Business Intelligence Vs Artificial Intelligence: Which Is Best For Your Business?

There is no doubt that artificial intelligence (AI) and business intelligence (BI) are two hot topics in the tech world today.  But what is the difference between these two concepts? And more importantly, how can they be used to help businesses achieve their goals?

To understand the difference between AI and BI, it is first necessary to understand what each term means. 

BI

Generally refers to the process of gathering data and using it to make informed business decisions. 

This data can come from a variety of sources, including customer surveys, financial reports, and competitive analysis. Once this data has been gathered, it can be used to identify trends and patterns that can help a business make better decisions about its products, services, and strategies.

AI

On the other hand, this refers to the use of computer algorithms to mimic human intelligence. This means that AI can be used to process and interpret data in ways that humans would not be able to do on their own. This can be used to create predictive models that can help businesses make better decisions about future trends and patterns. 

Additionally, AI can be used to automate certain tasks that are traditionally done by humans, such as customer service or data entry.

So, what is the difference between BI and AI? 

Essentially, it boils down to this:  BI helps you make better decisions by giving you access to more data and insights. AI helps you make those decisions faster and more effectively by automating tasks and processes.

Advantages Of AI For Businesses

One of the most common is the use of chatbots. Chatbots are computer programs that mimic human conversation. They can be used to handle customer queries, provide product recommendations, or even make appointments. Additionally, they can be used to automate tasks like data entry or customer service.

Another way that businesses are using AI is through the development of virtual assistants. Virtual assistants are computer programs that can perform tasks on behalf of a human user. For example, a virtual assistant might be able to book travel arrangements, schedule appointments, or even make purchases on behalf of a user. 

Additionally, they can be used to provide customer support or answer questions about a product or service.

Why use business intelligence?

There are many reasons why businesses use BI. Here are some of the most common:

• To make better decisions:
  BI can help businesses to understand their data and use it to make better decisions about everything from product development to marketing campaigns.
• To save time:
  BI can help businesses to save time by automating tasks such as reporting and data analysis.
• To save money:
  BI can help businesses to save money by reducing the need for manual tasks such as data entry and data cleaning.
• To improve customer satisfaction:
  BI can help businesses to improve customer satisfaction by providing them with the insights they need to deliver better products and services.
• To increase revenue:
  BI can help businesses to increase revenue by helping them to identify new opportunities and optimize their operations.

How To Get Started With Artificial Intelligence

Here are a few ideas:

1. Use ready-made AI solutions: 

If you’re not ready to build your own AI algorithms, there are plenty of ready-made solutions available. Services like Amazon’s AWS, Google Cloud Platform, and Microsoft Azure all offer AI-powered services that you can use in your business.

2. Hire an AI consultant: 

If you’re not sure where to start or what solution is right for you, consider hiring an AI consultant. They can help you assess your needs and find the right solution for your business.

3. Use open-source tools: 

If you’re comfortable with coding, there are a number of open-source AI tools available that you can use to build your own solutions. TensorFlow, PyTorch, and Apache Mahout are all popular options.

4. Attend an AI conference: 

Attending a conference is a great way to learn about the latest AI trends and see what’s possible. Plus, it’s a great networking opportunity.

5. Read about AI: 

If you want to learn more about AI, there are plenty of resources available. Check out our list of the best books about AI, or browse through our articles to find the latest news and insights.

How to get started with business intelligence

If you’re thinking of implementing BI in your business, then there are a few things you need to do to get started.

1. Define your goals: 

The first step is to define your goals. What do you hope to achieve with BI? Do you want to improve decision-making, save time, or increase revenue? Once you know your goals, you can start to plan how BI can help you to achieve them.

2. Choose the right tools: 

“There are many different BI tools available, so it’s important to choose the ones that are right for your business”, recommends business intelligence tool supplier, Fourth Dimension. Consider your budget, your technical expertise, and the specific needs of your business when making your decision.

3. Collect and clean your data: 

Once you’ve chosen your BI tools, you need to collect and clean your data. This can be a time-consuming task, but it’s essential to ensure that your data is accurate and up-to-date.

4. Implement your BI solution: 

The next step is to implement your BI solution. This involves putting all of the pieces together, including your data, your BI tools, and your goals.

5. Monitor and adjust:

Once you’ve implemented BI in your business, it’s important to monitor the results and make adjustments where necessary. This will help you to get the most out of your investment and ensure that your BI solution is working as effectively as possible.

The decision of whether to use AI or BI will come down to what a business needs and what will help it achieve its goals. If a business wants to make better decisions faster, then AI is the way to go. However, if a business needs to gather more data and insights before making those decisions, then BI might be a better option. Ultimately, it is up to the business to decide which approach is best for them.

Yasir Zeb

Digital marketing enthusiast and industry professional in Digital technologies, Technology News, Mobile phones, software, gadgets with vast experience in the tech industry, I have a keen interest in technology, News breaking.