In the world of data-driven decision making, two different technologies have emerged at the top spot, and we are going to take a closer look at the differences between Artificial Intelligence (AI) and Business Intelligence (BI). Both of these tools empower businesses to harness the power of data, gain valuable insights and optimise processes.
While these terms can mistakenly be used interchangeably, we’ve delved into the key differences and the best applications for both forms of intelligence.
What is Artificial Intelligence (AI)
Artificial Intelligence is a simulation of human intelligence in computer format. It is programmed to think and perform just as a person would and is great for tasks that would typically require human intervention.
The main goal of AI is to analyse, adapt to new information and perform specific pre-programmed tasks without requiring someone overseeing them.
- Learning from data – AI can identify patterns from provided data without being pre-programmed to do so
- Problem solving – by intensifying a large number of different outcomes, artificial intelligence can reach decisions on complex data
- Adaptability – without requiring the development, Ai can adjust to new situations and data easily
What is Business Intelligence (BI)
Business Intelligence refers to the use of software technologies to analyse and present historical data in a meaningful way to help with a specific task. A great example of how to use business intelligence is how the Rail BI platform helps analyse data to increase success with planning projects.
- Focus on historic data – business intelligence tools focus on using historical data
- Business Intelligence platforms (such as RailBI) collect data from multiple sources and consolidate it into a centralised repository.
- Data Visualisation: BI tools can report and present data in easy to easy to interpret formations.
What are the key differences between AI and BI?
Artificial intelligence is generally used for forward-looking predictions, leveraging predictive models and real time data analysis to automate tasks and create outcome forecasts. The best use cases for AI are supply chain management, personalisation of customer experiences and to detect transaction anomalies for fraud prevention.
Business Intelligence primarily focuses on the analysis of historical data, offering an insight into past performance and trends. This helps identify areas for improvement and to help provide data-driven insights and decision making.
Which is the better technology?
There is no better technology between AI and BI – they are not designed to be competitors but to complement each other. By leveraging the power of both technologies, you can use AI’s predictive capabilities with the historical learning from BI tools.
Both AI and Business Intelligence are indispensable for modern businesses seeking to make data-driven decisions. Business Intelligence lays the foundation by providing historical and current data analysis, while Artificial Intelligence adds predictive and prescriptive capabilities to optimise future outcomes.
To learn more about our business intelligence rail platform and how it can enhance your project planning capabilities, please contact one of our team for a demonstration.