better BI control is
Artificial Intelligence, the AI. This has become a new
face in the BI space as real-time data crunching has become more
demanding for second by second analysis. Using the evolution of built in
algorithms and age-old data analysis tools, businesses could build
effective models through AI. It makes the data not just live but also
visualized for effective analysis.
Current tech landscape of AI
The purpose of business analytics
is to answer and project what the future holds. Artificial Neural
Networks (ANN) and Autoregressive Integrated Moving Average (ARIMA) are
two common techniques that are enabling better BI under predictive
analysis. While the ANN models work just like the neurons of the human
body in trying to chain the data into visualization, the latter
technique, ARIMA, is concentrated on time series analysis that predicts
scenarios by synchronizing both the past and current data.
Besides providing real time data analysis tools, Artificial Intelligence (AI) is indeed engulfing the business intelligence.
We have witnessed several business modules incorporating AI models for
efficient functioning and success of their business models. It would be
safe to say that some of the areas where AI has been quite successful
would be in sales, general electric companies that deal with intricate
repairing of machinery, hospitals and in certain cases to monitor
machine fleets and factories. If we are not convinced with the fact that
AI is slowly taking over BI – here is a fact for you – AI is now the
new decision maker! If you are looking for a smart business partner, you
know who to reach out to next! This brings a rather intriguing quote
from Woodrow Wilson, who has stated: “We should not only use the brains
we have but all that we can borrow.” Ain’t that quaint?
The way forward
We have seen upscale in BI technologies such as cloud analytics
and embedded integration systems all through the year 2016 and they
will continue to reign the BI world since smaller businesses are still
in the process of shifting gears into bigger technology. The year 2017
has been predicted by business analysts as the year for businesses to
start migrating into the technologically advanced BI models.
Here is a million dollar question – Are you leveraging BI to your strength?
Drop a comment, and I’d be happy to discuss the future of BI with you.
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