Growing volumes of connected devices and company data have been observed in the digital business community. Linked IoT-devices are expected to reach 75 billion users by 2025. In addition to this, IoT devices create 5 quintillion data bytes daily.
We live in the world of data. Not just data, but big data: databases have become so large, dynamic, and fast-moving that they just can’t be handled by conventional BI solutions. These solutions either struggle to acquire the information, deal with the data, plan the data, or clearly understand the data. However, it’s imperative for businesses to use data analytics services to make the most of the data available to them.
Data is everywhere and all the time more of it is being created. In order to develop new content and products, Spotify, Netflix, Google, Facebook, and Amazon crunch massive volumes of user data and combine them into specific user profiles. In order to discover new ways to administer care and support more customers, hospitals, states, and nonprofits use augmented analytics.
While it’s true that analytics has made its mark in marketing before, many companies are still in the initial stages of collecting data and learning how to derive optimal and actionable insights using AI automation.
That being said, the emergence of a technology slowly changing the way businesses process data is AI-led smart BI & intelligent storytelling. In this article, we’ve covered the basics of how this technology works and how businesses can benefit from this innovation.
The Emergence of Intelligent Storytelling
In a new category of digital technologies, AI storytelling platforms incorporate content production, emotional intelligence, sentiment interpretation, and video synthesis.
Due to the impressive growth in varied fields of AI and robotics impacting almost every part of our lives, there’s no doubt left that they harbinger the start of a new era. However, the fact that AI will soon be able to tell stories and make sense of the universe means that this world will never again be the same.
In the coming years, narrative, also known as automated perspectives, will also benefit organisations. Smart storytelling would showcase key results for them instead of wasting time deciding which observations are more impactful for their business. The framework would be able to monitor improvements and construct a user-digestible narrative that leads to the main results. To remove repetitive busywork, storytelling would also be able to automatically create presentations.
Moreover, It is also important to remember that while storytelling will have an influence on business in 2021, it will need to be adopted in a manner that offers perspectives from commonly used business instruments, such as email or chat. A key factor in driving storytelling BI use would be enabling storytelling to be available in these types of tech resources.
Undoubtedly, most individuals concerned with AI as storytellers or experts agree that the best function of machines is to support the work of creative people at this level. But the question of innovation is far from being put aside in relation to processing algorithms, and there is a vigorous debate on this subject.
Machines are now imaginative and can yield unexpected results, according to various studies and tests. In some cases, in fields such as music, art, architecture, and journalism, their works have passed the Turing test, i.e. they have been credited to humans by an audience ignorant of who created them.
Why is AI-led Smart BI Gaining Prominence?
Commercial use of artificial intelligence in business analytics software in diverse sectors is driven by the rising volume and sophistication of business data. In business intelligence (or BI), the common application of artificial intelligence and machine learning allows businesses to derive actionable information from vast and nuanced databases and offer business advice that can be interpreted by any business customer.
There is, however, no question that the outlook for accelerated growth in 2021 contains embedded BI and self-service BI. With the help of these, businesses will be able to deliver easily readable and understandable analytics instead of technical reports. This will allow more stakeholders to clearly understand the data and make better informed decisions. Over the years, momentum around embedded BI adoption has evolved and interactive filtering in the near future will be more popular.
Due to this popularity, there’s no doubt that with the assistance of BI, businesses will be able to identify insights that are actionable, thereby integrating all their processes and applications with the power of analytics. In addition, self-service BI will include AI upgrades for organisations to simplify the monitoring of search engines, insights, augmented data preparation, unified enterprise analytics, and more. It’s imperative for companies to have an overall understanding of the market and its insights to connect all the pointers and find an opportunity. In that method, centralised market analytics can prove to be an important help.
How Can Businesses Leverage From This Trend?
If we begin to adopt emerging innovations like adaptive and social learning, how can our storytelling be influenced by artificial intelligence? How can businesses apply machine learning not only to boost their stories but also to strengthen their ability to communicate with the right people?
Distribute Hyper-personalised Content
BI and intelligent storytelling help advertisers to produce a continuous influx of personalised content. Consumers like to know that marketers respect them and their desires, and this relation can be constructed through hyper-personalized, meaningful content. Unfortunately, most organisations do not have the money or time to create and deliver targeted content. Things such as email ads or app alerts are seldom targeted to particular consumers. However, with BI and intelligent storytelling, companies can easily create personalised content.
Streamline Analytics and Reporting
Very limited number of employees of most companies are data specialists, hence, most people can’t understand a standard analytics dashboard and fail to use it to their benefit. Many individuals are still not exactly sure how to benefit from results, even with user-friendly dashboards and visualisations. In addition, linking the operations to ROI is challenging for most contact practitioners.
Using this trend, you can send customers regular, weekly and monthly summaries on the reporting side, highlighting rival analyses and campaign achievements. Analytics will guide each judgement on what goes into these reports.
That being said, there’s no doubt that conducting social analytics can be extremely time-consuming. Yet, success needs to be monitored, work checked, and the wellbeing of an organisation established. With BI and storytelling companies can create reports in seconds, with real-time data updating. In a way that they can quickly absorb and appreciate, the individual can then deliver them to consumers, managers, peers, and executives.
Conclusion
There’s no doubt this industry will flourish. However, to leverage this trend efficiently, it’s imperative to have a deep understanding of BI and visualisation. After all, our ability to collaborate with artificial intelligence, from optimising our everyday lives to addressing difficult scenarios that enhance creativity for all humans, can provide a stronger future for understanding and overcoming problems.
