Can AI help with Business Analysis?
The age of Artificial Intelligence (AI) is not simply here but has already permeated our very existence. Whether it is in the form of machine learning technologies or intelligent robots, AI is establishing its presence globally. (1) As of 2022, the global AI market is valued at over $136 billion and is expected to grow by over 13x over the next decade.
How can AI help with Business Analysis?
1. Improvements in Efficiency and Profitability
AI can automatically collect and process much more information than human beings can simultaneously. In addition, AI can simplify large sets of data into smaller, more manageable chunks, allowing BAs to grasp the finer points of a larger picture. With the more repetitive tasks being taken care of by AI, BAs now have more time to focus on more pressing tasks.
The accuracy of the data collected by AI, coupled with the increase in time devoted to more significant studies, will improve the overall success of the projects.
Moreover, the time savings and cost savings incurred could result in a significant rise in productivity and overall profitability. (2) According to Accenture, AI has the potential to boost profitability rates by an average of 38% by 2035 and lead to an economic boost of US$14 trillion across 16 industries in 12 economies by 2035.
2. Identification of Trends and Formulating of Business Strategy
AI-driven business analytics allow organisations to utilise machine learning algorithms to identify trends and extract insights from complex data. For example, autonomous monitoring platforms learn the behavioural patterns of all customer experience data to identify suspicious spikes or drops in engagement metrics. BAs can then leverage this data to make decisions and formulate business strategies to achieve corporate objectives/goals successfully.
Will AI replace the need for Business Analysts?
The answer is simple – No. This is primarily because AI can't replace the complexity of an interpersonal relationship. Artificial intelligence is clever but will not eliminate human intervention in its assessments and decisions. The human hunch or gut instinct cannot be programmed because our moods and the moods of others influence our choices. Therefore, these human elements are not considered when determining AI's logic. Thus, a BA's skill set is primed to work alongside AI, i.e., analysts are necessary to help improve the algorithms that will enhance the quality of AI decisions.
How CBI can help
Adopting AI technologies will allow CBI to create an accessible pathway to achieve enterprise digital transformation. In addition, as CBI grows and expands its client base, incorporating AI will enable CBI to monitor and track clients’ data more effectively.
AI-driven business analytics will allow CBI to generate real-time insights and trends, which increases the value of analysis carried out by our BAs. For example, AI systems could collect data from our client’s company and social media posts to understand the thinking process and emotional responses to a product or strategy. Next, AI-driven business analytics could perform real-time interventions to strengthen or modify these perceptions. This could aid CBI in tackling clients’ problems more effectively.
AI should be considered as a means of improving; current performance, speed of execution times and delivering more excellent value faster and more directly to clients. We apply our tried-and-true skills in new contexts, environments, and even emerging industries to uncover unique needs and opportunities.
In conclusion, AI is set to alter the very dynamics of analysis. Therefore, commercial corporations must adopt it to grow, maintain their competitive advantage and survive.
Contact us now to see how CBI can help.
Sources:
1. https://explodingtopics.com/blog/ai-statistics
2. https://www.accenture.com/fr-fr/_acnmedia/36dc7f76eab444cab6a7f44017cc3997.pdf