Business Intelligence Vs Conversational Business Intelligence?
Business Intelligence is a term that is thrown around a lot in today’s business world, but what do we really know about it? Today’s digital tools have made it easier than ever to collect and analyze data. As data is becoming increasingly common, the information needs of each business are expanding at an outrageous pace. With more data than ever before available to us, it’s easy to see why companies are investing in business intelligence so heavily.
The problem is that most businesses don’t have a clear idea of what exactly Business Intelligence is. The term ‘Business Intelligence’ is used in different ways by different people. This can make it difficult to find out just what it means and how it works.
Business intelligence is a term that is used to describe any process that helps a business make better decisions. So how can business intelligence be used?
Business Intelligence can help to improve business processes in a number of ways:
- Business Intelligence allows for better decision making by companies. As more and more data becomes available, it is becoming harder and harder to make the right decisions at the right time. Business Intelligence tools, however, make this a lot easier.
- Business Intelligence IT tools help to save on costs. In an increasingly competitive business world, keeping costs down is crucial. Business Intelligence tools can help a lot in that department by helping to automate processes and increase productivity.
- Business Intelligence systems help to improve communication between teams and departments within a company. When information is made available for everyone to see, it becomes easier for the whole company to work together towards common goals and milestones.
Conversational Business Intelligence is a technology that is designed to automate data analysis and turn it into a conversation. The goal is to streamline the data analysis process and make it more efficient, in order to help companies make better business decisions, faster than ever before.
The idea behind Conversational Business Intelligence is that businesses need a way to effectively apply recent developments in big data analytics. This includes technologies such as machine learning, artificial intelligence and natural language processing. They also need a way to make all of this information easier for human beings to digest and analyze. Conversational Business Intelligence is designed to do exactly that.
Using Conversational Business Intelligence, companies can make better use of their big data and perform data analytics on a scale that would have been impossible just a few years ago. While it’s not widely used yet, Conversational Business Intelligence promises to be a game changer in the world of business intelligence.
Conversational Business Intelligence: Taking the Human Element out of Analyzing Data
Conversational Business Intelligence seeks to achieve the following three goals:
- It seeks to take the human element out of analyzing data and performing complex tasks.
- It seeks to replace mundane data analysis tasks with more meaningful and useful analysis.
- It seeks to allow for a more natural and interactive conversation between users and the software.
Conversational Business Intelligence is about using big data analytics in a way that is more human-friendly than ever before. This includes making it possible for the human user to easily ask questions, by taking advantage of the technology’s ability to interpret questions and respond in natural language. Artificial intelligence can be used as an aid in sifting through all of that data, which means that there is no longer any need for repetitive manual tasks such as scanning or combing through data tables or spreadsheets looking for insights or patterns.
The technology behind Conversational Business Intelligence
There are several key elements to Conversational Business Intelligence. These include natural language processing, machine learning, logic-based programming and big data analytics. While these can have serious implications for the way that companies operate, there is also a potential downside to Conversational Business Intelligence: it could create a disconnect between businesses and their customers.
While a Conversational Business Intelligence system could theoretically understand the needs of the customer and come up with solutions on its own, it is more likely that this technology will be used by businesses to understand their customers better in order to meet their needs more effectively.
Types of BI Solutions
There are majorly two types of BI solutions. The first is traditional or classic BI, where IT professionals use in-house data to generate reports. The second is modern BI (Self-service), where business users interact with intuitive systems to analyze data more quickly and easily.
Traditional and classic BI has been a popular choice for companies, but modern Self-service Platforms are emerging as the top choice because they are empowering businesses by providing fast flexible, and usable business intelligence tools. In fact, a recent survey by Watson Wyatt found that 82 percent of companies in the United States and Europe are either using self-service BI or plan to do so this year. This is true even though these solutions are costlier than traditional BI because they require more technical knowledge to install and use.
The impact of Self-service BI on the analytics process has been enormous. Business users can now easily extract information from sources (such as data warehouses, spreadsheets, reports, and many others) into one place, analyze them and generate reports or dashboards directly without having to rely on IT professionals. The Self-service BI tools enable users to quickly access the information they need to improve business decision making.
Self-service BI can now be found in a range of platforms, with different degrees of complexity. For example, the single-user approach is quite convenient because it focuses on simplicity instead of functionality and offers a basic level of analytics. This type of solution contains pre-built reports and visualizations so that users can easily build dashboards and performance scorecards that meet their needs.
In another example, the multi-user approach is more sophisticated because it brings together data from multiple sources and distributes them to multiple users within an organization.
Imagine a scenario where you are a business user and need a quick report for a board meeting. If you are a director of marketing, for example, you might want to compare the sales of products from last year with this year to see how sales have changed. To do this kind of analysis, you normally need IT professionals to run queries and generate reports in a data warehouse.
The traditional approach is typically reliant on batch processing the data. For instance, you will run the report and then wait for the IT department to provide it to you. If you want to compare with the other sales reports, you will have to manually or programmatically combine them together. In contrast, a modern Self-service BI application like Conbi enables you to simply ask your questions and analyze data without having to be in front of a computer all day or wait for the IT department. Conbi uses conversational business Intelligence, which is a unique mix of Natural Language Processing (NLP) and Artificial Intelligence (AI).
NLP is a key aspect of Conbi’s analytical capabilities. NLP allows the system to understand natural language queries; thus, users can quickly formulate their inquiries in English or any other language. NLP then converts the natural language into computational expressions. Conbi’s Artificial Intelligence then analyzes the user’s intent in the query and formulates an analytical model of it. The result is a series of highly tailored and relevant reports that can be generated in a matter of seconds or minutes.
Additionally, Conbi’s AI-powered engine helps users to interact with the system to explore data without having to be experts. Instead, users can ask questions in natural language to explore business data and uncover trends. In addition, Conbi uses nimble deep machine learning algorithms that allow it to be as much as 98% accurate at parsing natural language queries.
Now let’s imagine you want to quickly create a dashboard and show it to your team to gather feedback instantly. In a classic BI environment, you would need the IT department to build the dashboard. Then you would have to log in to the data warehouse and load it onto your browser (most likely a PC or laptop). If you want to show it in a Web-based format, your report will still be static.
In contrast, Conbi enables users to invite other users to your dashboard screen and ask questions to your data source in natural language or in your native language. While doing this, you can create new dashboards that include the results of your previous queries. Second, you can easily request reports and visualizations based on any dataset or data source anyone has shared with you, and they can be delivered in different formats such as HTML5, Excel, PowerPoint, or PDF. Most importantly, you can interact with the data to see additional information in real-time without having to prepare beforehand.
No more waiting to make data-driven decisions! Now you can get quick insights within minutes. With Conbi’s Self-service BI, all the information you need to make better decisions is provided in one place, and it is always up-to-date!