Artificial intelligence is becoming the number one platform for decision-making processes. According to a report published by Deloitte, the main connection between making a decision on all business levels, and utilizing AI, lies in a partnership – humans having the final say on defining questions, issues, and answers while AI analyzing large volumes of data to provide a constructive basis.
There are a number of cases that prove how AI and humans work together: a startup in Denmark has developed an AI platform that helps in identifying signs of a heart attack during phone calls to emergency services. The finance industry can use AI to anticipate changes in the stock market and manage investments. Logistics use AI to guide robots on the assembly, packaging and shipping lines. Management uses AI to process data and handle administrative tasks, according to the University of Ohio.
These are just a number of cases where AI has shaped and redefined many of the industries and enabled smart analysis, accurate reporting, and reduced the time to make an effective (business) decision. Today, big data is creating challenges in reporting processes that businesses across the world are trying to tackle and find cost-effective, yet powerful solutions to generate more productive decisions.
In the Beginning: Smart Data Analysis
In recent years, the development of machine learning, natural language processing, artificial neural networks, and various other techniques existing in AI have developed opportunities for companies to implement these solutions with increased accuracy, availability, and ease of implementation. When it comes to reporting, AI has a crucial role to gather large volumes of data, as mentioned earlier, while learning from it and deriving intelligent suggestions, thus, enabling the human counterpart to make effective decisions.
In reporting practice this simplifies the overall process: neural networks can enable anomaly detection in business, and alarm the user to take a closer look at the occurred changes. Fostering fast human intervention with the help of AI facilitates a reporting practice that is accurate, reliable, productive, and efficient.
In the Future: the Potential of AI Reporting
Until the recent technological development, there was no uncomplicated way to interpret data and create powerful reports. The continuous search for the right information at the right time meant increased time needed to make a quality business decision, whether operational or strategic. This is changing due to the fact that machines can process so much data that a human wouldn’t be able for years. In fact, some researches show that the complete annual reporting cycle could be completely produced by AI by the year 2034.
Many companies view AI as a solution to the challenging process of collecting, analyzing, and generating actionable insights from data. Endless spreadsheets filled with data creates an environment vulnerable to (human) mistakes. By implementing algorithms to fully utilize the power of data, a company can create a robust management report, save time, and resources.
Another crucial factor in the reporting process with AI is predictive analytics. In essence, many AI technologies use predictive analytics to make predictions about future business outcomes. Historical data is collected and analyzed while computers suggest possible future responses or behaviors. What does that mean in reporting? Basically, you can predict much better what will happen and adjust your (business) strategy accordingly, without losing the control of making the decision.
Who can Benefit from Smart Reporting and AI? And How?
It’s simple. Everyone. From the beauty industry to security, automotive and financial, the need to implement smart solutions into the business realm is not a luxury anymore, but a necessity for small businesses and large enterprises alike. The amount of data generated today is simply not possible to analyze and digest in a timely manner. Businesses of all sizes must adapt to these changes a certain level to ensure the most accurate data and benefit from AI.
Take, for example, an average business user that doesn’t have the technical expertise to generate comprehensive data reports usually done by data scientists and IT departments. AI bridges that gap by analyzing massive quantities of information and data, automating reporting practices and enabling a smart reporting practice that can reduce time to generate valuable insights and increase the productivity of the company and/or department. For example, annual reports have a high level of standardization, contain vast amounts of data, and need to be as precise as possible.
AI can serve as a tool that automatically feeds internal data into reports, enhancing the accuracy, ensuring also an accurate validation process.
What are the Challenges?
Artificial intelligence is still work in progress. The capabilities to incorporate AI solutions to create powerful reports are endless, but business owners, managers, and decision-makers need to identify meaningful applications for AI and how it will benefit their business initiatives. It’s essential that businesses and reports are AI-compatible. Structured data, machine-readability, and availability must be present to conduct effective reporting. Only in this kind of environment AI report tools can leverage their full potential and maximize business profits.
Intelligent reporting is no longer a buzzword used by large companies. Each business owner must take into account the simplification that AI offers in the world of big data and analytics, streamlining processes and boosting the bottom line. The challenges today in the reporting practice, in essence, lay within searching solutions that will make the process easier, faster, and more accurate. AI could be the answer.