Experience the Best of World 2024 Virtually | Click to Watch Online

Header
Hero Background Image

Intelligence Everywhere

The MicroStrategy Blog: Your source for analytics and AI trends, and business intelligence insights.

AI Integration Moves up the Business Intelligence Priority List

Photo of Lynsey Foote

Lynsey Foote

July 9, 2024

Share:

Be careful what you wish for. Organizations have been clamoring for more visibility into their operations, and new data sources now provide it. Yet, corporations still struggle to use data proactively. Why? Growing volumes of data bury employees. Fortunately, a possible solution, tighter integration between Artificial Intelligence and Business Intelligence solutions, will address the problem, so corporate wishes finally come true.

No matter what the industry is, timely, data drives decision-making – and business success or failure. For instance, recognizing why clients churn empowers corporations to address service or product shortfalls. Consequently, data management is an important consideration for 95% of organizations, according to “The State of Analytics and Business Intelligence Platforms: Infusing AI into Analytics Final Results,” a report from Enterprise Strategy Group (ESG), part of  TechTarget. To gain insight into current data trends, ESG surveyed 375 data and IT professionals at organizations in North America (US and Canada) who are involved with or responsible for evaluating, purchasing, managing, and building analytics and business intelligence solutions.

Access to Real Time Business Intelligence Data Becomes Common

Recent advances make real time information available at the touch of a button, which managers have long desired. But the improvements created a ripple effect: employees now have too much information at their disposal. As evidence, 78% of firms think it takes them too long to act on data insights, according to the report. “The ever-increasing volume of distributed data available to the business overwhelms data-centric stakeholders.” The problem is similar to sifting through smartphone notifications, most alerts are insignificant, but a few demand immediate responses. Employees cannot tell one from the other because there are so many.

The rapid and ever quickening pace of business evolution contributes to the problem. “With the rate of change in the business often being faster than the rate at which data can be collected and analyzed, organizations need help ensuring the timely delivery of accurate insights based on the current state of the business.”

Screenshot 2024-07-09 at 11.02.49 AM.png

steps to increase use of AI among end users

Corporations Invest in Business Intelligence Solutions

Enterprises understand that Business Intelligence’s potential in bridging the gap. “BI tools play a central role in helping businesses uncover patterns, trends, and insights within their data, enabling them to make more strategic, data-driven decisions.”

So, they are investing in these solutions: 89% of organizations plan to allocate more money to tools that enable the business to better integrate, access, and analyze data, according to the report.

Screenshot 2024-07-09 at 10.55.10 AM.png

89% of organizations plan to allocate more money to tools

Artificial Intelligence’s Importance Increases

However, BI alone is not enough. To fully address the challenges, businesses must enhance BI with AI. “The latter eliminates manual processes to improve efficiency, promote productivity, and democratizes analytics.” Augmented analytics or generative AI (GenAI) empowers executives to quickly and easily access, analyze, explore, and visualize data in a collaborative way.

Consequently, all but a tiny sliver of companies (96%) understand Artificial intelligence’s growing importance to the enterprise and are digging into their pockets to extend its reach also.

The early results have been promising, according to the report. “93% of organizations indicate that integrating AI and ML into analytics and BI has grown end-user adoption.

Organizations noted increased effectiveness in the following areas as lead benefits of using AI in analytics and BI platforms:

  • forecasting accuracy (24%)

  • employee productivity (24%)

  • business decisions and strategy (23%).

Screenshot 2024-07-09 at 10.58.21 AM.png

Primary and top benefits of using generative AI for analytics and BI

Conclusion

In sum, firms now find themselves in a quandary. They have collected the data needed to provide themselves with a competitive edge. However, they have been unable turn the information into actionable insights. Integrating AI into BI delivers that promise.

For more about the impact that the data deluge is having on organizations and the steps organizations can take to address the problem, read through the full eBook, The State of Analytics and Business Intelligence Platforms: Infusing AI into Analytics Final Results.


Thought Leadership
Retail
Healthcare
Financial Services
Embedded

Share:

Photo of Lynsey Foote
Lynsey Foote

B2B Marketing enthusiast by day, undercover blogger by night, Lynsey loves to bring product stories to life.


Related posts

Video: MicroStrategy Named a Challenger in 2024 Gartner® Magic Quadrant™ for Analytics and BI Platforms
MicroStrategy Named a Challenger in 2024 Gartner® Magic Quadrant™ for Analytics and BI Platforms

This is the first in a two-part series which provides MicroStrategy’s point of view on this year’s publication of the Gartner® Magic Quadrant™ and Critical Capabilities reports.

Photo of PeggySue Werthessen

PeggySue Werthessen

June 24, 2024

Video: What’s New @ MicroStrategy in Q2 2024
What’s New @ MicroStrategy in Q2 2024

Discover the latest MicroStrategy product release! Packed with new features, it empowers frontline workers and democratizes analytics across organizations.

Photo of Ulyana Uebersezig

Ulyana Uebersezig

June 21, 2024

Video: Intelligent Analytics with MicroStrategy ONE
Intelligent Analytics with MicroStrategy ONE

Get a recap of what we discussed in our first Best of World webinar where you'll learn how to lead your analytics transformation and elevate your data strategy with MicroStrategy ONE.

Photo of Lynsey Foote

Lynsey Foote

June 20, 2024

Video: Join the Third Generation of Business Intelligence
Join the Third Generation of Business Intelligence

Discover a better way to experience business intelligence by infusing analytics with data.

Photo of Lynsey Foote

Lynsey Foote

March 21, 2024

Video: AI+BI: The perfect love story
AI+BI: The perfect love story

A captivating love story unfolds between Artificial Intelligence (AI) and Business Intelligence (BI) in technology and business. Like any great romance, it’s a tale of complementary strengths, mutual enhancement, and transformative potential. This story is not just about the synergy between two technologies but about how they come together to revolutionize how we understand data, make decisions, and envision the future of business.

Photo of Catherine Farley

Catherine Farley

February 14, 2024

Experience the Best of World 2024 Virtually

Register now to experience the passion and expertise of industry leaders and product experts in AI + BI.