How Artificial Intelligence drives your Business Intelligence
10/21/2024 - Artificial Intelligence
Business Intelligence (BI) is, without a doubt, one of the most significant ways technology has revolutionized the business world. It is a combination of technologies and strategies companies use to analyze business data. BI has created a watershed moment in how companies interpret and use information to make strategic decisions. These two tasks are crucial for the future of any business. They have been greatly simplified thanks to Artificial Intelligence through advanced tools such as Reactev’s AI Pricing Engine.
Want to know how AI can help you drive your Business Intelligence by analyzing trends, predicting market behaviours and optimizing operations? Read on.
How AI is revolutionizing BI
The breakthrough of artificial intelligence into business intelligence has allowed these tools to evolve into more effective resources and intuitive and easy-to-handle solutions. This is fundamental for retailers overwhelmed by the complexity of data and the speed at which changes in market dynamics occur.
According to the IBM Global AI Adoption Index—Enterprise Report, 82% of large companies are currently using or actively exploring the use of AI in their operations. According to this index, Business Analytics or Business Intelligence is among the top five applications of AI. AI is revolutionizing business analytics, enabling companies to gain deeper and actionable insights from their data, leading to more informed and strategic decisions.
5 Use Cases of Artificial Intelligence in Business Intelligence
Integrating AI into business intelligence offers many significant benefits to optimize operations and business decision-making.
Natural Language Processing (NLP) makes Data Accessible
AI improves BI tools with NLP, making them more accessible to users with little or no technical knowledge. NLP allows you to ask natural language questions like “What was our best-selling product last quarter?” to get accurate and immediate answers, allowing more employees to interact directly with the data.
Artificial intelligence delivers user-friendly interfaces
AI integration often involves developing more intuitive interfaces that make BI tools easier to use and understand, i.e., improving usability. This encourages more widespread adoption within the organization, ensuring that more team members can benefit from the available insights.
Improved forecasting accuracy with AI algorithms
AI algorithms are especially effective in identifying patterns in large data sets that humans might miss.
As a result, market forecasts and risk assessments are more accurate, which is essential for strategic planning. One tool that can help you make advanced demand forecasts based on multiple variables is Reactev’s Demand Forecasting Software.
Rapid response to market changes with artificial intelligence
AI-powered business intelligence systems can process and analyze data in real-time, providing businesses with the latest insights. This immediacy allows businesses to react quickly to market changes, operational problems or other unforeseen events that may arise. AI can also continuously monitor data and issue alerts when it detects significant anomalies or opportunities, allowing retailers to act quickly to take advantage of opportunities or mitigate risks.
Consistency and reduction of human error in Big Data analysis
AI algorithms provide consistent results based on the data they receive, eliminating the variability and potential bias introduced by human decision-makers. They can also analyze large amounts of data in seconds, something a human team can only dream of accomplishing. Therefore, AI systems reduce the time spent and the number of errors in data analysis, resulting in more accurate reporting and decisions.
If you work in retail, whether you are a distributor, manufacturer, or brand, our AI Pricing software helps improve demand forecasts, setting prices that are appropriate to your business policy and adapted to the market, as well as reducing times and improving accuracy.
Category: Artificial Intelligence
