Business Intelligence and Tools

- Overview

Recent developments in the field of artificial intelligence (AI) demonstrate the scale and power of the technology for business and society. However, businesses need to determine how to build and manage these systems responsibly to avoid bias and errors, as the scalability of AI technologies can have costly impacts on business and society. 

As your organization applies machine learning and automation to workflows using disparate datasets, it's important to have the right guardrails in place to ensure data quality, compliance, and transparency within AI systems.

Business intelligence (BI) is a set of strategies and technologies used by enterprises to analyze and transform business information into actionable insights to inform strategic and tactical business decisions. 

BI tools access and analyze data sets and present the results in reports, summaries, dashboards, graphs, charts, and maps to provide users with detailed intelligence about the status of their business.

The term business intelligence also generally refers to a set of tools that can quickly and easily understandable insights into the current state of an organization based on available data.

- BI Tools and Applications

Business intelligence (BI) tools collect, process and analyze large volumes of structured and unstructured data from internal and external systems. 

Data sources may include documents, images, emails, videos, journals, books, social media posts, files, and more. BI tools find this information through queries, which present data in user-friendly formats such as reports, dashboards, charts, and graphs. 

These tools can perform data mining, data visualization, performance management, analytics, reporting, text mining, predictive analytics, and more. As a result, employees can use this information to make better decisions based on forecasts, market trends, and key performance indicators (KPIs).

- The Benefits of BI

Business intelligence (BI) helps business decision-makers obtain the information they need to make informed decisions. But, the benefits of BI extend beyond business decisions and include:

• Data-driven business decisions: The ability to leverage data to drive business decisions is a core benefit of BI. A strong BI strategy delivers accurate data and reporting capabilities to business users faster, helping them make better business decisions in a more timely manner.
• Faster analysis and intuitive dashboards: BI improves reporting efficiency by compressing reports into dashboards that are easy for non-technical users to analyze, saving them time in gathering insights from data.
• Improve organizational efficiency: BI can help provide a holistic view of business operations, allowing leaders to benchmark results and identify areas of opportunity against larger organizational goals.
• Improved customer experience: Ready access to data helps employees responsible for customer satisfaction deliver a better experience.
• Increased employee satisfaction: Allowing business users to access data without contacting analysts or IT reduces friction, improves productivity, and gets results faster.
• Trusted and governed data: Modern BI platforms can combine internal databases and external data sources into a single data warehouse, allowing various departments within an organization to access the same data simultaneously.
• Improve competitive advantage: A sound BI strategy can help businesses monitor changing markets and anticipate customer needs.

- Transform Enterprise Data Operations with Generative AI

Generative AI, a new set of AI and machine learning algorithms that allow new content to be created from existing data, is taking the consumer and business world by storm. Its adoption is expected to rise rapidly, with the generative AI market expected to reach $110.8 billion by 2030. 

For individuals, use cases for the technology span creative, entertainment and practical, while for businesses, generative AI, deployed correctly and responsibly, has the potential to increase efficiency, reduce costs and increase profitability.

[More to come ...]