August 11, 2022
Dashboards have become king in the world of CRMs and ERPs – Sales dashboards, Supply Chain dashboards, quarterly reports, you name it.
Today, getting info from dashboards means companies are employing new technologies to unleash useful data. One of the most beneficial is intellectual conversations with NLP (Natural Language Processing) software. NLP allows users to ask AI simple questions and answers from their data.
Previously, businesses would rely on data analysts to answer their questions. Now, they can use conversational AI, where you simply just ask and receive information that will point them in a direction toward success. This development in business analytics is a massive step forward. Rather than time and resource-consuming reports generated by employees, artificial intelligence can generate answers for you in seconds. This is achieved through simple numbers or visually through graphs.
As we dive into this new concept of AI as a data storyteller, there are aspects businesses must work towards to successfully achieve insights within their data. No longer are businesses relying solely on generating quick answers to questions such as, “what was my Sales Revenue for Q2?”. Rather, AI is beginning to give context to answers, recommending actions that will solve problems in the long run: “You should stock more of this item to boost sales revenue in Q2”. By 2023, 30% of organizations will harness the collective intelligence of their analytics communities, outperforming competitors that rely solely on centralized analytics or self-service. This level of data storytelling is known as Augmented Analytics.
The true future of BI lies in Augmented Analytics and AI as a storyteller. This is in the case where AI is recommending actions that would usually take time and resources to gather and realize. Now, AI can help businesses make informed decisions at a quicker pace while giving knowledgeable insights. The combination of augmented analytics and AI are tools that together will tell a story. These stories will help businesses meet their intelligence software needs. Consumers and businesses can turn to AI in order to simplify and give meaning to their data. Plus, they will be able to begin to form stories about their own business projections.
Take action and request a demo with ConverSight today!
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