Artificial intelligence (AI) and machine learning (ML) technologies burst onto the scene and seemingly changed the technology landscape overnight. The subsequent innovation causes us to evolve into new areas as we continuously ask the question: When it comes to AI, what else is possible?
Generative Business Intelligence (Generative BI or Gen BI) represents a revolutionary advancement that combines the principles of generative models with traditional BI tools to provide more insightful, predictive, and prescriptive analytics. This emerging technology uses machine learning (ML) and artificial intelligence (AI) to generate new data points, identify patterns, and offer actionable insights, transforming the way organizations harness their data for decision-making.
What is Generative BI?
Generative BI is an advanced form of business intelligence that utilizes generative models to understand data in new ways. These models, often based on neural networks, learn the underlying patterns and structures within existing data to generate new data insights. This capability allows businesses to simulate various scenarios, predict future trends, and make data-driven decisions with a higher degree of confidence.
Traditional BI focuses on historical data analysis to provide descriptive and diagnostic insights. In contrast, Generative BI goes beyond historical data, and actually learns how to be predictive (and prescriptive). Essentially you are teaching the AI your existing data set, in order for it to easily spot trends and make further insights that can help you make better, data-driven decisions.
SimplyPut is an example of a generative BI tool that uses your current data set to make predictions and analyze trends.
Benefits of Gen BI tools
Enhanced Predictive Capabilities: Generative BI empowers organizations with advanced predictive analytics. By simulating various future scenarios, businesses can better forecast trends, customer behavior, and market dynamics. This enhanced foresight helps in making proactive decisions, mitigating risks, and seizing opportunities ahead of competitors.
Improved Decision-Making: With Generative BI, decision-makers gain access to more comprehensive and nuanced insights, providing a deeper understanding of potential outcomes and their probabilities. This leads to more informed and strategic decision-making.
Better Customer Experience: If you want to better predict customer preferences and behavior, Generative BI can enable you to execute more personalized marketing and customer service strategies. Static dashboards in traditional BI tools are frequently out of date and difficult to parse, thus they don't actually result in getting data insights more efficient or faster.
Gen BI tools allow you to create custom data reports that go a step further into generating new insights about how your business is performing.
Generative BI: What's next?
Generative BI is rapidly gaining traction as an emerging technology due to several key factors:
Advancements in AI and ML: The continuous evolution of AI and ML technologies is a significant driver for the adoption of Generative BI. Improved algorithms, increased computational power, and the availability of large datasets have made it feasible to deploy generative models effectively.
Growing Demand for Predictive Analytics: The ability to foresee market trends, customer behavior, and operational challenges is critical for staying competitive in today's fast-paced business environment. Generative BI addresses this demand by offering sophisticated predictive capabilities.
Integration with Existing BI Tools: Gen BI can be seamlessly integrated with traditional BI tools, enhancing their functionality without requiring a complete overhaul of existing systems. This ease of integration makes it an attractive option for businesses looking to upgrade their analytics capabilities.
Taking it a step further, Gen BI tools can also be embedded into team communication tools like Slack. By integrating into software where the discussion is already happening, Gen BI tools are elevating existing discussions to be more data driven:
Generative BI is poised to revolutionize the field of business intelligence. By leveraging the power of AI and ML to generate new data insights, predict future trends, and optimize business processes offers significant benefits to organizations. As an emerging technology, Generative BI is set to become a cornerstone of modern data analytics, driving smarter, more informed decision-making across industries.
Stephen is a SimplyPut Co-Founder and former data scientist and analytics manager at Atlassian. He is passionate about all things data and excited to be working on SimplyPut to enable everyone to answer their data questions.
