While artificial intelligence is making waves globally, Cognitive Business Intelligence (BI) is the next stage of machine learning to design and analyze unstructured data, video, images and human language, say experts.
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According to them, we are generating data but is this data being analyzed to create insights which could help in running businesses more effectively is the real concern for businesses.
"This potential can be leveraged using Business Intelligence. Using BI, we can understand what really the data means," said Nikhilesh Tiwari, Co-Founder, Helical Insight, the world's first open source Business Intelligence (BI) framework.
At the moment, less than 0.5 per cent of all data is ever analysed and used globally.
"Cognitive BI will make the entire data analysis and decision making instantaneous. Helical Insight not only provides features such as email scheduling, multi-tenant environment, variety in visualization but also empowers end users to add functionalities on the go using their in-house resources," Tiwari told IANS.
A business user is aware of his or her business but is not aware of the kind of functions to be applied.
"Helical Insight allows business users with zero technical knowledge to just type in their questions and get immediate business answers in the form of data. This is the future of BI," Tiwari added.
Open source BI tools like Helical Insight are trying to integrate machine learning and natural language processing into BI and trying to disrupt this sector.
"With integrated neuro-linguistic programming (NLP), business users can type their questions and the complex algorithms will understand the context and filters etc. Also with machine learning, the vocabulary of the tool will keep on improving as people keep on using it," Tiwari informed.
Today, there is an increased demand for data science experts who help generate reports using BI.
"AI can take the place of these data scientists to generate reports and other visualizations. With search driven analytics, tools like Helical Insight can empower anyone to be a data scientist," Tiwari said.
Most importantly, AI-powered BI can transform real-time data into written reports so businesses can make informed decisions with the data which is seconds old.