{"id":264,"date":"2022-11-10T13:05:16","date_gmt":"2022-11-10T13:05:16","guid":{"rendered":"https:\/\/humanata.ca\/blog\/?p=264"},"modified":"2022-11-10T13:14:46","modified_gmt":"2022-11-10T13:14:46","slug":"3-powerful-use-cases-showing-how-bi-ml-together-can-change-the-game","status":"publish","type":"post","link":"https:\/\/www.humanata.ca\/blog\/2022\/11\/3-powerful-use-cases-showing-how-bi-ml-together-can-change-the-game\/","title":{"rendered":"3 Powerful Use Cases Showing How BI & ML Together can Change the Game"},"content":{"rendered":"\n

Did you know that by 2023 the worth of the AI market is expected to hit the $500 billion mark<\/a>?<\/p>\n\n\n\n

The world of business is ever-evolving, always finding better ways to outsmart their competitors and to survive better in the market. Therefore, it is an instinct of businesses to implement AI, big data<\/a><\/strong>, and business intelligence tools<\/a><\/strong> to fare better during these times of tough competition. 35% of companies have already begun incorporating AI into their business<\/a> according to a report from IBM.<\/p>\n\n\n\n

In this blog, we will take you through three use cases which establish the fact that the implementation of BI & ML together can be a game-changer for your business.<\/p>\n\n\n\n

What is Business Intelligence & Machine Learning?<\/a><\/strong><\/h1>\n\n\n\n

Before getting to the details of the use cases, here is a brief explanation regarding BI and ML in simple words.<\/p>\n\n\n\n

According to IBM, business intelligence refers to the ability of a tool to consume any type of data so that it can transform it into an insightful form such as charts, graphs, reports and dashboards<\/strong><\/a>.<\/p>\n\n\n\n

\"coca-cola<\/a>
Credit<\/strong>: KJZZ<\/figcaption><\/figure>\n\n\n\n

A typical example of BI would be how the Coca-Cola Bottling Company<\/a> improved its access to real-time sales data by employing business intelligence tools<\/a><\/strong>. With the help of their BI platform and team, they automated their entire manual reporting process. Thus, they reduced the sales data reporting time by 260 hours a year, thereby gaining earlier insight into their sales and operations.<\/p>\n\n\n\n

Machine learning, on the other hand, is a subset of Artificial Intelligence that utilizes data and algorithms to mimic the process of human learning. The term \u201cMachine Learning\u201d was coined by IBM\u2019s Arthur Samuel. Machine learning plays a key role in providing useful insights after the data is mined.<\/p>\n\n\n\n

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Credit<\/strong>: NBC News<\/figcaption><\/figure>\n\n\n\n

A real-world example of machine learning that we experience in our daily lives are speech recognition software and devices like Amazon\u2019s Alexa, Google Home, and Xiaomi Miio.<\/p>\n\n\n\n

But if you wish to know how to differentiate between machine learning vs AI<\/a><\/strong>, then AI is described as the concept used to make machines intelligent whereas ML is a branch of AI. Machine learning comes to the machine’s aid to learn something and gradually improve its acumen regarding the same.<\/p>\n\n\n\n

How business intelligence tools <\/a>and machine learning can benefit your business?<\/strong><\/h2>\n\n\n\n

We have used three use cases to explain how BI and ML can improve your business.<\/p>\n\n\n\n

<\/a>1.    <\/strong>Improving chatbot performance<\/strong><\/h3>\n\n\n\n

According to Thomas Griffin of OptinMonster<\/a>, chatbots can be improved with the help of business intelligence tools<\/a><\/strong> to understand more about the target audience. Further, the data collected by chatbots can be interpreted with the help of machine learning. This information can in turn help you connect with potential leads and generate sales and conversions.<\/p>\n\n\n\n

2.    <\/strong>Forecasting in e-commerce<\/strong><\/h3>\n\n\n\n

Machine learning and business intelligence can together help make effective forecasting in e-commerce such as:<\/p>\n\n\n\n