The role of data in business is constantly growing. While business intelligence (BI) used to be the main tool to analyse data and support business decisions, today, AI-based technologies – especially generative AI – are opening up new dimensions for companies.
BI and AI – Different goals, different approaches
However, many people see AI as a natural evolution of BI, but in fact the two technologies serve different purposes and require different approaches. While BI focuses primarily on analysing and interpreting historical data, different AI models may be able to make more complex predictions and assign “understanding” to existing data and processes.
However, this is how Joe Reis, an American data scientist and author, recently framed the relationship between BI and AI in a somewhat blunt but concise LinkedIn post:
” Most companies want to do AI.
Most are barely doing BI.”
By this, Joe Reis is likely referring to the lack of processes, data and appropriate organisational structures often required for BI and AI: those without BI or AI projects can often be too big commitments for companies.
The growing success of AI projects
The good news is that with widely spread out-of-the-box Generative AI-based systems such as Microsoft’s Copilot ecosystem, this barrier to entry is getting lower and the success rate of AI projects is increasing.
According to McKinsey’s latest Global AI Survey 2024, successful AI adoption has skyrocketed, with
72% of responding organisations now using AI in at least one business function, up from around 50% in previous years. Generative AI is used by nearly two-thirds of companies and their value creation capabilities are also on the rise. So companies are increasingly understanding how to implement AI solutions effectively.
The key to success: preparation and strategy
In our own experience, the key to the success of AI projects lies – among other things – in proper preparation and strategy. This is backed up by Gartner’s analysis that, to successfully implement AI, companies need to determine how AI fits into their long-term business goals and identify the areas where AI can create the most value. In addition, it is important that the organisation is prepared for AI adoption, including developing the necessary skills and putting the right technology in place.
AI undoubtedly offers exciting opportunities for companies. However, it is important to embark on such a project with realistic expectations and thorough preparation. Remember that AI is not a replacement for existing BI solutions, but a complement to them. But the key to success in both cases lies in the right business approach.
AI Launchpad – Your path to AI success
If you want to get started on your AI journey but are not sure how to get started, our AI Launchpad can help. This 3-6 month programme will help you understand the opportunities and limitations of AI and gain hands-on experience in using the technology.
Our team of experts will guide you and your company through every step of AI implementation, from strategizing to developing applications.
Don’t let your business miss out on the AI revolution – contact us today and start building the future!
