Introduction
Defining BI 4.0
Business Intelligence needs to be redefined in the era of Industry 4.0. The BI reports and dashboards of yesterday are not enough anymore. The new BI 4.0 brings new capabilities to the enterprise:
- Smarter processes including robotic process automation
- Outstanding customer experience
- Competitive and sustainable position in the market
BI 4.0 is bigger than just AI. It covers all kind of intelligence your business needs. Not just artificial intelligence, or augmented intelligence. It is about overall business intelligence that will thrill both your investors and your customers.
Business Value of BI 4.0
Two Broad Categories
We will divide our top use cases into two broad categories where value can be created:
1- Operational efficiencies (Op$)
Operational efficiency is basically the ability to do more with less. There are so many processes in every organization that can be re-imagined by including more data analytics and smarter software. More so if we embed IoT sensors and possibly some robotics. An easy to visualize example is to think about how agriculture was automated in the previous century so it generated a lot more crop using a lot less human resources. Advance analytics, which start with BI and progress all the way to AI, has the potential to produce a similar leap in productivity.
2- Customer experience (CEX)
Customer experience has many facets but it boils down to how easy, fast, convenient and/or enjoyable your products or services are from a user perspective at every touch point in the customer journey. CEX became the main competitive differentiator in the digital age (think Amazon). What the internet and e-commerce enabled in terms of more convenient shopping experience was a quantum leap from traditional stores. With advanced analytics used for actionable insights, paradigms such as “Journey Science” can achieve another substantial leap for CEX where customer advocacy of your company (NPS) rises and customer acquisition and retention costs decline.
Rising Importance of Data Quality in BI 4.0
As BI scope expands and as it becomes more business critical, the old problem of “garbage-in garbage-out” becomes a bigger risk to mitigate.
Data Quality is the first step in the profitable journey towards BI 4.0. A journey full of potential for outstanding business outcomes.
At Aiconomica we emphasize Data Quality and have built a lot of experience in this domain to ensure your business success.
Have Question Or Any Inquiry? Here Is How You Can Contact Us
We want to listen to your Digital Transformation challenges and show you how we can help. We welcome your inquiries. Check the various ways you can Contact Us here.