The Power Of AI For Business Analysts

The Power Of AI For Business Analysts

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We live in a connected world that’s slowly but steadily being taken over by Artificial Intelligence (AI). It is a subtle but omnipresent force. AI is there in your smart gadgets, autonomous vehicles, learning technologies, and so much more.

The combined power of AI and Machine Learning (ML) tremendously impacts Business Intelligence (BI). It helps derive insights from complex datasets and translates them into actionable business plans. AI, therefore, is not restricted to technology. It has become an intricate part of the business world, which is why it can influence Business Analyst (BA) jobs.

In this article, we unravel the details about AI and how it can make a difference in business analyst contract jobs.

AI: An Indispensable Influence In Today’s World

Oren Etzioni, the American entrepreneur, quoted, “Artificial Intelligence is neither good nor evil. It is a tool. It is a technology for us to use.” And rightly so, AI is the technology that everyone’s talking about. The tech wonder is designed to mimic human intelligence traits like analytical thinking, decision-making, and problem-solving.

AI and ML are a pair to reckon with. The tech duo has the capabilities to power multiple business-related applications in the form of:

  • Facial recognition features in digital products
  • Voice and pattern recognition
  • Reading and comprehending written feedback
  • Targeted online advertising
  • Predictive analytics
  • Chatbots, intelligence assistant bots, and virtual assistants
  • Recognition and classification of virtual photos

We shouldn’t be surprised when AI emerges in many more tech avatars in the near future. Those changes will make a difference in how businesses fortify their capabilities and survive in the long run.

Business Analysts & AI- What’s the connection?

What does AI mean for business analysts? CIO believes that AI is good for business analysts. For starters, AI simplifies tedious and redundant tasks, providing business analysts more time to work on productive collaborations and client needs.

As technology advances, business analysts are pushed to expand their horizons and consider better ways to use AI. After all, it is their job to create data-derived solutions to enhance business processes. Therefore, to achieve AI’s full potential,  BAs require greater adaptability. In other words, it’s time to sharpen your skills if you want to be in tandem with AI’s growth. You will also have to know how to apply your skills in the modern context and technically advanced environments.

 

AI and Business Analysts- How They Will Co-Exist

There’s no doubt AI can be a great helping hand and a supporting tool for BAs. It will let BAs focus on more valuable projects to build their career. However, there is a caveat.  With AI, there’s always the looming threat of replacements.

Will AI machines perform all the tasks of a BA and render them unnecessary?  Not likely. AI is powerful, but it does have its limitations. These are the gaps that BAs will fill. So, we can expect a harmonious co-existence that will manifest itself in the following ways:

  • Human Interactions

No machine on earth can replace the complexity of an interpersonal relationship. It’s a tall order, even for AI. Human intervention is necessary for AI to survive. In this case, a BA’s job is all about asking the “Why” questions resulting from intense thinking and rationale. AI’s cognitive abilities are still not a great match to comprehend this complexity, which is why BAs are irreplaceable.

  • Data Analysis

AI purely revolves around algorithms, and these algorithms leverage data. Unfortunately, in many scenarios, the data that powers AI’s algorithms are often flawed. It needs a human brain to ask the right questions, provide answers and enable the algorithm to learn and rectify the issues. Thus, a BA’s presence becomes important to identify flaws, find the reason for the flawed logic, eliminate any bias, and set the data right.

  • Change Agents

As organizations transition to AI, many functions and processes are automated, leaving behind jobless people in the wake. These circumstances call for BAs to serve as change agents and prepare the ground for a human-centered change. AI can be the change, but it cannot be implemented without the human touch and business analysts!

 

3 Smart Ideas For Business Analysts To Use AI

AI is not only for data scientists or automation experts. With data being their core focus, business analysts are also eager to get their hands on a piece of the action. By combining AI and ML tools, analysts can now expand their skills to include data science.  Additionally, the possibilities with AI are endless. We are listing four prominent ways business analysts can leverage AI in their careers.

  1. Influencing Customer’s Choices

Consumer statistics such as gender, income, and knowledge of current products are major drivers for personalizing sales recommendations. BAs can rely on AI-recommender systems to derive data points on user transaction history and characteristics. Using this data, they can categorize users into groups based on purchase patterns. This will allow BAs to customize predictive recommendations that influence the user’s buying decisions.

  1. Improving Quality Assurance(QA)

Artificial intelligence can breathe new life into a time-consuming, redundant process like quality assurance. AI in QA increases the analyst’s productivity, reduces costs, and detects high-risk areas. Therefore, testing is quicker, and the time-to-market the product is shortened.

  1. Preventing Customer Churn

Customer churn is an unavoidable problem for most businesses. Business analysts can use AI to increase customer retention and prevent churn by implementing new AI methods. AI leverages algorithms to study the patterns and predict how and when churns will occur. This predictability allows businesses to deploy AI-recommended strategies to minimize the churn and achieve breakthrough results.

 

Before we bid Adieu

The future of the Business Analyst role will continue to evolve with the availability of these new Machine Learning and AI systems. However, a word of caution. We need to understand that AI and business analysts have a place and a purpose to co-exist and work together. There is no AI without the human element. AI systems will continually be influenced by human expertise to learn from better data and make better decisions.

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