“BI tools quickly and efficiently collect pre-determined sets of data from enterprise systems such as Customer Relationship Management (CRMs), financial management platforms and Human Resource Management System (HRMs). In addition, Robotic Process Automation (RPA) and AI-powered bots can scrape website, spreadsheets and other documents for additional data, both structured and unstructured.
For decades, BI could only tell users ‘what is happening’ or ‘what happened’, leaving the decision-making part to humans. However, with the emergence of artificial intelligence (AI), that is rapidly changing. Now, using data mining, machine learning, prescriptive analytics and other innovative technologies, organisations can use BI to uncover and share new, groundbreaking data-driven insights.
Predictive analytics is the use of data, statistical algorithms and machine learning (or AI) techniques to identify the likelihood of future outcomes based on historical data. The use of predictive analytics is a key milestone on your analytics journey — a point of confluence where classical statistical analysis meets the new world of AI.”