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Once Artificial Intelligence (AI) was merely a buzzword but certainly not anymore. It has become more engrained in our daily lives for some time with virtual chatbots appearing on many of your usual webpages, as just one example. However, AI is now creating waves in almost all business functions and is reshaping the way companies operate, playing a vital role in boosting efficiency, and growth.
An area that has witnessed significant transformations in 2024 through the use of AI is business analysis, which is offering organisations the ability to derive deeper insights, optimize decision-making, and gain a competitive edge.
AI is no longer just a nice to have, it has become a must have. Let’s delve into some of the ways AI is transforming the world of business analysis and changed the role of businesses analysts indefinitely.
AI-powered tools are enabling businesses to process and analyse vast amounts of structured and unstructured data in real-time producing more accurate analysis in a shorter time frame. It includes Predictive Analytics where machine learning algorithms are used to predict market trends, customer behaviours, and operational risks and Natural Language Processing (NLP) where tools can extract valuable insights from text-based data such as emails, social media posts, and customer feedback. This level of insight and analysis simply cannot be performed manually.
Real-time data has improved decision making capabilities and allow businesses to respond quickly to emerging trends, competitor activities, market fluctuations and customer behaviour. automated reporting is being used to generate detailed and actionable reports without manual intervention and scenario analysis has become popular to help decision makers and stakeholders assess the potential impact of decisions under varying conditions.
AI is allowing businesses to tailor insights based on customer need and behaviour including purchase history, browsing patterns and social media behaviour so personalised experiences can be created for the customer in terms of products and services, which helps to drive engagement.
Repetitive and labour-intensive tasks such as data cleansing have been optimised using AI which is helping to automate error detection and corrections in datasets. Taking this manual effort from business analysts gives them more time to focus on strategic activities.
AI tools are helping business analysts to analyse large volumes of data including the most complex financial data. It is helping to uncover irregularities that could indicate fraudulent activity and put appropriate measures in place to prevent such activity occurring.
In 2024 and beyond, AI will continue to drive innovation in business analysis but it by no means replaces the business analyst. AI has become a must-have tool to enhance the work of business analysts and empower them to dive deeper into data and harness the power more efficiently to enhance decision making and efficiency. Organisations that leverage AI effectively are positioning themselves for success in an increasingly data-driven and competitive marketplace.
For more information about AI driven tools from Pegasus including AP Automation and the Data Connector available with Opera 3 SE, please contact us today.
Posted On: November 27, 2024
