In one of his many chronicled adventures, famed fictional detective Sherlock Holmes exclaims, “Data! Data! Data! I can’t make bricks without clay.” It’s a quote every business leader can identify with, as today’s enterprises run, thrive and grow on data. Business intelligence collects data and puts it in formats that make it easier to explore, while machine learning uses data and algorithms to mimic (and improve on) the human capability to learn and adapt.
Together, BI and ML can take the “clay” of collected data and turn it into the “bricks” of a stronger business—enhanced customer service, stronger cybersecurity, smarter risk analysis and more. Below, 14 members of Forbes Technology Council share impactful, creative business use cases that leverage the combination of business intelligence and machine learning.
1. Segment Analysis
Companies can use ML algorithms to automatically segment customers or products and use BI tools to further analyze those segments. This would allow companies to better understand their customers and/or products and make better decisions about marketing, sales and product development. Additionally, this approach could help companies save time and resources by automating the segmentation process. - Andres Zunino, ZirconTech
2. Understanding Customer Expectations
Business intelligence and machine learning are vital in today’s workforce, and we can leverage these tools to understand customers’ expectations and stay ahead of the game when delivering the best customer experience. Consumers often view their last, best digital experience as their baseline. It is important to use available technology to better understand their needs in the future. - Ravi Metta, Finastra
Continue reading: https://www.forbes.com/sites/forbestechcouncil/2022/10/13/14-powerful-business-use-cases-that-combine-business-intelligence-with-machine-learning/?sh=1381cbe25bd6
Together, BI and ML can take the “clay” of collected data and turn it into the “bricks” of a stronger business—enhanced customer service, stronger cybersecurity, smarter risk analysis and more. Below, 14 members of Forbes Technology Council share impactful, creative business use cases that leverage the combination of business intelligence and machine learning.
1. Segment Analysis
Companies can use ML algorithms to automatically segment customers or products and use BI tools to further analyze those segments. This would allow companies to better understand their customers and/or products and make better decisions about marketing, sales and product development. Additionally, this approach could help companies save time and resources by automating the segmentation process. - Andres Zunino, ZirconTech
2. Understanding Customer Expectations
Business intelligence and machine learning are vital in today’s workforce, and we can leverage these tools to understand customers’ expectations and stay ahead of the game when delivering the best customer experience. Consumers often view their last, best digital experience as their baseline. It is important to use available technology to better understand their needs in the future. - Ravi Metta, Finastra
Continue reading: https://www.forbes.com/sites/forbestechcouncil/2022/10/13/14-powerful-business-use-cases-that-combine-business-intelligence-with-machine-learning/?sh=1381cbe25bd6
