Businesses have been running the same way for many years with no improvement to the knowledge about the future. Within the past five years a breakthrough called Business Intelligence (BI) has became very popular to implement artificial intelligence and machine learning into a business.
But what is it?
It is a software platform where you import your company data to predict your future data. It will also continue to learn new data to create more realistic predictions.
So for example, say you want to learn how much cash is needed each month for the next 12 months… Well, don’t we all!
In the past we would have to do it manually by hiring an expert but that was a bias opinion because a human was creating the predictions. But with this business intelligence software you’re now able to input your financials and within minutes you can see the projection for each month for the next 12 months. The cost saved in having to hire someone to create these reports is the biggest reason you really need to implement a BI tool.
Okay, so how do they work behind the scenes?
Basically, it is a library inside of a computer language that is compiled of many algorithms which are designed specifically for this predicting task. Software companies will take it a step further and create an application on top of the library and computer code. So by the end of the design you will only see the beautiful dashboard of your future projections.
Do they cost a lot?
Well that’s the benefit of the future we’re in today. A few years ago there were only a few options and they were very expensive. But every day I see new platforms arising from just start ups to established options. They’re trying to build these platforms specifically for the certain things you want to predict so the price is lower because you can pay for a platform to learn more specifically about what you want to know.
I believe by 2030 all business big and small with have a BI tool in their toolbox. By then it will be a mandatory platform… following the footsteps of how a website is now a mandatory tool as a business.
You want to be ahead of your competition and implement a BI tool into your company today? Shoot me an email so we can review all the options available to your business!