What is AI
Artificial Intelligence (AI) is the process in which intelligence is tied to a computer or a system's ability to adapt to a new environment and generalize its knowledge.
It is a way in which system is enabled to think like humans. By the simulation of this technology into systems, they will mimic human judgment, thought process and learn from past experiences.
Artificial Intelligence is split into two different types at a very high level; narrow AI and general AI. Narrow AI is nothing but machine intelligence. It is how a computer is programmed to perform specific tasks. The systems or machines that work on narrow AI can only perform tasks they are taught or programmed to perform tasks in a particular way.
In contrast, General AI is something that will be able to adapt to situations similar to humans. It is a flexible form of intelligence capable of learning how to perform or carry out various tasks.
Artificial Intelligence is everywhere today. Some of the standard applications of AI are:
- Speech Recognition- also know as STT is an AI technology that recognizes speech or spoken words and then converts it into digital text. This technology is mostly used in GPS, Voice-enabled text messages, TV voice remotes, and any voice-driven phone messages.
- Image Recognition is an AI technology that can identify people, objects, actions like still or moving images or writing, and classify them. This technology is driven by image recognition and deep neural networks and is mostly used in self-driving cars, fingerprint ID systems, face recognition ID systems, mobile check deposit apps, mobile locking systems and others.
- Natural Language Processing- NLP is an AI technology used in digital technologies like chatbots, Siri and Alexa or any other text-based virtual assistance. It enables a computer or a software application to understand, process, interpret and generate human text.
- Ride-share services- companies like uber, ola use AI to connect passengers with drivers, shows wait time, provide ETA'S and are also helpful to eliminate surge fee at high traffic times.
The use of AI has become increasingly common these days. AI helps simplify many tasks and powers many programs that help us perform everyday tasks more efficiently.
AI is used everywhere, including social media, digital assistants, web searches, online services, music recommendations and many more. AI has almost become a part of our life.
What is BI
Business Intelligence is a process or technology that combines business analytics, data visualization, data mining, data tools, and infrastructure to enable an organization to take decisions driven by data. Business intelligence provides a comprehensive view of the company's data and helps eliminate any inefficiency to adapt to quick changes in the market.
Business intelligence has evolved over the years and continues to improve many organizations' business efficiency and performance. Some of the processes of BI include:
- Data Mining- it is the process of using statistics and databases to uncover trends in data sets.
- Reporting- is the process of sharing data analysis that helps stakeholders make decisions and draw conclusions on specific issues.
- Descriptive Analysis- is the process of using preliminary data to find out certain things.
- Statistical Analysis- it is a process of using results from descriptive analysis for further exploration of data.
- Visual Analysis- is the process of exploring data through visual modes of communication.
- Querying- is the process of asking specific questions to data, pulling answers from datasheets.
- Data Preparation- is the process of compiling various data sources and preparing them for data analysis.
Business intelligence helps business organizations take better and smart decisions driven by data, optimize operations, track performances, compare data with competitors, analyze consumer behaviour, discover problems and predict success.
Business intelligence works to identify the company's goals, gather necessary data, measure performance if they are directed towards achieving goals, analyze data and take actions required to meet business goals.
Differences between AI and BI
AI and BI are an ideal match. When Artificial Intelligence is combined with Business intelligence in an organization, they help the enterprise become successful with progressive technology.
Although both AI and BI get along well when integrated, they are different in a few aspects such as
- Philosophy- AI was developed to simulate technology into a machine that can perform activities similar to humans. In contrast, BI helps improve and enhance the overall business performance of an organization.
- Goals- AI aims to integrate human talent into machines and create professional structures and BI supplies records at all business levels that allow smooth flow of business operations.
- Applications- AI is used almost in every field including gaming, speech recognition, face recognition, intelligent robots, natural language processing and many more. BI is used mostly for business processes like querying and reporting software, digital dashboards, data mining, business exercise monitoring and others.
- Research- AI research areas include natural language processing, robotics, and expert systems, whereas BI researches digital analytics and data mining on social media.
- Issues- issues faced by AI are a threat to safety, the threat to privacy, and human dignity. BI faces problems with technology and data or people and organization.
AI and BI are growing individually in their respective fields or domains rapidly. Combined benefits of both AI and BI can ultimately create new business models that are beneficial for organizations' growth.
How AI and BI can merge to enhance an Organization’s ecosystem
Artificial intelligence, when combined with business intelligence, provides perfect analytical solutions for any business situation. Individually BI will only perform tasks such as analyzing data, data mining and other tasks related to data. When combined with AI, Business Intelligence can provide predictive solutions to any business by considering historical data patterns.
BI also provides many handy resources for AI through data analysis and data management. Organizations or businesses can acquire quick positive and accurate results in the market by using insights provided through integration of AI and BI.
Data analysis takes much time when done individually. AI-powered BI platforms can reduce data analysis time and enable businesses to take up more effective data analytics projects. When powered with AI, BI can find out unknown problems with more in-depth analysis and insights for unexamined data.
By making use of these insights, businesses can plan on their next step towards the identified issues. When used together, AI and BI quickly review past data and automatically provide alerts on new and interesting features which helps business act quickly and grow effectively in the market.
Artificial intelligence and Business intelligence fetch better performance and results in an organization when used together. AI and BI, when integrated, can provide analytical solutions to any business situation.
The insights provided by these two technologies can be beneficial for any organization to build predictive machine learning models to get accurate and quick results.
With the changing trends in the market and the ever growing customer expectations, businesses have to up their output to meet and exceed the expectations to rule the market.
It is best that businesses now realize the growing need of using a symbiotic interface to enhance their stand and improve their growth curve.