What Business Analysts Should Know About Artificial Intelligence
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There are many uses of AI in the business world, and understanding how best to utilize advanced technologies is a progressive step towards gaining competitive advantage.
With that in mind, let’s take a look at one of the most popular and prevalent technologies in the last few years, its advantages and uses: artificial intelligence.
Speeding up the decision-making process
Business analysts typically help companies to identify and understand alternative solutions to business problems. Artificial intelligence is beneficial in that it can help BAs do just that. An AI system has the capability to think for itself based on pre-defined rules and analyze different bits of information/data in a split second as long as the governing rules have been defined. In addition, it can also work out the best possible solution within a very short space of time. It can help to eliminate human errors, which further improves business decision-making processes.
Enhancing customer service
An underappreciated advantage of AI is how it contributes to customer service. We can already see instances of AI aiding customer service in insurtech. You’re probably wondering, what is insurtech? The answer is very simple. It refers to the technology used in the insurance industry. Nowadays, insurance agencies use AI in the form of chatbots on websites. These bots are programmed to automatically respond to customer queries. Thus, customer service is vastly improved as questions relating to insurance are dealt with immediately, as much as possible. Artificial intelligence enhances customer service by reducing wait times and granting instant access to answers.
Increasing productivity
Artificial intelligence is also vital when it comes to productivity and efficiency. AI can help businesses become more productive and efficient. This in turn can help them provide better services to their customers. A simple example is email auto response. As soon as you get an email, a response is triggered which sends a reply automatically to the customer. There are so many examples of how AI speeds up productivity, which ultimately makes businesses more efficient.
Business Analysts can certainly help their clients stay ahead of competition by understanding what AI tools are available, and how they can be applied within appropriate business contexts.
Artificial Intelligence (AI) has significantly altered organizations' knowledge management landscape. As data volumes soar and the pace of business accelerates, traditional methods of capturing, processing, and sharing information prove increasingly inadequate. AI emerges as a transformative force, enabling smarter decision-making and seamless information flows.