How AI is Improving Business Analytics

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Business analytics tools are constantly evolving as businesses find ways to implement new methods to help organize their data. Companies can no longer only rely on conventional business analytics or business intelligence tools to analyze data and extract information for business strategies. Thus, the demand for new technology has incentivized many businesses to utilize AI in their business intelligence operations. 

But first, what is AI? AI, short for Artificial Intelligence, is the replication of human intelligence with machines or computers that have been designed to think and behave like humans. It also refers to software that performs human-like behavior such as decision-making and problem-solving. In businesses, AI can help with revenue forecasting, consumer-needs predictions, and communication. Intelligent computers may also assist salespeople in managing their time and deciding who and when they need to follow up with customers. 

Specifically, AI is making strides to improve data analytics. Data analytics is the method of reviewing, organizing, converting, and modeling data with the goal of finding valuable information to assist in decision-making. Since AI is effective in extracting useful information and replicating human behavior, many businesses employ it to help with data analytics, viewing it as a replacement of the conventional analytics systems. While traditional data analysis systems depend on human input to function and develop, AI is constantly improving on its own and does not require human input to analyze data efficiently. 

AI helps data analytics in three important ways:

1. Finding insights - Artificial intelligence is particularly good at detecting trends and observations in vast databases that humans are unable to detect. It does so at a large scale and at a high rate.
2. Predicting Outcomes - AI-powered applications sift through data from hundreds of sources to predict various outcomes. It can also dig into the customer's data and make predictions about certain products that will appeal to them.
3. Unifying Data - Unified data is when companies merge all of their separate data into one centralized view. AI accelerates this process by integrating data from multiple channels at a time, including data that is normally difficult to trace with conventional analytics.

Many big companies are also starting to use AI software. For example, Walmart uses the HANA platform to analyze the vast amount of data that it collects. Machine learning solutions in business intelligence, such as the HANA app, lower maintenance costs and boost operating performance for customers. Because of this software, Walmart has found that managing their data has become faster and more efficient. Besides Walmart, other major companies such as Netflix, Google, Amazon, and Apple have also implemented AI to help with organizing data, managing customer relations, and other standard business practices. 

The future of AI in business and in data analytics is still unclear, but it is certain that AI will be making appearances in more companies. An IBM global survey found that 45% of the respondents from large companies and 29% of small and medium sized businesses have adopted AI. It is also estimated that 80-90 percent of large businesses plan to adopt the use of AI in the next two years as AI becomes more accessible.