Machine Learning is indeed playing a vital role in business intelligence. There is no doubt about the fact that the companies all around the globe, have now realized the power of data. A large amount of data is indeed a significant part of every business strategy. When it comes to investments in the field of machine learning, deep learning, big data or artificial intelligence, they have indirectly or indirectly boosted business intelligence as well. And, as a result, now companies are enjoying a greater Return on Investments.
What is Business Intelligence, and why is it important for a company?
Business Intelligence is nothing but the effective utilization of data to allow the companies to efficiently deal with the ever-evolving needs of almost every industry. Though BI is not a new thing, and it has been in existence since years, but, if we talk about the importance and need of BI, it is intense now. Business intelligence definitely helped a plenty of companies to reach pinnacle point. The use of BI isn’t any more perplexing as it has proven its importance in the market.
BI with the definitive foundation to amass, integrate, review and present business information and amplify the quality of the data-focused decision making, has come out to be one of the most useful strategies for businesses. Therefore, the road to the transformation of the data into actionable intelligence has smoothened and streamlined by the use of BI.
Why is BI even important?
Business Intelligence is the collection, analysis, presentation, and use of information in such a way that helps the company do better. Say, for example, if a firm which deals with jackets checked their Business Intelligence tools, the company would be easily able to segregate their sales. They would know how many woolen jackets were sold in say September and how many can they expect to sell in the month of June. The sales parameters (declining or growing sales) will help them to decide their marketing plans better. They would know when to offer discounts, which is the perfect time to get rid of the old stock quickly etc.
Deep learning in businesses
Deep learning an element of machine learning algorithms which makes use of the deep neural network. It uses the neural network to learn more. When it comes to a deep neural network, it is nothing more than an assemblage of artificial neurons. All of them are the trainable mathematical units. The basic function of them is to together learn even the most intricate of all the mathematical functions. They do in order to map raw input to the desired output. Neural networks are not new. In fact, they have been in existence since years.
Deep learning plays a tremendous role in BI. Whenever we talk about anything that includes “Predictive” it does include deep learning or machine learning in one way or the other. When it comes to activities like forecasting future orders or looking for a deceitful insurance claim machine learning or deep learning comes to play.
Deep learning is used by various businesses to automate processes and boost efficiencies. At the same time, deep learning is also helping firms to reduce cost and provide a better superior experience to their customers. However, the most eminent use of deep learning is by the business intelligence systems.
Companies now a days are making use of deep learning and AI to forecast customer behavior as well. This helps the business managers to predict the possible risks, and to make better marketing and sales plans. All this is a part of business intelligence, as only these kind of intelligent insights can help the firms to perform better.
Deep learning is effectively used in the field of customer support. When it comes to satisfaction prediction, they make use of deep learning algorithm to process all the outcomes related to the historical satisfaction surveys. Also, the most efficient part of deep is that it keeps ‘learning’ from signals. These signals include things like, total time taken to answer a query, time taken to solve a problem, customer satisfaction ratings etc.
The Combination of BI and deep learning for boosting business
We already know that more than 76% of businesses are using machine learning to boost their sales. Deep learning, the evolved part of machine learning is used widely by the companies as well. Deep learning is a lot more than just stats kept aside, gathering the data or running intricate algorithms. Though stats are important for a successful business intelligence strategy, the most important part is to process them well. It is basically the art of learning and offering better outcomes.
Deep learning in financial sectors
Deep learning as we know is apt for solving even the most complicated image classification. Also, it has the ability to tackle even the toughest object recognition issues. Therefore, deep learning is widely used in facial comparison as well as identity verification technologies a lot. For instance, it is widely used in the financial services institutes. The financial sectors have to verify the identities of the customers. That’s one of the most important part of their activity. Here, automatic verification is going to saves a lot of time of both the banks as well as of the customers. Also, banks even save a lot of money by adopting the new technology.
Business Intelligence is growing rapidly and so is deep learning. Hence, the blend of both is surely going to help companies in numerous ways. Hence, developers are making topnotch BI tools which are powered by the deep learning methodologies.