4 Astounding Ways AI Can Help You Gather (and Use) Business Intelligence
Everyone seems to be talking about artificial intelligence. Whether it’s autonomous vehicles, digital technology, or smart robots, artificial intelligence (AI) is becoming an advantageous strategy for many businesses.
AI, also referred to as machine learning, often utilizes business intelligence (BI) to help enterprises analyze actionable insights from different datasets and deliver valuable recommendations to drive better business outcomes. In fact, 75% of companies claim they’re using machine learning to increase sales growth and view it as a critical growth strategy.
While AI has been applied by businesses across the globe, it’s often a misunderstood tool for enterprise growth. Let’s take a look at what AI business intelligence is and how you can use it to your advantage.
What is AI Business Intelligence?
AI is programmed and trained technology with human intelligence traits like decision-making, problem-solving, and learning. On the other hand, BI refers to the tools and technology used to collect and analyze business data that helps enterprises make more informed decisions. While there are distinct differences between the two, you need both to collect and inform intelligence.
AI helps BI technology produce useful, clear insights from the data so human operators can more simply translate it into business decisions. For example, BI cannot forecast real-time insights or trends, but AI provides advanced technology to produce relevant insights and predictive analytics. With AI, BI is better positioned to breakdown large volumes of data and give your company a clearer vision of the big picture – which helps you develop actionable takeaways.
What are the Benefits of Using AI for Business Intelligence?
Whether you’re a midsize or global enterprise, investing in a robust AI and BI solution helps you make decisions based on facts instead of assumptions. Additional benefits of using AI to gather BI includes:
- Enhances business productivity to help your business meet long- and short-term objectives
- Improves access to quality historical data, forecasts, business metrics, and more
- Boosts ROI by driving accountability, maximizing productivity, and streamlining processes
- Eliminates areas of waste that often bottlenecks business production
- Identifies new business opportunities and performance
4 Ways AI Helps You Acquire and Use Business Intelligence
By 2030, AI could contribute up to $15.7 trillion to the global economy across multiple industry sectors. Whether you’re using AI and BI to evolve your business or not, it’s essential to understand how utilizing advanced technology can propel your company forward. Here are a few ways AI helps you receive and utilize BI:
1. Improve Functionality of CRM Automation
Customer relationship managers (CRM) are essential technology systems that help you gather customer data across your key marketing and sales channels like email, social media, phone, and more. Utilizing a CRM also helps you streamline mass communications, segment customers, and maintain a centralized database to help you convert prospects more quickly.
When implementing AI within your CRM systems, you can receive valuable BI, like customer feedback, from your channels and automatically update your lead generation and marketing initiatives based on that information. The data not only improves your lead generation efforts, but can optimize the entire customer journey through quality insights.
2. Automate Customer Communications
Between endless customer inquiries through phone and email, customer service teams are often overwhelmed and unable to focus on long-term tasks. To combat customer demand, many companies have adopted website chatbots to help answer questions and direct users to valuable resources. In fact, 58% of B2B and 42% of B2C companies now use a chatbot to communicate with website users.
AI is utilized within the chatbot to learn common customer questions and respond so you don’t need a dedicated customer service representative on call 24/7. The intelligence it gathers can help you develop a stronger website or educational resources so you can provide customers the information they need without having to pick up the phone.
3. Understand the Competitive Landscape
How great would it be to have a quick analysis of your competitor’s digital presence? AI offers several tools that allow you to capture key business intelligence on everything your competitors do online and implement the data in easy-to-understand reports. Competitor data includes:
- Website activity
- Social media engagement
- Customer feedback
- Search engine rankings
With competitor business intelligence data, you can quickly respond and update your processes to stay ahead of your market.
4. Automate Internal Tasks
Streamlining your internal processes is often overlooked compared to increasing conversions and customer engagement. However, AI can help your business improve your hiring and onboarding processes, along with providing you with feedback from new employees on how you can improve. AI quickly sifts through thousands of applications that fit your criteria to help you find the best prospective employee — saving you valuable resources and time. You can use this data to help streamline your entire HR process and tailor it towards the right candidates.
Start Utilizing AI Business Intelligence to Boost Results
The future of AI business intelligence will continue to drive strategic decision-making, boost business productivity, and identify future opportunities to promote long-term results. AI and BI technology allow you to maximize your overall enterprise value by providing real-time and relevant data so you can focus on making informed decisions that boost your ROI.