I had a great laugh at this Super Bowl commercial featuring the minions from the Despicable Me movies. It embraces the comical results that are possible when a poorly written prompt meets a generative AI engine. For a person who is asked daily about SkyNet and the end of the world, it’s a great reminder of how far AI has come and how much further it has to go.
The technology behind business intelligence has been experiencing unprecedented growth, opening up opportunities that were science fiction only a few years ago. The hottest topic is artificial intelligence or AI. The conversation boils down to two basic questions: what is AI, and do I need it?
AI, simply put, is an algorithm that analyzes large amounts of data to find patterns or answers to inputted questions.
Nearly everyone is familiar with ChatGPT or Microsoft’s new CoPilot, which takes a prompt and pulls together information from across the Internet to provide a response. In essence, these programs are Google on steroids. Using incredibly sophisticated search algorithms, AI engines like these scour the web and present what it deems the most relevant information. The key difference from Google, though, is AI does not return a list of links it thinks would be helpful: instead, the engine compiles the information into an actual answer appropriate for the question. It is a great way to develop programming code, term papers, new songs, or even portraits of Abraham Lincoln laughing.
While this is fascinating and entertaining, many business leaders are still wondering how AI can help them drive business with new insights. There are two key components to consider when contemplating the place of AI within an organization.
An organization needs to take stock of its resources. Generative AI, the kind that takes a prompt and provides an answer, requires large amounts of relevant data, high-performance computing power, and specialized programming. All three of these things can add up to a significant investment. On the other hand, engines like CoPilot are readily available now in applications businesses are already using. Tools like CoPilot are not going to give a company new insight into data, but they do make employees more efficient, often considerably more efficient. Likewise, chatbot technology is exploding, putting interactive AI technology in reach of virtually every website.
AI is considered part of an advanced analytics suite, and the key term here is advanced. AI needs to be built on a robust, stable, and functional foundation of analytics. Business intelligence maturity has four categories: descriptive, reactive, predictive, and proactive.
Descriptive analytics are simply reports that let a user know what happened. There is little information on why or root cause analysis.
Reactive analytics, however, explore the why behind the activities. Reactive analytics should lead to actionable data and inform decision making.
Predictive analytics, quite naturally, give insight into what is likely to happen, including the why and even when.
Proactive analytics not only predicts what will happen but can actually apply remedial action to prevent an issue or enhance an opportunity.
AI is catigorized into predictive and, especially, proactive analytics. An organization needs to be well-established in reactive and even predictive analytics to truly leverage generative AI successfully.
In summary, there are great AI tools available to enhance productivity and customer engagement, and most organizations have access to the tools. Advanced analytics with AI, though, requires a thorough assessment of an organization’s current analytics environment and future needs. Quite often, a third party is brought in to provide an objective analysis and roadmap for future goals.
With over 20 years of experience in technology across a myriad of industries and dedicated business intelligence experts, Bravo LT is a trusted partner for organizations who are looking to leverage their resources and data to build the right solution. We cut through the hype to deliver results that make sense and drive the business forward, empowering employees to actively engage with the data and providing leadership with the information necessary to achieve their key objectives. If you are ready to move forward with analytics but aren’t sure what steps to take, or even if you are just curious about what options are available, contact Bravo LT today about our assessment and roadmap offerings.
Written by Jonathan Shelley, Senior Business Intelligence Developer.