Generative AI Could Revolutionize Business Analytics

Last year, the world was introduced to the beginning of the generative AI (gen AI) revolution. Through large language models (LLMs) and deep learning technology, we experienced how gen AI can generate text, images, music and even software code, using prompts in the user's language of choice. Gen AI can use structured and unstructured data to learn from the past and create something that answers users' prompts to build something original.

Gemini is Google’s most capable model yet, due to its multi-modal capabilities, reasoning and problem-solving. The new generation of gen AI models is poised to fundamentally reshape how businesses understand their data in a secure approach and implement its insights.

Thanks to gen AI, data technologies are no longer just for the technically skilled, but are the key to unlocking profit, maximizing productivity and scaling insight, for every business, across all industries and sectors. By automating analytics and making data management more accessible, gen AI will completely redefine the basis on which we think about business intelligence, shifting the focus to working smarter rather than harder. Gen AI enables business knowledge experts to connect and engage with their data and resolve the needs of their business by talking with their data.

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Fit for Purpose Data Analytics

An influx of demand from enterprises looking to integrate AI into their business is simultaneously driving a new era in the development of LLMs and their data capabilities. AI companies are moving at pace to deliver more practical tools that are grounded in proprietary data and are fit for purpose in the business world. 

We are now at a point where LLMs can be tailored to each business and its unique data needs, where everything from technical jargon to specific customer segments and commission models are taken into consideration by the AI driving your business intelligence. With more accessibility to data insights, business users can now develop their own data-driven solutions without needing data scientists or data engineers.

On a broader scale, we are seeing the lines between data and AI roles begin to blur as AI is brought closer to business analytics and data management. This is made possible by the capability of gen AI to take a mass of data and deliver a user-friendly viewport that business leaders can refer to time and again to inform data-driven decision-making.

The capabilities of gen AI models will only become more expansive as new models get better at extracting insights from multi-modal forms of data, such as images. This granular approach to data processing will improve business intelligence accuracy and help businesses better understand their cost to value. By accelerating data-driven decision-making through targeted analytics, gen AI will empower more organizations to stay on the front foot of innovation.

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Humanizing Dashboards

Thanks to recent advances in deep learning technology, gen AI is now stepping into the role of the new “virtual colleague”. This means that by combining natural-language processing with chatbot innovation, interacting with data becomes more than just analyzing a business intelligence dashboard. Gen AI will unlock a new level of interaction that resembles a dynamic conversation with a colleague, or a community of experts, trained on your business’s data and its nuanced complexities.

Today, businesses are using AI tools to provide real-time responses to highly technical questions. This is made possible through the automation of data analytics that would have previously taken hours of analytical work and consultation. Thanks to the automation of this critical process, employees can devote more time to implementing these insights.

Scaling Collective Insight

Just like social media algorithms are trained to better reflect users' habits over time, gen AI also becomes more refined with use. AI data systems will provide more precise insights into why businesses are operating the way they are and draw patterns between potential causes and effects. This is where the early adopters of this technology will reap the most benefits, as tools become more attuned to your business’ data and its hidden patterns. Essentially, gen AI gets to know your data inside out, so that it can provide your business with a strong bedrock of analytics and insight.

By scaling insight on both human and computational axes, gen AI will unlock an entirely new system of action and insight. What's more, as AI-driven analytics becomes more integrated into business models, operating these tools will become a second language in business.

We will see prompt engineering become a highly valuable skill in the workplace as everyone from senior executives to trainees on the retail floor will be expected to implement data-driven insights in their daily tasks. This widespread integration is what makes gen AI so impactful. In a world where usage data can be aggregated across every layer of business, between global branches, and throughout entire supply chains, collaboration will take on a whole new dimension.

Gen AI is revolutionizing business intelligence by empowering collaborative insight among enterprises that are in tune with their data and its capabilities. In 2024, we will start to see more of the benefits of bringing gen AI to your business data. The gen AI revolution is gaining incredible momentum, and in 2024 AI-driven analytics will be at the forefront of any successful business model.