The Future of AI in the Business World
July 26, 2021
Artificial Intelligence vs Business Intelligence
- Global Data 365
Despite all of the hype surrounding smart, data-driven decision-making, Business Intelligence (BI) and Artificial Intelligence (AI) are frequently confused. The AI vs BI debate has been going on for a long time. While both assist businesses in making crucial decisions, there are significant differences between the two. While artificial intelligence (AI) has gained prominence recently, it is no surprise that business leaders are working to find ways to incorporate AI into their technology framework. When business officials are asked to clarify what they expect to receive from AI, they regularly respond with solutions that will help them make better business decisions. AI refers to computer intelligence that is similar to that of humans, while intelligence in BI refers to intelligent decision-making. Dive in the blog and find characteristic of AI vs BI.
What is Artificial Intelligence?
Artificial Intelligence is a way of creating a computer, a computer-controlled robot, or software that think intelligently like humans. Artificial Intelligence is developed on the study of how humans think, learn, decide, and work to solve problems, and then using the findings as a foundation for creating intelligent software and systems. Automation, data modelling, reporting and analytics, are some of the computer-powered business decision drivers that are referred to as AI but are not AI. While AI has the ability to improve all of these areas, they are not the areas of focus that are primarily linked to AI; instead, every one of these platforms is discussed by a different type of intelligence software, particularly business intelligence.
What is Business Intelligence?
Business Intelligence is a technology that collects, stores, accesses, and analyses data to assist business users in making informed decisions. BI converts data into meaningful information in the form of reports and dashboards, enabling companies to make informed data-driven decisions. It requires the use of statistical methods to analyze data. To take out more data-driven data, it incorporates data mining, data warehousing, and other tools. It includes the collection of data and the subsequent use of that data to make decisions. It assists in optimizing and capitalizing on historical data available.
So what is difference between AI and BI?
AI vs BI: Difference between Artificial Intelligence and Business Intelligence
| Factors | Artificial Intelligence | Business Intelligence |
| Concept | Artificial Intelligence refers to human like computer intelligence. | Business Intelligence refers to intelligent decision making. |
| Emphasis | It requires the use of statistical methods to analyze data. | It involves machine learning and deep learning algorithms. |
| Application | It is primarily used in robotics, VR, image recognition, machine learning, etc. | It is primarily used in data warehouse, data modelling, data visualization and dashboards, analytics and reporting. |
| Usage | Its usage is linked to the future events. | Its usage is linked by available historical data. |
| Inputs | It benefits subject such as biology and computer sciences. | It benefits enterprise management data, reporting and data analysis, OLAP. |
| Algorithm | It utilizes the breadth first algorithm (BFS) and follows the FIFO principle. | It uses the linear aggression module for organizing data. |
| Limitations | It poses security and privacy risks. | It can lead to misuse of data by using improving technology. |
| Objective | The main aim of AI is to produce machines that have the potential of working like the human brain. | The main aim of BI is analyzing day and future prediction by using historical data. |
| Tools | It makes use of complex algorithms to make logic. | It makes use of spreadsheets, query software, dashboard, and tools of data mining for analysis. |
So AI’s ultimate aim is to build machines that can replicate human thought but less useful to a company than a school of technology dedicated to assisting businesses in evaluating results, knowing the past, and predicting the future. Whereas, the three main benefits that business intelligence solutions help to improve, as well as three key performance indicators in enterprise business, are security, simplicity, and speed.
Artificial Intelligence in Business Intelligence (AI in BI)
Artificial Intelligence in Business Intelligence can help drive any company to success. AI and BI are demonstrated by AI-powered alerts which range from simple alerts to advanced neutral network alerts, and assist businesses in maintaining total control over key performance factors by alerting them as soon as anything happens. These AI innovations will continue to revolutionize the business intelligence environment when combined with creative business dashboards. All of these firms are taking a break from the time-consuming task of sifting through data to discover patterns and responding to costly problems.
Although AI is centered on helping computers in gaining insight on their own, BI enables entire companies to gain access to the data they require to make fast, better decisions, which is crucial in today’s rapidly evolving business environment. In a study of 2600 business intelligence end-users, 91% said BI enabled them to make improved business decisions, 84% said it increased customer satisfaction, and 79% said it enhanced reporting, research, and planning. In the coming years, AI will certainly have a huge effect on companies, but don’t confuse today’s BI benefits with advanced algorithms or thinking machines.
Businesses will better plan for the age of thinking machines and lay the foundations for machine-augmented decision making soon by investing in BI. Find differences between Artificial Intelligence and Business Intelligence with AI vs BI. If you are interested in how agile Business Intelligence solutions can help businesses to achieve AI, contact us now.
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