Data overload is a common problem in today’s businesses, leading to decision paralysis and anxiety instead of informed decision-making. According to a report by Oracle, 83% of employees and business leaders agree that access to data is essential for decision-making, but 86% feel less confident when using data, and 72% have struggled to make decisions due to data overwhelm. Business leaders are facing a tenfold increase in the volume of decisions they need to make, highlighting the need for solutions to handle the vast amounts of data available to them.
Generative AI is emerging as a potential solution to the data overwhelm problem by helping users interpret data, generate insights, and make informed decisions. By leveraging generative AI capabilities, decision-makers can access real-time data tracking, have virtual advisors for decision-making, generate executive summaries, visualize data through graphs and charts, automate data analytics, harness predictive capabilities, test scenarios using synthetic data, and clean up data for better analysis results. These capabilities make data more actionable for decision-makers across the organization, regardless of their level of expertise in data analysis.
Providers of analytics software and platforms are integrating generative AI functions into their tools to enable more intelligent data analytics. Examples include Microsoft Power BI, Teradata VantageCloud, Tableau AI, and Qlik Cloud, which incorporate generative AI capabilities such as natural language querying, easy summaries, tailored reports, and more. This democratization of generative AI and data is leveling the playing field between large corporations and smaller enterprises, eliminating the need for a team of data scientists to gain a competitive advantage.
Generative AI has the potential to revolutionize the way businesses work with data, empowering users to analyze vast amounts of data in a more intuitive way. By asking the right questions, anyone can utilize generative AI to extract insights, make informed decisions, and navigate the complexities of data overwhelm. This shift towards a more data-empowered workforce is crucial for businesses to thrive in the digital age and stay ahead of the competition. The adoption of generative AI-powered tools is expected to transform the way businesses operate, with increased efficiency, productivity, and confidence in decision-making processes.
