Business Intelligence
What is Artificial Business Intelligence?
Business intelligence (BI) is crucial to helping B2B businesses succeed in competitive markets where companies increasingly leverage the growth of big data for an advantageous position. Business intelligence comes from a wide variety of sources, and is often unstructured or only partially structured. This leaves a lot of opportunity for the deployment of artificial intelligence for the management and interpretation of business intelligence. AI big data machine learning can help B2B businesses sort through their vast amounts of BI to obtain actionable insights that can help inform the decisions that will move the company forward. By automating the process of interpreting data across a wide range of sources, AI helps B2B business managers focus on the most important issues as they occur and ensure their responses match the dynamics of their markets and business relationships.
Artificial business intelligence can be roughly segmented into three different types.
- Descriptive Analysis
- Predictive Analysis
- Prescriptive Analysis
Descriptive Analysis
AI business intelligence systems that offer descriptive analysis of a company's BI information represent the first tier of AI. Descriptive analytical systems can use natural language processing (NLP) plus other machine learning algorithms to track a variety of BI, from customer/client feedback and lead generation, to staff productivity, sales trends, accounting and budgeting, web analytics, delivery and supply chain performance, and more. Depending on the analysis offered, such AI BI systems may need to balance the relative weight of quantifiable information (such as sales made of a particular product) with qualitative information (such as customer reviews of that product). This is where business intelligence and artificial intelligence work together to streamline the information processing required to effectively run a business and offer clear insight into how the company is performing based off a wide variety of information sources. Using AI to provide descriptive analysis of business intelligence helps companies have a deeper and broader understanding of past performance in a faster amount of time, allowing them to learn from the past and continue to refine and improve processes for greater efficiency, productivity, and ultimately customer and client satisfaction.
Predictive Analysis
AI business intelligence systems can also offer predictive analysis to assist managers and other workers with business decisions that are particularly impacted by market fluctuations, whether they are rooted in seasonal and/or weather changes, particular times of the year, changes to the regulatory environment, or changes in competitors, sources, logistics, or any other fluctuating factors. Predictive analytic systems using AI can include immediate alerts via text message for when a more serious risk is detected that demands a response, such as an employee call-out or supplier problem jeopardizing a deadline, and can also offer more general overviews of various aspects of the business to help aid regular planning.
Predictive analysis can be particularly useful when companies have several years of business intelligence from which to draw, allowing the artificial intelligence software to predict upward or downward trends for particular time periods and alerting business managers and workers to adjust their plans accordingly. Predictive analysis may also be able to leverage trusted news sources to help workers and managers better understand risks and opportunities of the current business environment, thus keeping companies away from process inertia and focused on their future. As AI predictive analysis BI software is deployed and captures more information on its own performance, it can adjust how it weighs competing factors driving its analyses so that future functioning is more accurate and impactful. AI predictive business information analytics are a sure way to improve businesses' long-term outlook and future growth orientation and thus gain a market advantage over competitors.
Prescriptive Analysis
Prescriptive analytics represents the pinnacle of what artificial business intelligence systems can offer to improve B2B business performance. Leveraging the insight made possible by both descriptive and predictive analytics, AI prescriptive analysis brings workers and managers one step closer to their final decisions, helping to automate and streamline much of the information processing needed to make informed decisions so that decisions can be made faster and be based on a wider and deeper data pool than would ordinarily be possible with human labor alone. Prescriptive analysis will be particularly helpful to alert workers and managers of emergencies that demand immediate attention and recommend actions. For example, if one supplier is located in the path of an incoming hurricane, an AI predictive analysis system could alert the appropriate worker and suggest alternative sources that are located away from the path of the inclement weather patterns.
AI prescriptive analytics can also be used to understand how changing regulations impact the business and suggest alternative processes such as new sources or potentially even identify product design updates that would be required to meet the new standards as cost-effectively as possible. In deregulatory environments, prescriptive AI analysis software could recommend how B2B businesses can take advantage of more open markets to lower their input costs or improve other aspects of their supply chain. Prescriptive analysis can also help suggest how to divert workflows during worker absences, to adjust production, packaging, and shipping schedules to meet changing client demands, and to adjust pricing and sales to better match broader industry and market trends. Feedback and recorded performance metrics will help the prescriptive analytics software improve its output over time. The possibilities for the use of artificial intelligence in prescriptive business intelligence analysis are virtually endless.
About ArtificialIntelligenceB2B.com
ArtificialIntelligenceB2B.com is an AI software development company that is committed to creating custom artificial intelligence solutions for the B2B sector that are targeted to individual needs and affordable for a broader range of B2B businesses. Founded as a division of DDA, ArtificialIntelligenceB2B.com is built from a 25-year history of continuous growth and innovation in digital design and development, including advanced interactive software serving a variety of industrial, medical, B2B, and B2C businesses and organizations. Explore this website further to learn more about the many ways AI will empower B2B businesses, or if you have your own AI application idea in mind that you would like to discuss further, contact ArtificialIntelligenceB2B.com today.
