Benefits and Applications of Artificial Intelligence in Business Intelligence Tools
AI and BI are both in their own way useful for businesses to become data-driven organizations. Modern day AI has already demonstrated various impressive achievements. And it also has the potential to take BI tools to an entirely new level. The first generation of BI consisted of reports and dashboards. The second generation was dominated by self-service analytics that liberated data analysts to generate insights based on businesses’ needs. And now AI will take BI to its third generation which will be dominated by machine-generated intelligence. Implementation of AI in BI tools will assist data scientists to analyze data and generate insights in context to businesses’ requirements.
The Need for Artificial Intelligence in Business Intelligence tools
Although BI tools are self-sufficient in generating useful insights, they are falling short in today’s world where data is generated at a rapid pace. In the first place, BI dashboards are not insightful enough for today’s business needs. BI tools provide reports and dashboards from a single dataset. And when big data is gathered from multiple sources, it becomes challenging for businesses to store all the data in a single dataset. And that’s why businesses hire data analysts so that they can prepare a single dataset for analytics from multiple datasets. However, there is a shortage of professionals with analytical skills. According to a report, the USA alone faces a shortage of 151,717 people with analytical skills. Because of data scientist scarcity and the increasing growth of big data at an unprecedented rate, BI tools are not capable of providing all the useful insights to businesses. The second thing is that BI tools wait for humans to feed data and then analyze it. This cannot provide real-time insights. Also, a human analysis might result in not optimally leveraged data due to unknown human bias. For instance, businesses would only look for insights that they are interested in and miss out on leveraging every bit of data. Integration with AI can help BI tools to cover such shortages and help businesses to become completely data-driven.