AI applications are having a huge impact on productivity and collaboration. According to MIT's Sloan School, generative AI can improve the performance of highly skilled workers by 40% compared to their colleagues who don't use generative AI. These improvements don't just apply to individual work.
When generative AI and business analytics are combined in an effective way, it is often referred to as GenBI. As a non-technical person, I'm fascinated by how technologies like AI and GenBI are being used to make collaboration between individuals and technology much more effective than before. What's even more interesting is how it also helps foster collaboration between individuals.
What is GenBI?
Generative BI combines generative AI and business analytics tools to make analytical data more useful and accessible to both business users and data teams. It works by connecting generative AI solutions with a company's existing data sources and analytical tools.
In particular, GenBI systems typically do not rely on more public generative AI solutions like ChatGPT. This is primarily due to the challenges of uploading large amounts of data to LLM and the potential data security issues associated with sharing sensitive corporate data in such a manner. . However, these systems aim to provide a ChatGPT-like experience to create a direct and easy approach to business analysis.
Instead, as Avi Perez, CTO of Pyramid Analytics, explained in a recent interview with DATAcated, the GenBI tool “allows users to submit requests. You give it to LLM with a description of a bunch of ingredients in it and say, “Here's what we have in your database.'' And the LLM basically comes back with a recipe and says, “How do we ask the questions that our users are asking?” The questions are then run against the data itself. ”
In particular, as Perez explains, the GenBI tool is a tool that “talks to data, not LLM.” This improves scalability, functionality, and security, and in fact, I think it's the only way we know of at the moment to integrate enterprise data with LLM. ”
How is GenBI used today?
The natural language processing models inherent in generative AI make it easier for those using that information to derive relevant insights from the data.
This ensures that GenBI tools actually provide meaningful answers and results to the questions and requests submitted by users. Using such a model, a business user can often get answers to his business analysis queries within 30 seconds, even when he submits questions in relatively vague or plain language. .
With the help of GenBI, users can see information in data sources and perform related business analysis tasks quickly and effectively, such as creating dashboards and reports, predicting future results, and investigating anomalies in business performance. can be executed.
By providing meaningful data points and reports based on information requests, users no longer have to spend countless hours researching data, coding queries, and manually generating reports. Instead, they can focus on actually applying that information to their collaborative needs.
How GenBI can facilitate better collaboration
As highlighted in a recent report by Zoom, AI can play a powerful role in improving collaboration. According to the report, 75% of organizational leaders whose teams use AI say it has improved their ability to collaborate.
At the end of the day, the biggest benefit of using AI tools comes from time savings. Collaboration often takes a significant amount of time. Tasks such as sharing action items, capturing and evaluating data, and sending communications are essential but can be very time-consuming and detract from tasks that can provide significant momentum toward a partnership's strategic goals and activities. there is.
AI and GenBI can save time for collaborative individuals by automating mundane, mundane, and difficult tasks for individual workers, facilitating creative brainstorming sessions and decision-making. This will allow you to concentrate on things like this.
As this example shows, GenBI can be a powerful resource for improving internal collaboration. GenBI helps individuals with data preparation and complex analysis, making it extremely easy for individuals to collaborate to identify and communicate critical insights that can have a huge impact on overall performance. It can be done in a time efficient manner.
Fundamentally, GenBI helps democratize the data available to businesses, allowing organizations to optimize marketing strategies, improve productivity, and gain a deeper understanding of the dynamics of sales and logistics processes, etc. The ability to assess and leverage your organization's data points gives your collaborators greater transparency and communication when finding solutions to big pain points.
Unlock greater technology potential
With GenBI tools, businesses have another resource in their arsenal to improve how they access and use data, ultimately leading to a powerful transformation in how they collaborate both internally and externally. There is a possibility. By empowering all team members to better understand and leverage available data, organizations can operate more efficiently and with more reliable data-backed insights. It will be.
Using these insights to guide your collaboration can greatly enhance and streamline the potential outcomes at each stage of your partnership. From improving internal operations to ensuring clear and transparent communication with external partners, companies that make the most of GenBI are poised to gain a distinct competitive advantage.