In an era of rapid business change, technology and artificial intelligence (AI) can be the key to success. The use of technology is fundamental to the competitiveness of large enterprises, SMEs and, at the same time, the use of AI in business intelligence is becoming increasingly important. The use of artificial intelligence is not only the future but also the present, impacting decision-making processes, workflows and strategic planning, not least business intelligence (BI).
The first question is: what is artificial intelligence (AI)? Artificial intelligence is a technology based on machine learning that can perform complex tasks by mimicking human intelligence. This means that AI can analyse, process and draw conclusions from data, facilitating business decision-making and strategic planning. Find out how AI is impacting business intelligence!
Using artificial intelligence in business intelligence
Artificial Intelligence (AI) has revolutionised decision-making processes in many business areas. Thanks to AI, companies can gain deeper insights into their data systems to make more accurate and efficient decisions.
Let's take a look at the areas where AI is having an impact on business intelligence.
Data processing and analysis
Data is extremely valuable in the modern business world - but only if we can make sense of it. This is where AI can dominate. AI can process large data sets and return them in a meaningful form.
The results of the use of AI illustrate the benefits that can be gained from using AI to interpret data. Automated data analysis allows companies to save time, and resources and gain valuable business insights.
Automation and workflow optimisation
AI can automate and optimise many business processes. Activities such as data collection, processing, analysis and interpretation, which were once time-consuming and complex, can now be done quickly and easily with AI.
In addition to automation, AI also plays an important role in optimising workflows. AI-based tools identify errors in processes and then make recommendations for improvement or optimisation.
The role of AI in strategic planning
The combination of business intelligence and AI can unlock business opportunities that were previously hidden. With AI, companies can get closer to their markets, better understand their customers' needs and develop their strategies based on predictions. AI can therefore bring huge benefits to the business planning process.
The challenges of AI in business intelligence
While artificial intelligence (AI) has added value to business intelligence, we do not claim that there are no challenges. These are outlined below.
Data security issues
Let's start, for example, with data security. AI's ability to easily cope with the gigantic scale of data volumes is essential, especially for business intelligence, but a thorough examination of data security issues is essential. The data security issues raised by AI can be a major concern, especially concerning the protection of personal and sensitive information.
Interpretation challenges
The use of AI in the field of business intelligence also faces interpretative challenges. Analytical analysis of data is meaningless if organisations do not have an effective way of interpreting the results. AI can help provide accurate and informed interpretation, but this needs to be supported by appropriate programming, support and management strategies.
Ethical issues
Last but not least, the use of MI also raises ethical issues. The rapid development of AI and machine learning systems does not always go hand in hand with ethical guidelines. Ethical issues in the use of AI need to be reconsidered, taking into account data handling, respect for personal data and transparency.
Integrating ChatGPT
Today, there are many examples where AI and business intelligence are intertwined. In our previous blog post, we explained how MicroStrategy is relying on the power of generative AI to launch its unique portfolio of services, MicroStrategy AI. For example, the software seeks to combine the two technologies by integrating ChatGPT, developed by Open AI. This will enable users to create new visualizations and dashboards and reduce the time and effort required to create workflows and other content.
In April 2023, Jedox also announced the integration of ChatGPT, which will allow users to apply artificial intelligence to the integrated business planning process. Thanks to this integration, the benefits of ChatGPT can be enjoyed without leaving the Jedox platform.
Artificial intelligence is playing an increasingly important role in business intelligence. It is worth keeping an open mind, and following trends and events to make sure we are on the path of progress.
