Every business generates data in multiple forms. The exciting point is that data can also create a business, not in the form of physical assets but in terms of growth.
The best way to utilize it is Business Intelligence. If your question is, what is BI? Business intelligence (BI) is a technology-driven process for analyzing data and delivering actionable information that helps executives, managers, and workers make informed business decisions.
Some pioneering BI tools, such as Power BI (a Microsoft product), help organizations break complex business data into useful insights. To create more effect, it is exciting to use Generative AI in combination.
When you integrate generative AI in Power BI, you can quickly transform raw data into useful reports with minimal effort, including lower costs and more focus on data analysis.
Generative AI is becoming so prevalent that, by 2025, it will comprise 90% of the created data, says Gartner. So, if you are wondering how generative AI and power BI a deadly duo, then you’ll find this blog quite interesting.
Let’s Start!
GenAI is a type of Artificial Intelligence that allows to generate diverse format content such as images, audio, video, or text. Additionally, it analyzes data to find patterns and make accurate predictions that make it perfect to combine with Microsoft Power BI.
AI tools like Microsoft Copilot, ChatGPT, and OpenAI allow you to enter natural language commands and automatically create Power BI content. It depicts a perfect example of AI with business intelligence.
If your question is, how does generative AI work? It is like
It is a collection of software services, apps, and connected services that turn data into actionable insights, even unorganized ones. The data can be anything like an Excel sheet, cloud-based data, or from an on-premises data source.
These insights can be shared with anyone, and it remain in readable form to understand easily. It eliminates the challenges of data visualization and dashboarding.
A subset of the field of decision intelligence, AI with business intelligence refers to using artificial intelligence technology to improve and automate data analytics services.
AI analytical algorithms were created to process huge amounts of data, find patterns, and uncover information businesses can utilize to boost performance.
Most of the time, AI analytics involves a combination of technologies, such as ML algorithms, NLP, and various other tools, designed to allow companies to analyze data more quickly, more precisely, and on a greater scale than is possible using traditional tools for analytics.
AI analytics makes it easy for human beings to ask questions and analyze the results, making analytics more accessible to businesses.
Now, you have the necessary information on what BI and Generative AI do. Let’s continue with the blog to learn about the benefits of Generative AI for Data Analytics.
The benefits of Generative AI for data analytics ensure faster time to generate insights and allow users to explore their data seamlessly. Due to the easy-to-use and speedy outcome mechanism, it improves productivity and promises economic benefits.
Let’s dive deep into the benefits of Generative AI for data analytics.
The models can replace time-consuming, repetitive tasks with automation that saves time and allows one to focus on high-value tasks. Utilizing business intelligence (BI), Gen AI models will speed up data queries and monitor, analyze, and display.
Generative AI data analytics tools provide code reviews and facilitate refactoring to develop software. Managing software infrastructure tasks is also easy with it.
It is also mentioned in one of the reports published by McKinsey. It proves that generative AI for data analytics is effective.
One of the biggest advantages of Generative AI is that it can identify patterns and correlations. Due to the capability of quick data reading, analytics and reporting become precise and to the point.
Here, the key player is predictive analytics. It utilizes historical data to predict future events using techniques like data mining, AI, statistics, and others. Generative AI for data analytics can help companies create data reports quickly and accurately.
Generative AI makes data analytics accessible for all, like the ability to generate personalized results for users from different backgrounds. They can access it based on their skill levels or specific skill sets.
The data visualization and dashboards make it easy for users to interact with organized data. Power BI Data visualization can be a good example of it.
The biggest advantage of combining generative AI with Power BI is easy reporting. A user can generate reports simply by giving commands in plain language.
Although behind the screen, Natural Language Processing works. For example, you can give a command like, “Show me the sales chart for November.” Irrespective of the technical knowledge, anyone can leverage it.
Let’s understand it with an example. Copilot (Microsoft’s AI tool) with Power BI reduces the time, effort, and cost to create the desired reports.
It can be done with a few text commands. Instead of hiring the resources for it, you can do it with Generative AI and allocate your resources fairly to the mission-critical tasks.
Another top advantage of using Generative AI with Power BI is reducing errors while creating data analytics reports. Errors happen multiple times due to incorrect data inputs, typos, or misinterpreted instructions.
But that is not with Generative AI; using Microsoft Power BI and Copilot, you can generate reports with reduced errors.
Self-service BI is a trend that helps business owners create reports without having much technical knowledge. By expressing the specific data requirements and using simple languages, the work can be done in a fast and easy way.
Generative AI is trending hot for using data analytics. It creates unique outputs by recognizing patterns and using historical data. BI with generative AI enhances the reporting and analytics process, which, in turn, helps boost business processes.
Generative AIs like Copilot, ChatGPT, or other machines are generating accurate insights, analytics, and content. It is helping to change the way we work.
The majority of global leaders (97%) admitted that AI with business analytics is a game changer and that it is worth investing in it.
It can unlock the hidden potential of business operations, IT Ops, customer service, R&D, product development, software development, content creation, and more.
Global organizations are planning to increase their spending on new technologies, the most prominent one is AI with business intelligence. The whole quest is for the strategic needs of enterprises.
It was revealed in one of the surveys done by Accenture that 67% of enterprises will increase their spending on AI.
In this modern era, creativity plays a crucial role in business. Generative tools are boosting creativity. The business is experimenting with their creativity using AI as it facilitates working on new ideas.
It would be best to go through the use cases to understand how powerful Generative AI and Power BI are. Here are some of the use cases of generative AI in business intelligence that you need to look at.
Using the right data and relevant information, you can automate the analytics process. The AI chatbots help users create automation scripts and filter out the data.
Data preparation is a complex process, as multiple steps are required, from collection to validation. Generative AI takes care of it and helps in tasks such as tagging, segmentation, enrichment, and more.
Using historical data, AI tools produce summarized insights, which happen by juggling many variables and evaluating various scenarios.
These insights can be used to gather feedback or suggestions from business users. Later, based on the recommendations, you can put the changes on the table.
Risk management is one of the most critical tasks for businesses around the globe. AI with business analytics or using Generative AI with Power BI can help reduce the risks. For example, fraud prevention.
Generic AI models can provide concise data summaries from larger reports or create a complete report using the data supplied. Generative AI models can handle Power BI data visualizations faster and more accurately than humans.
Generative AI is rapidly progressing, and very soon, it will take over the world, especially the business segments. Most of the businesses are focusing on it.
Its combination with business intelligence tools like Power BI can do miracles that you have never experienced before. It can save you not only from the efforts but also from the overhead costs that you are spending on data analytics.
It can help you boost agility and create growth opportunities. Now, the turn is yours when you adopt it for your business.
If you want to explore more opportunities for your business using Generative AI with Power BI, we are here to assist you with that.
Arka Softwares has a good amount of experience providing Power BI solutions to diverse businesses across the globe. We would be happy to discuss it with you.
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