/ Artificial intelligence: The future of BI reporting tools

Artificial intelligence: The future of BI reporting tools

We live in a world driven by artificial intelligence and machine learning. No, it’s not the plot of the latest sci-fi blockbuster, but rather the new reality for businesses across industries. And nowhere is this more apparent than in the field of business intelligence reporting.

In the past, business intelligence reports were generated by humans sifting through mountains of data looking for trends and patterns. This was a time-consuming and often error-prone process.

Then, BI tools started to incorporate artificial intelligence and machine learning, and everything changed.

With AI-powered reporting tools, businesses can now get insights and analytics that were once impossible to obtain. These tools are able to explore large data sets much faster and more efficiently than humans can, so businesses are able to make better, more informed decisions faster than ever before.

There are a number of different AI-powered reporting tools available on the market, and each has its own unique features and capabilities. But there are some commonalities among them that are worth noting.

In this article, we will look at some of the ways in which AI is changing the business intelligence reporting landscape and how you can use these tools to your advantage.

To start learning how to use AI-powered reporting tools to your advantage, let’s first take a look at some of the benefits they offer.

 

 

The benefits of AI-powered reporting tools

When it comes to business intelligence reporting, artificial intelligence has created a number of advantages for businesses. Here are some of the most notable benefits:

  • Increased speed and efficiency
  • Greater accuracy and precision
  • Improved insights and analytics
  • Enhanced decision-making capabilities
  • Increased ROI

Let’s break down each of these benefits in a little more detail.

Increased speed and efficiency

One of the greatest advantages of AI-powered reporting tools is that they can help you get the information you need much faster than traditional methods.

In the past, business intelligence reports were generated by humans sifting through mountains of data looking for trends and patterns. This was a time-consuming and often error-prone process. But with AI-powered reporting tools, businesses can now get the insights they need in a fraction of the time.

This increased speed and efficiency can be a major advantage for businesses that need to make quick decisions or that are working with large data sets.

Greater accuracy and precision

Another benefit of AI-powered reporting tools is that they can help you get more accurate and precise results.

Business intelligence reports were often inaccurate because they were based on human interpretation of data. But with AI-powered reporting tools, businesses can now get insights that are much more accurate.

This is because AI-powered reporting tools are able to go through large data sets much faster and more efficiently than humans can. They can identify patterns and trends that humans would miss. As a result, businesses can make better decisions based on the insights they receive from these tools.

Improved insights and analytics

AI-powered reporting tools can also provide businesses with improved insights and analytics.

In the past, business intelligence reports were often limited to simple data visualizations. But now, AI-powered reporting tools can generate complex visualizations in a matter of seconds. Businesses can now get detailed insights from analytics that were once impossible to obtain.

These tools are able to go through large data sets much faster and more efficiently than humans can, so businesses are able to uncover insights that would otherwise be hidden in the data.

This can be a major advantage for businesses that are looking to gain a competitive edge by discovering insights that their competitors don’t have.

Enhanced decision-making capabilities

Your decision-making capabilities can also be enhanced by AI-powered reporting tools.

These tools are able to generate reports almost instantly, so businesses are able to make better, more informed decisions faster than ever before.

Increased ROI

Finally, AI-powered reporting tools can also help you increase your return on investment (ROI).

When you use AI-powered reporting tools, you can save a lot of time and money. Businesses are able to get the insights they need at a fraction of the cost.

Plus, with the increased accuracy and precision that these tools provide, businesses can avoid making costly mistakes that can eat into their profits. Not only that, but businesses can also use AI-powered reporting tools to save time and money by automating tasks that would otherwise be done manually.

For example, if you’re generating a report that requires data from multiple sources, an AI-powered reporting tool can automatically gather and compile the data for you.

 

 

The different types of AI-powered reporting tool capabilities

There are a few different types of AI-powered reporting tool capabilities that you should be aware of.

Natural language processing (NLP)

Natural language processing (NLP) is a type of AI that is used to process and understand human language.

NLP-powered reporting tools use NLP to understand the meaning of text data and to generate reports based on that data.

Predictive analytics

Predictive analytics is a type of AI that is used to make predictions about future events.

Predictive analytics-powered reporting tools use this type of AI to generate reports that can help businesses make decisions about the future.

Machine learning

Machine learning is a type of AI that allows computers to learn from data and improve their performance over time.

Machine learning-powered reporting tools use machine learning to generate reports that get more accurate over time.

Deep learning

Deep learning is a type of AI that is used to create artificial neural networks.

Deep learning-powered reporting tools use deep learning to generate reports that are based on the structure and function of the human brain.

Data mining

Data mining is the process of extracting valuable information from large data sets.

Data mining-powered reporting tools use data mining to generate reports that are based on large data sets.

 

How to choose the right AI-powered reporting tool for your business

Now that you know a little bit more about AI-powered reporting tools, you may be wondering how to choose the right one for your business.

There are a few things you should keep in mind when choosing an AI-powered reporting tool.

The size of your data sets

If you have large data sets, you’ll need an AI-powered reporting tool that can handle them.

The complexity of your data

If your data is complex, you’ll need an AI-powered reporting tool that can understand it.

Your budget

AI-powered reporting tools can range in price from free to thousands of dollars per month.

Your needs

Think about what you need an AI-powered reporting tool to do for your business. Do you need it to generate reports? Do you need it to automate tasks? Do you need it to make predictions about the future?

Your level of expertise

If you’re not an expert in AI, you’ll want an AI-powered reporting tool that is easy to use and doesn’t require a lot of training.

The features you need

Some AI-powered reporting tools have more features than others. Make sure the tool you choose has the features you need.

The vendor’s reputation

Do some research on the company that makes the AI-powered reporting tool you’re considering. Read reviews and look for customer testimonials.

The vendor’s customer support

When something goes wrong with your AI-powered reporting tool, you’ll want to be able to get help from the company that makes it. Make sure the vendor has reliable customer support.

The platform compatibility

Make sure the AI-powered reporting tool you choose is compatible with other platforms you’re currently using, especially the systems where you store your data.

The security of the data

If you’re dealing with sensitive data, you’ll want to make sure the AI-powered reporting tool you choose is secure and incorporates encryption of personally identifiable information.

 

The bottom line

AI-powered reporting tools are changing the landscape of business intelligence reporting. If you’re considering an AI-powered reporting tool for your business, keep in mind the size of your data sets, the complexity of your data, your budget, and your needs. With these tools, businesses can now get insights and analytics that were once impossible to obtain.

Check out some related resources:

How Arthrex Improved Planning & Forecasting Using Domo’s Data Science Suite

The future of business intelligence and automated machine learning

Natural language processing and data science workflows

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