Intelligence to the Future

The thought of artificial intelligence has, for some time, brought forward doomscrolling to a lot of us – the fear of AI and AI-operated machines replacing humans in jobs has been quite the topic. While there’s truth in this, AI has been integral in the global network of trade and industry of modern times. While not quite to the level of uncanny valley that we have been envisioning, there is progress in making them more rational, responsive and accessible, and its contributions towards convenience, accessibility and precision especially with decision-making have been irreplaceable. 

When you try to process big data yourself but your computer could have done it for you. Meme Image from Digital Check

In the field of business, AI is a major boon for strategists and data-crunchers. Business intelligence is a set of systems and process that provide decision makers data analysis and information that helped make informed decisions. A business intelligence system collects and stores data for retrieval and analysis, make simulations and present analytic situations and solutions that improve decision-making and strategic planning. What was once data documented in heaps of paper documents and files can now be filed in data centers whether through cloud or physical digital storage devices, which allows for faster retrieval and create big data. 

In the banking industry, business intelligence creates a big picture where the bank is now and where it is headed. Transaction details are stored and then processed to reports. Other sectors such as audit, risk management and support departments now have access to such data without input from branches and lending units themselves, which fast-tracks strategies. Customer data from various bank products and systems are now easily reconciled, helping in creating a bigger picture for customer service and improving problem solving. As industries move towards digitalization and more tech-focused, it is imperative that firms and organizations must continuously adapt and improve there business intelligence. 

Let your computer do the work for you. Image from Unsplash

Reference: 

Stedman, C., Burns, E. (n.d.). Business Intelligence. TechTarget. Retrieved from TechTarget.