5 Ways Artificial Intelligence (AI) Is Transforming Business Intelligence (BI)

Photo by Michael Dziedzic on Unsplash
2 years ago

Artificial Intelligence (AI) transformed from a radical science fiction concept into cutting-edge technology that revolutionized how humans live and work. From task reminders and setting timers to taking a deep dive into consumer behavior, AI represents a massive shift in our lives, including how businesses operate.

Increasingly effective AI drives expanded business intelligence (BI) capabilities to help teams reach their full potential faster than ever. Understanding how AI impacts business intelligence is the first step to improving efficiency and delivering better results. Let’s take a closer look at the key ways AI impacts BI and what it means for your team.

Marketing Efforts

Modern marketing is a beast in many ways, a wild thing that’s susceptible to sudden shifts and requires businesses to keep up with the latest trends and market changes. AI support can give businesses a leg up on the competition by automating several key aspects and providing more relevant insights.

Data Collection and Analysis

From keeping a pulse on customer sentiment to tracking what your competition is doing, AI can provide the information you need on demand. Tracking key data points in real-time allows marketing teams to adapt faster than ever.

Aside from better sales forecasting, your team can make necessary changes and adjustments as needed. Start crafting campaigns that resonate with customers and get ahead of the competition.

Product Recommendations

Personalized product recommendations boost sales by choosing the right items for each customer. AI follows each customer’s behavior as they navigate your application or website and makes personalized, appropriate recommendations based on that information.

Better Content Strategies

Content is power, and the opportunity to grow is infinite when you use artificial intelligence to boost your abilities. AI can fine-tune algorithms based on real data from your target audience, meaning you can craft more relevant content for your demographic.

Improving Customer Relations

Increasing customer engagement builds loyalty, leading to positive brand identity and repeat sales. AI can reinforce brand identity and loyalty by improving the customer experience in person and online.

Leveraging artificial intelligence gives customers what they want — a personalized experience that makes them feel special and seen.

  • AI technology can improve live chat features to create a more natural conversation and provide customers with the necessary information.
  • Using AI to evaluate customer reactions and behaviors in person, like while shopping in a store, can provide additional insights you can use to improve service.
  • AI can help you refine things like loyalty programs to keep customers coming back by giving them preferred rewards.

Building customer relationships is more than offering the right suggestions and brand recognition. It’s about creating an inviting, highly personal experience, and AI supports those goals.

Cybersecurity Measures

Cybersecurity is increasingly important for every business, and AI capabilities support those teams to protect you and your customers. AI software can combat common cyberattacks while identifying ways to shore up security measures based on behavioral analytics and trends. Using AI also reduces the gaps caused by human error.

Hiring and Employee Relations

Finding the right employees is challenging, and keeping them is even tougher. AI can support business goals from the hiring stage through retention.

Relying on AI algorithms can reduce the time spent filtering through candidates, saving hours on the search. For example, your company already uses Oracle Business Intelligence, which requires employees who understand the system. AI can help you filter results to find candidates who completed the best Oracle certification programs.

Beyond the hiring process, AI can support your staff and improve retention. It’s easier to monitor performance and highlight areas for improvement. You provide employees with actionable steps to stimulate performance, confidence, and engagement. Employees will know what to expect thanks to clear goals and guidelines.

Reduce Overall Costs

Perhaps the most important way AI can support businesses is through cost reduction. Automating mundane processes and providing support, like 24/7 AI chat, can reduce the strain on your teams without detracting from the customer experience.

Further, automating simple, repetitive tasks frees up employees to work on more complex projects. They can focus efforts on critical programs without splitting time or attention, meaning better productivity and results.

Final Thoughts

There’s no question that you must create a strategy involving AI now because your competitors are probably already doing so. In fact, 83% of business executives feel that AI should be a priority. If you don’t capitalize on the technology, your competitors will.

Artificial intelligence is no longer an obscure idea for future businesses — it’s available now. The applications for AI in the business world are infinite, and it can affect nearly every aspect of your operations to improve customer loyalty, employee retention, security, and your bottom line.

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