The digital transformation is redefining the world as we know it at a pace faster than most people could ever imagine. But it is more than just massive computing power, artificial intelligence with sophisticated algorithms, and tons of data that are propelling this megatrend forward. It is the people who are using and embracing these new technologies – simply because it makes their lives easier, safer, and more enjoyable.
How we profit from artificial intelligence today – without even knowing
Many of us already profit from machine learning or artificial intelligence – often without even thinking about it. We can buy almost anything under the sun in online shops that recognize our taste and preferences and automatically make personalized recommendations for future purchases. If we chat with a customer services representative, it is now frequently a bot offering us information and advice.
Our email is automatically sorted in “relevant” and “other” messages so we can quickly identify what is important for the day. We use social media and networking which in turn is using AI to connect with family and friends as well as co-workers, customers, and prospects across the world.
We use natural language to get driving directions and in the not-too-far future many of us will have a robotic virtual assistant booking hairdresser appointments and making reservations for us, it may even be natural to book a self-driving car to get there.
Companies are only starting to scratch the surface
Just 20 years ago, these concepts were completely out of reach for most people outside of laboratory research or science fiction novels. Those were also the days, of course, when Google was just starting out, and Microsoft Excel was considered the silver bullet for all kinds of tasks in the workplace.
We’ve come a long way since then. But even so, companies are only starting to scratch the surface of their data’s true potential. After all, turning huge masses of data into actionable knowledge is still challenging. The demand for groundbreaking enterprise technologies leveraging artificial intelligence to enable the digital transformation is high.
According to Forrester’s 2018 predictions for AI*, 70% of enterprise expect to implement AI over the next 12 months. And by 2020, Gartner says AI technologies will be virtually pervasive in almost every new software product and service**.
However, the necessary resources and experts to implement these new technologies are still limited today – both inside and outside the organization. Most companies find it difficult to recruit specialized talent and do not have a large team of experienced data scientists at their service.
Empowering FP&A to make faster and better business decisions
Finance in its new role, sitting at the center of data analytics, is increasingly expected to deliver the data-driven insights to guide company strategy. Artificial intelligence and machine learning excel at processing and analyzing large amounts of data from multiple sources in a very short time. Therefore, the finance team needs to quickly build-up skills in order to leverage these new technologies. This is where the latest innovation and technical capabilities in Business Intelligence and Enterprise Performance Management software come into play.
New software technologies empower finance and other lines of business to capture data, share knowledge, and align on common goals to optimize the budgeting and forecasting process and drive performance across the organization. The best BI tools & EPM software platforms streamline all types of data-driven processes – from Enterprise Planning to complex predictive analytical models or operational performance management. Best of all, customers can capitalize on the latest advancements in artificial intelligence (AI) and machine learning using cloud-based AI engines that extend the solutions they already have for financial planning and analysis, budgeting and forecasting software.
Introducing the Jedox AI engine for BI and enterprise performance management
The new Jedox AI engine provides artificial intelligence and machine learning technologies as an add-on service for Jedox BI & EPM software that is easy to deploy and use, that requires no expert knowledge of advanced analytics or data science and delivers fast results. There is no need to start from scratch, we are simply extending your existing Jedox software solutions.
Watch this short video trailer on how AI and machine learning become real in Enterprise Performance Management for BI and FP&A
Peter Strohm, senior manager innovation and data scientist at Jedox, explores the analytics innovations that are driving the digital transformation in Part 2 “Trending Technologies for BI & Financial Planning and Analysis” of our blog series. What are predictive analytics, artificial intelligence, and machine learning – and how can they support fp&a, sales forecasting and other business processes now and in the future?