Artificial intelligence and business intelligence are becoming indispensable technologies for enterprises. The importance of these technologies can be understood from the way these have caused efficiency and growth in businesses. A proper understanding of these technologies is essential to make the best out of them.
AI and BI, are two separate technologies, although they do have a few common, overlapping aspects. AI can be defined as a technology through which machines are empowered to make decisions, solve problems and have an understanding of situations and inputs. This enables the development of a considerable number of tools which are being widely used across sectors and have helped increase efficiencies in all of them.
BI, on the other hand, is specifically business oriented. It has to do with analyzing data which is essential from the perspective of businesses and provide patterns and insights. These separate technologies can be brought together or used separately according to requirements.
Earlier, businesses used to depend on traditional methods and manual ways to gather data and subsequent inferences from them. The main function of BI is to do the same in a more resourceful and foolproof way. BI helps to collect data systematically and makes it available for analysis by providing bars, charts and other visualization tools. This allows companies to gain clarity. The primary function of BI is limited to this, and it is not expected to provide solutions or suggestions for improvements.
AI, on the other hand, is endowed with decision-making capabilities. AI is still in at a very nascent stage of development, and the applications are mostly experimental. Yet, by using applications developed using AI, machines are made capable of interacting with information as a human brain would. Voice commands, customer support, chatbots, cybersecurity, diagnostics and many other applications of AI are apparent in industries these days.
Enterprises can understand the different ways in which BI and AI work and can apply them accordingly. The approach should be to use the technologies to streamline data, information, and processes and create actionable plans based on the same. Smarter decision making and faster processes are a guarantee.