People have long analyzed data to inform decision-making, solve problems and make predictions. But rapid advancements in technology and a wealth of big data have expanded the impact of data analytics and, along with that, artificial intelligence (AI). Businesses today depend on the effective integration of AI and data analytics.
Business analytics and business intelligence (BI) professionals play essential roles in the shift toward AI and data-driven operations. These professionals have a deep understanding of AI-based data analytics and BI tools. With this knowledge, they can select and direct the necessary technology integration.
But the humanistic side of leading a company through this shift is also very important. It involves building a data-driven culture through professional development, training and support. This is where earning an MBA comes in.
The University of West Florida (UWF) offers an online MBA with an emphasis in Business Analytics. This degree program helps professionals develop their leadership skills as well as their mastery of BI tools based in AI and data analytics.
What Is AI?
According to ZDNet, “Typically, AI systems demonstrate at least some of the following behaviours associated with human intelligence: planning, learning, reasoning, problem-solving, knowledge representation, perception, motion, and manipulation and, to a lesser extent, social intelligence and creativity.”
SAS explains that AI “makes it possible for machines to learn from experience, adjust to new inputs and perform human-like tasks.”
Technology and the scientific understanding of how the human brain works has advanced. This understanding has helped programmers design AI that can mimic the processes of the human brain.
What Is Data Analytics?
In a nutshell, data analytics involves analyzing raw data to draw conclusions from the inherent patterns, trends and anomalies. The insights gained from these conclusions are used to solve problems. Data analytics generally refers to using advanced computer algorithms to analyze large quantities of data.
How Is AI Used in Data Analytics and BI?
Before the advent of advanced AI, computers helped run basic analysis on data by crunching numbers, while data scientists gathered actionable insights from patterns in the data.
Today’s advanced AI programs can collect, organize and analyze vast amounts of information much faster than people can, and on a much larger scale. Modern AI technologies assimilate and learn from new information without continuous input from people. This lets AI independently produce accurate predictions based on data — something only competent data scientists were able to accomplish in the past.
However, AI does not replace data scientists. Instead, it increases the scope of what data scientists can analyze and accomplish. And it does so almost immediately, compared with traditional business intelligence approaches.
AI is also the basis of many BI tools which help business analysts and managers understand data analysis and apply it to strategic decision-making. Essentially, AI helps businesses unlock the analytical potential of huge quantities of big data.
What Do AI and Data Analytics Mean for BI Management?
Incorporating AI and data analytics is becoming necessary to compete in business today. The unprecedented capabilities of AI-based data analytics and BI software enhances the value of BI operations. But many professionals in management roles are not necessarily tech-savvy. So the learning-curve in technology integration can be steep.
In this environment, BI professionals overseeing technology integration must also direct the professional development involved in using technology effectively. AI-based BI tools like data visualization software can help business users grasp the stories that data holds. Selecting and integrating BI tools to increase productivity requires a combined understanding of technology and management strategy.
UWF’s MBA with an emphasis in Business Analytics offers students a chance to study both the technical and leadership aspects of this growing field. For example, students learn to frame key operational and strategic business questions — and use data and analytics to find the answers.
In addition, UWF’s online MBA program emphasizes the importance of data integrity and data privacy — highly sought-after skills in today’s environment where businesses seek to stay a step ahead and prevent financially draining data breaches. With the expertise gained in UWF’s MBA program, working professionals can successfully transition their organizations into the new era of business built on AI and data.
Learn more about UWF’s MBA with an emphasis in Business Analytics online program.
Sources:
Data Driven Investor: Data Analytics & Artificial Intelligence Trends in 2019
Datapine: Top Analytics and Business Intelligence Trends for 2020
Forbes: What Is the Difference Between Artificial Intelligence and Machine Learning?
SAS: Artificial Intelligence – What It Is and Why It Matters
ZDNet: What Is AI? Everything You Need to Know About Artificial Intelligence
