Artificial intelligence, or AI, is a promising technology with different applications. Do you know that the global artificial intelligence market size was valued at 136.6 USD billion in 2022? AI has deeply penetrated the personal and professional lives of the modern population. Artificial intelligence empowers many business intelligence solutions, from AI-powered voice assistants to virtual travel booking agents.
So today, let us try to gather all the dots between artificial intelligence and the different ways it is driving the future of data intelligence. First, we’ll understand artificial intelligence and its importance, followed by digital intelligence and its value. Not to miss are the detailed ways in which AI empowers data intelligence.
Artificial Intelligence (AI)
It is the simulation of human intelligence by computer systems. It includes problem-solving, planning, and learning activities. Artificial intelligence self-updates and adapts based on the information received and the results obtained. It is one of the largely used supporting tool used along with human intelligence rather than replacing it.
It is leading the way for common working as data fed to it can be represented in the synthesized form for presenting it to the human user. This helps streamline the decision-making. That said, let us go through some of the top uses of artificial intelligence.
Uses of Artificial Intelligence
Some of the standard uses of artificial intelligence include the following:
Digital personal assistants
Firstly, artificial intelligence can help change the flow of business operations. For example, many businesses use AI bots as personal assistants for serving customers. Hence, businesses can quickly manage calendars and emails and offer recommendations for streamlined operations. Further, businesses can focus on other important work by aligning digital personal assistants with work.
Internet and data research
Artificial intelligence is helping businesses in offering the right information to customers at the right time. It helps identify patterns from large data from people’s search behaviors. With the advancement in artificial intelligence, the user experience has increased significantly. Thus, with all the internet and data research on artificial intelligence, only it becomes easy for businesses to target a specific audience.
Customer relationship management
It is easy to upgrade the existing customer relationship management (CRM) system. However, the leading CRMs may need strong human intervention, which is eliminated by artificial intelligence. The self-updating and auto-correcting systems help stay at the top of relationship management with artificial intelligence.
Artificial intelligence can safely identify possible cybersecurity issues in the organization. It is easy to monitor the data input patterns and take necessary actions for future protection from the same attacks. It helps preserve the business infrastructure and keep it away from possible cyber threats.
The large data sets are ideally managed by machine learning algorithms based on artificial intelligence. Hence, the decision-makers can quickly understand the key aspects based on these results.
The interaction and analysis of data come under data intelligence. Some different types of data intelligence include data analytics, data mining, and big data. The main aim of data intelligence is to deliver reliable and trustworthy data from all incoming sources. It is widely used in applications like data analytics, digital transformation, data privacy, data governance, and cloud transformation.
Importance of Data Intelligence
The importance of data intelligence includes the following:
Strong data foundation
Firstly, data intelligence is the leading tool for organization growth and business management. It helps handle large data sizes without issues, along with other benefits like big data, machine learning, and deep learning. Hence, creative and beneficial strategies can be designed based on the data for a strong foundation.
Further, data intelligence helps businesses observe the different operations and support their key stakeholders. Hence, quality data is created with trustworthy and reliable insights from data intelligence.
Data intelligence can help create a system in the organization to maintain transparency. In addition, it helps users know how the new information is proven and working in the systems.
One of the most discussed benefits of data intelligence is augmented analytics. It further supports predictive and prescriptive analytics use cases based on data intelligence.
Data intelligence helps smoothen business operations. It is easy to connect with people based on data search and discovery. Hence, it facilitates business operations by reducing the burden on data analysts.
Effective decision making
Last but not least is data empowerment with data intelligence. It is easy for business managers to create quick and effective decisions based on timely and accurate information. Thus, effective decision-making is in place for completing the competitive business, all thanks to data intelligence.
Also read: 7 Tips for Making Quality Business Decisions
How is Artificial Intelligence Driving the Future of Data Intelligence?
With a clear understanding of artificial intelligence and data intelligence, it comes down to the relationship between the two. It is easy to go through the following different methods in which artificial intelligence is bringing the winds of change for data intelligence:
Discovering new insights
Automatic data analysis is supported by machine learning systems discovering new insights, patterns, and hidden trends. Further, it is easy to explain the findings using artificial intelligence quickly compared to traditional systems.
AI algorithms can be used in the automotive, healthcare, and other manufacturing sector to uncover new insights. In addition, business intelligence offers insights fed to the sales, marketing, and production team for real-time decision-making.
Bridges the insights gap
Once the new insights are discovered, the next step is to drive actionable results. After that, it is about presenting the results in an easy-to-digest format for everyone associated with them. While machine learning based on artificial intelligence derives data insights, it offers much more.
The powerful Natural Language Query (NLQ) converts it into informative intuitive visualizations. Hence, the data is perceived in a human-readable format which is easy to understand by all in the organization. Thus, users can go through insights hidden in datasets and tables. So, all you get is a team of happy data scientists and enhanced data literacy of the organization.
Predicting the leading concerns
Artificial intelligence and data intelligence can predict all the leading concerns, like demand generation, product development, consumer preferences, and marketing channels. For example, leading fintech uses AI to predict changes and financial trends. The results are then applied to mitigate the risk and manage business operations accordingly.
Metadata offers detailed analysis when it is about profitable trends and techniques. However, only human efforts have been able to extract these trends. The entry of artificial intelligence helps to automate rich content to data assets, auto-linking, lineage, classification, and data cataloging. In addition, it can create an active metadata graph for process automation.
So, we no longer depend on human efforts when extracting metadata details like location, provenance, topic, and business. The leading data intelligence companies help overcome the issues of manual creation of an active metadata graph, like errors and increased time.
Unifying data for comprehensive analytics
Do you know that only 60% of marketers successfully unify and manage their data to achieve strategic goals? Hence, it is about considering all data related to business operations. It is necessary to generate reliable and trustworthy data for actionable analytics.
Artificial intelligence comes useful in data unification using deep learning and machine learning. Some common examples include how machine learning can scrutinize data to unlock patterns. Natural language processing can transcribe spoken words, and computer vision helps extract data from pictures. Artificial intelligence can use past instances to create future data governance and quality control rules.
With nearly 77% of businesses using or experiencing AI currently, there can be no better time than this to empower your data intelligence using it. Some of the common methods include discovering new insights, bridging possible gaps, predicting the results, and enriching metadata.
Further, AI strengthens data intelligence with comprehensive analytics for enhanced business benefits. Overall, AI is here to stay and create new data trends in the future.