Be it in the form of deep learning technologies, autonomous vehicles, or smart robots, artificial intelligence (or AI) is making its presence felt everywhere in the connected world. With AI-enabled technologies having a prominent place in the Gartner Hype Cycle for Emerging Technologies, this technology is enhancing the capabilities of business analytics and business intelligence.

1. Why is Artificial
Intelligence in
Business Analytics so
critical for business
growth?

2. Be it in the form of deep learning
technologies, autonomous vehicles, or
smart robots, artificial intelligence (or AI) is
making its presence felt everywhere in the
connected world.
With AI-enabled technologies having a
prominent place in the Gartner Hype Cycle
for Emerging Technologies, this technology
is enhancing the capabilities of business
analytics and business intelligence.

3. So, how does AI actually work in
the business world? Through this
article, let’s try to understand what
artificial intelligence is and why it is
so important for today’s business
corporations.

4. What is Artificial Intelligence and
why is it important to business?

5. The AI application in
business has been
mainly enabled by the
AI-powered machine
learning (ML)
technology that can
be used to perform
specific tasks such as:
Read and comprehend written text such as user feedbacks or
suggestions.
Read and
comprehend
Recognize and classify visual images and photos.
Recognize
and classify
Recognize facial features and objects thus enabling facial recognition
and product recommendationsRecognize

6. Based on these
capabilities, we
have seen multiple
applications of
artificial
intelligence in
business in the
form of:
Chatbots, virtual assistants, and business
intelligence bots
Targeted online advertising
Predictive analytics
Voice recognition
Pattern recognition

7. What is the
importance of AI
for business
corporations?
Here are a few
ways in which
businesses can
avail of benefits of
AI:
Automate business communication
with customers through online
chats, email marketing, and social
media messaging that previously
needed human agents.
Provide online shoppers with a
personalized experience based on
AI-driven data insights derived from
customer behaviour and online
purchasing patterns.

8. Achieve operational efficiency through various means including the adoption
of AI-powered automation in inventory management and the use of artificial
intelligence in robotics for automated hotel check-ins and in factory premises.
Make business predictions or sales forecasts based on customer data and
buying patterns that can accurately estimate sales volumes, inventory
management, and product demands.
Provide real-time help to customers where companies can use AI-powered
mobile apps to communicate with large numbers of customers on a real-time
basis or to provide personalized services to individual customers.

9. 3 Major Applications of
Artificial Intelligence in
Business

10. Work
Automation
AI-driven work automation is estimated to cut over 9
million manufacturing jobs in the U.S. alone.
Manufacturing companies are utilizing AI technologies
towards smarter use of their resources. For example,
General Electric is reducing its machine downtime
through data collected from AI-powered smart sensors
installed on its manufacturing equipment.
By combining AI with Internet of Things (IoT) technology,
companies are reducing costs, improving productivity,
and creating more specialized jobs.

11. Sales and
Marketing
The significant role of artificial
intelligence in marketing and sales is also
transforming this function across
industries.
AI technologies are enabling marketing
personnel to automate most of their
routine tasks through acquired data while
they can focus on key sales functions like
increasing sales and customer
satisfaction.

12. Customer
Service
According to industry estimates, 30% of all
online retail transactions are made on the
mobile phone.
With the increasing use of mobile apps
among smartphone users, messaging and
social media usage are among the top 5
categories of apps accessed by online users.
Business enterprises are now majorly
investing into AI-powered chatbots to provide
customer communication and service

13. Artificial
Intelligence in
Business
Analytics and
Business
Intelligence
The global business world is witnessing
increasing volumes of connected devices
and business data.
According to Statista, IoT-enabled
connected devices are projected to increase
to 75 billion by the year 2025 (up from 26
billion devices in 2019).
Along with the number of IoT devices, the
data generated by these connected devices
is exploding with over 5 quintillion data
bytes being generated each day.

14. Artificial
Intelligence in
Business
Analytics and
Business
Intelligence
With the massive increase in business data,
corporations can no longer depend on
traditional business analytics or business
intelligence tools to analyse data and derive
valuable business insights for better decision
making and business strategies.
Operating over 11,000 retail stores, Walmart is
using the ML-enabled HANA platform to process
its high number of daily transactions in a matter
of seconds. Machine learning tools in business
intelligence like the HANA tool is expected to
reduce the customer’s infrastructure costs and
improve operational efficiency.

15. Artificial
Intelligence in
Business
Analytics and
Business
Intelligence
Another industry example is that of the business
management software firm, Domo.
By combining its capabilities in AI, machine
learning, and predictive analytics, Domo
customers can extract and analyse data from a
variety of sources including Salesforce,
Facebook, and Shopify that provides them with
insights on customers, sales volumes, and
inventory levels.

16. Artificial
Intelligence in
Business
Analytics and
Business
Intelligence
As AI-driven business analytics becomes more
common, it will transform the role played by the
business analyst.
As AI technology powers the real-time analysis of
data, business analysts will be required to focus
more on the fundamental skills of data analysis
without any programming skills.
For example, the machine learning-
enabled DataRobot tool is automating predictive
modelling and is accessible to users with no skills
or experience in machine learning.

17. Artificial
Intelligence in
Business
Analytics and
Business
Intelligence
Managing the growing volumes of big data
from a variety of sources and break them
into more manageable data chunks.
Get real-time insights from the rapidly
evolving market data that can aid business
managers in key day-to-day decisions.
Overcome of the industry shortage of
qualified data analysts thus reducing hiring
costs for data-dependent businesses.

18. Conclusion
• This article highlights the
growing adoption and
importance of artificial
intelligence technologies in
business functionalities
including business analytics
and business intelligence.

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