Business Intelligence helps companies by providing them the right tools to identify and manage key performance indicators, interact and explore data visually, and share the data with others and collaborate. Even though there are many benefits of Business Intelligence, companies have been slow in adopting it. Business Intelligence acts as an effective tool for viewing, exploring and interacting with data. But, it is not efficient enough at discovering hidden patterns.
Machine Learning is a process by which a software application uncovers patterns from historical data and operates using those patterns. In Business Intelligence, discovering hidden patterns is a manual process and is time-consuming. Machine Learning helps to automate this process which results in fast delivery of insights to businesses so that they can act upon it quickly and make better decisions.
Here’s how you can apply Machine Learning concepts to your business intelligence strategy;
Machine Learning offers real-time information which will help in driving valuable decisions especially in case of fraud analysis. ML helps to detect fraud as and when it is occurring and not after a week or so. This data can be used to trigger actions like fraud alert and also can be collected for later analysis. Apart from catching frauds as they occur, businesses can also use the data to enhance or fix their system to prevent any anomalies from taking place.
Search-Based Business Intelligence Platform
Business Intelligence involves analysts producing sophisticated answers manually for people’s questions. By leveraging Machine Learning, businesses can train the data and the BI tool to deliver answers for people without the need for the manual building of all answers in advance.
Bots are seen more as a support function. But, with Machine Learning, bots can be used to bring data into existing workflows. In the retail industry, bots can give you insights on how many customers you have. It can also provide answers to what platforms your internal customers are using and how their workflows intersect with those platforms.
Machine Learning helps to enhance the forecasting abilities of businesses. It helps to churn out answers when companies are looking for future monthly sales estimates or for optimizing the supply chain. Machine Learning provides businesses with relevant answers instead of giving models that can predict them.
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