How AI and BI Will Change the Future of Work

POSTED ON April 17, 2023

How Artificial Intelligence is Transforming Businesses

POSTED ON April 17, 2023

Artificial Intelligence (AI) and Business Intelligence (BI) are two of the most popular yet most complicated concepts. These systems are now being used in different domains. However, their applications in the corporate world are now widely speculated about.

AI and BI have long-term impacts on their respective fields, but what will the impact be? Before heading into more detail, it’s necessary to brush a few basics and find the most viable impact of these technologies on the future of work.

AI and BI: The Basics

When we look at the new technology available to humans, Artificial Intelligence (AI) is the most common in the modern era. AI revolves around using computerized systems to create human intelligence-like operations. It can include tasks like:

⦁ Problem-solving
⦁ Learning
⦁ And judgment

Although the tech is still in its early stages, businesses have long focused on its applications and long-term impacts. According to reports, 33% to 44% of companies use AI technology in their business operations. This number has increased further in recent years with the improvement of AI systems available.

Business Intelligence (BI) consists of all the tools and options for analyzing and collecting business data. Since data plays a vital role in business, deploying BI solutions can greatly improve operations.

BI primarily provides this information to enterprises to improve their decision-making abilities. The right decisions can put the business on the right trajectory, ensuring its long-term growth and development.

Although BI is one of the most useful options for long-term business growth, knowing its applications matters. Since BI is a newer concept, seeking training for it is not a bad idea.

All business professionals should substantially understand BI and data analysis processes operations. With the help of an advanced business degree in business analytics prepares these professionals for the required data aptitudes.

Although the primary aims of AI and BI differ, they have overlapping applications for various enterprises. However, the differences are much more varied than the overlapping elements. This article will overview the impact of AI and BI on the future of work. By understanding the applications of the two technologies, businesses can deploy the two tools better.

How AI and BI will change the Future of Work

According to the reports by World Economic Forum, Artificial Intelligence (AI) will replace around 85 million jobs by 2025. While that sounds negative, the report also suggests that AI technology will create 97 million new jobs. McKinsey, on the other hand, believes that nearly half of the business leaders have one business function with AI in it.

Great data visualizations are possible with the help of Business Intelligence. However, how the users interpret these visualizations is up to them. Various Artificial Intelligence plugins have made creating quick and efficient summaries of these visualizations easier.

With the collaboration of the two technologies, it’s simpler to derive easy-to-understand narratives, allowing users to create informed decisions. AI can help enrich the existing Business Intelligence models in the following ways:

⦁ Advanced and Sophisticated Analysis
The Business Intelligence options allow users to visualize, organize, and analyze information and data for the enterprise. These tools offer higher efficiency, taking a step further than basic tools like spreadsheets.

However, deriving the results from the data is still a manual process requiring certain technical experience. Therefore, the insight depends on individual perceptions. The AI-powered BI system pulls the possible information from a larger data set. It can include extraneous data.

AI uses some of the oldest available data to forecast new data for the required pointers. It also clears out the vitality of each data point at a minute level. Artificial Intelligence also helps business owners determine a data set and its translations in business decisions.

⦁ Informed Decision Making
AI is the quickest way to extract business-related insights from existing business models. According to PwC research, 54% of executives believe AI improves decision-making. For instance, sales and marketing are two common examples where using AI-based decisions can help. AI uses the data from BI and draws certain forecasts about future customer behaviors from it.

AI provides predictive analytics, which is the primary benefit of the integration of the technology in BI. With the help of predictive analysis, creating a roadmap and setting business metrics becomes easier. They also help use various statistical algorithms for real-time information analysis. Adopting the best course of action becomes simpler and easy with all of this information.

⦁ Proactive Decisions
Using BI to extract historical data and focus on past events rather than the future adds another dimension to business processes. With the right amalgamation of the two technologies, getting data-driven and improved decisions is simple.

AI analytics ensures all decisions made are based on data backing. With the help of this tool, you can also ensure unique choices and better results. Merging BI and AI analytics helps create proactive decisions, preventing poor results. For instance, A healthcare facility can use BI to determine the re-admission rates of patients.

With AI’s help, determining the patients with higher risks of re-admissions also becomes easier. The facility can then use the information from the two technologies, taking proactive steps to reduce this percentage.

The use of the AI insights received also helps with trend prediction. It focuses on optimizing logistics operations and setting the right pricing for the services offered. Professionals working in the particular domain can make relevant changes accordingly.

The perceived market demand is the key player in this case. The professionals can also deliver the products without an order confirmation, like Amazon does, improving the overall business process.

Final Thoughts
The use of AI and BI in business has greatly improved the overall functionality and scope of business. Merging the two technologies provides a more holistic approach to business decision-making.

BI focuses more on the existing insights and draws possible predictions from them. AI, on the other hand, helps understand the insights from BI for better analysis and decision-making.

Although AI is still nascent, its long-term applications will improve the business landscape. Business professionals are readily deploying AI and BI together in business structures, and it does show results.

Technology Options
IDA is the most up-to-date interactive AI/BI data analytics platform, and its no-programming design enables users to ask/request any unstructured question or request on their data without the lengthy delays typically found in development through conventional BI systems, unlocking unprecedented speed to knowledge. Using IDA, you and your team can boost productivity and make better business decisions.