Emerging Trends in Business Intelligence
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Over the past decade, business intelligence has become a crucial asset to organisations, whether huge or small. As we move forward, we are witnessing a confluence of various technologies, including machine learning, Artificial intelligence, and Business Analytics which are transforming how today’s e-commerce operates. With changing times, the trends of business intelligence are also changing, but the purpose of it will remain the same; to provide actionable insights and efficient solutions. Without further ado, let’s learn about the 7 Business Intelligence trends that are emerging in today’s competitive world.
1. Data Visualisation: The purpose of any BI is to be able to get actionable insights into the organisation when and where they need it. Getting information is not enough; organisations must be able to understand it, interpret it and should be able to take actions accordingly. To make data more understandable, the process of Data Visualisation is adapted. Proper data visualisation eliminates the need for extra assistance for the decision-makers to conclude. According to the study of Gestalt Principles, the human brain sees visual information as, proximity, similarity, continuity, closure, connection, and enclosure. As the amount of data is increasing, several organisations are adapting various visualisation techniques for better interpretation of data.
2. Predictive Analytics: Whether you want to forecast demand, or understand the current sale trends, predictive analytics is one of the growing trends in business intelligence. Studies suggest that in the age of Omnichannel solutions, before making a purchase an average shopper can engage a brand on multiple touchpoints.
Ecommerce industries are merging predictive analytics and BI for several use cases, few of them are:
- Demand Forecasting: By merging historical data, business intelligence and predictive analysis in AI, organisations can better estimate all the factors which can work towards precision in demand forecasting.
- Supply Prediction: Organisations can leverage Machine learning and AI-based techniques that use complex algorithms, structured and unstructured data which can be used to interpret the arrival time of supplies.
- Sales Prediction: Machine learning and AI-based techniques use complex algorithms that can make sales prediction through AI-based forecasting.
3. Natural Language Processing: As E-commerce expands in size, the need for accurately satisfying customers’ demand also increases. Natural language processing (NLP) has become an essential aspect of business intelligence, as it helps the organisations in interpreting and analysing the behaviour of their customers so that organisations can provide a more personalised experience. But, what is Natural Language processing, and how can it enhance customer experience.
What is Natural Language Processing?
According to Wikipedia “Natural language processing (NLP) is a subfield of linguistics, computer science, and artificial intelligence concerned with the interactions between computers and human language, in particular how to program computers to process and analyze large amounts of natural language data.” In simpler terms, Natural Language Processing (NLP) helps computers in understanding and interpreting the human language.
How can NLP enhance customer experience: Natural Language Processing can simplify the shopping experience with the help of:
- Chatbot: Chatbots are enhancing the impact of AI in E-commerce through voice-based interactions with shoppers using NLP, Self-learning capabilities and addressing consumer needs more efficiently.
- Voice Powered Search: In addition to searching products through chatbots, shoppers can now easily search products through their voice, as voice recognition accuracy is more efficient than before. E-commerce platforms are enabling voice search features for their customers, as they understand that people expect quick results for their searches and voice searches are the way to go.
4. Automation: As organisations are getting larger in size, tasks are becoming complex in nature, the level of complexity and repetition limits human intervention. To tackle these scenarios, organisations are using automation, as AI is well versed with the required technology to handle unexpected changes or complexities. Studies suggest that, organisations which enable Artificial Intelligence to automate essential repetitive functions can save up to 25-40% costs on average per order on daily onboarding, account management, finance and supply chain functions.
5. Augmented Analytics: Now let’s learn about the trend of Augmented Analytics, which is the combination of human capabilities and Artificial Intelligence. According to Gartner, “Augmented Analytics is the Future of Data and Analytics, Augmented analytics uses machine learning/ artificial intelligence (ML/AI) techniques to automate data preparation, insight discovery and sharing. It also automates data science and ML model development, management and deployment.” In simpler terms Augmented analytics makes use of machine learning and AI to assist with data preparation, after gathering the required data it will then be analysed to get actionable insights which can later be shared with the organisation, which enables them to take timely decisions.
6. Adoption of AI: Several e-commerce businesses today are turning their trust towards machine learning in AI, and the reasons are to improve their platforms into newer and smarter versions which would provide an enhanced customer experience and increased efficiency.
According to the annual MHI Industry Report which surveyed 1,001 supply chain professionals in manufacturing, transportation and other industries, 12% of supply chain professionals say that their organisations are currently using artificial intelligence (AI) in their operations and 60% expect to be doing so within the next five years.
The following are some of the benefits of Artificial Intelligence that are helping businesses to reach out to potential customers globally.
- Similar Product identification from image through Deep Learning RNN
- Predicting features through Machine Learning NER
- Competitive Analysis through Machine Learning Recommendation Algorithm
- Competitive Pricing Prediction through Machine Learning
7. Storytelling is becoming a norm: Organisations deal with a large amount of data every day, by using Artificial Intelligence organisations not only can collect this data in a more structured form, but also generate more insights and can find out more about competitors, marketplaces, and products. But, data alone will not be able to interpret it for the organisation as we are progressing in the modern world, data storytelling is used to add context to statistics and provide a narrative which is required for getting the useful insights from data.
As we move into the future, business intelligence platforms are enabling organisations to do more data. With changing times, the trends of business intelligence should also change, organisations should merge the new technologies with business intelligence to adapt, react and change with the increasing organisational demands. To get started click here