Consider a high-stakes chess match where every move can determine victory or defeat — this is the reality for businesses and their information technology (IT) departments today, facing fierce competition and evolving market demands. Workflow inefficiencies, data silos and rising costs add to the complexity, making advanced business intelligence tools essential for success. AI analytics enters as a game-changer in this arena.
A recent IBM global survey reveals that 45% of large enterprises already utilize AI, while 29% of small-to-midsize companies are following suit. Furthermore, 80-90% of large businesses plan to adopt AI within two years of the survey’s publication. The online Master of Business Administration (MBA) with a concentration in Data Analytics program from William Paterson University (WP) equips students with the knowledge and skills to harness AI in business.
What Are Artificial Intelligence (AI), AI Analytics and Business Intelligence (BI)?
Artificial intelligence (AI) is the simulation of human intelligence in machines designed to think and learn like humans. AI aims to model human behaviors and thought processes, allowing programs to learn, adapt and make rational decisions. The integration of AI into business operations can drive efficiency and profits.
AI analytics, a subset of AI, involves extracting valuable information from vast amounts of big data using advanced machine learning (ML) and AI tasks like natural language processing (NLP). By identifying patterns and trends within data, AI analytics enables informed decision-making across various business sectors.
Business intelligence (BI) aims to simplify the processes of data collection, reporting and analysis, according to CIO. It enhances the quality and consistency of collected data, turning vast amounts of noisy data into coherent, actionable information. As Michael F. Gorman, a professor of decision science, explains in a Toptal article, BI tells businesses “what was and what is,” but not what to do next. Per Toptal, companies like Microsoft, Oracle and Tableau have developed powerful BI tools, and the adoption of these BI solutions has grown by nearly 50% in the past three years.
How AI Is Transforming the Role of the Business Analyst
Businesses increasingly harness the power of AI to revolutionize their operations and drive strategic growth. AI adoption spans various critical areas, underscoring its transformative impact on business processes and customer interactions:
- Decision-making: AI and machine learning empower businesses with predictive analytics capabilities, enabling data-driven decision-making. By analyzing vast datasets, AI identifies patterns and forecasts future outcomes, guiding strategic initiatives aligned with organizational goals.
- Automation: AI-driven automation streamlines repetitive tasks across industries, allowing workers to focus on high-value strategic initiatives. For instance, AI-powered chatbots handle routine customer queries, freeing up human agents to address complex issues and strategic planning.
- Scalability: AI analytics empowers businesses to scale operations efficiently by processing large datasets in real time. Integrating CRM and business intelligence platforms enables comprehensive customer insights, facilitating targeted marketing efforts and personalized customer experiences.
- Accuracy: AI-powered data analytics dramatically improve accuracy by minimizing human errors and biases in manual data processing. This precision is crucial for informed decision-making, particularly in analyzing complex metrics from diverse data sources.
- Customer experience: AI is reshaping customer service paradigms by enabling instant, personalized support through AI-powered chatbots and optimized email interactions. With AI solutions, companies can deliver faster responses and tailored recommendations, enhancing overall customer satisfaction and loyalty.
- Target audience engagement: AI-powered analytics enable businesses to precisely target and engage their ideal audience segments. By leveraging AI for audience segmentation and behavior analysis, companies can tailor marketing campaigns and content strategies to resonate effectively with different customer personas.
- Sentiment analysis: AI-driven sentiment analysis tools decode customer feedback to uncover critical insights and sentiment trends. By tracking brand sentiment over time, businesses can proactively address customer concerns and refine marketing strategies.
- Talent management: AI transforms talent acquisition and management through automated candidate screening and skill matching. AI tools streamline recruitment workflows by analyzing job descriptions and applicant profiles and recommending top candidates based on predefined criteria.
This comprehensive integration of AI into business strategy and operations signifies a paradigm shift towards enhanced efficiency, agility and customer-centricity across industries.
Prepare for the Digital Future of Business Analytics in a Cutting-edge MBA Online Program
The online Applied Business Analytics MBA equips students with essential skills to excel in data-intensive roles. Through rigorous training in statistical concepts, predictive modeling and programming proficiency, graduates are primed to drive impactful insights and strategic decisions, making significant contributions to organizational growth and innovation. This program ensures professionals are ready to not only meet current challenges but also pioneer future advancements in the evolving world of business analytics.
Learn more about WP’s online Master of Business Administration with a concentration in Applied Business Analytics program.
