While you may have fallen in love with generative AI like ChatGPT or MidJourney to help you create content, have you tried harnessing AI’s data processing power?
Companies that leverage AI for analytics and performance management will see substantial improvements in how they manage data, analyze their results, and improve their performance over time.
There are 3 main ways AI is revolutionizing analytics and performance management:
Managing Numerous Data Sources
Making Math Less Scary Saving
1. Saving Time With AI
Based on Databox's 2023 State of Business Reporting:
Over 75% of companies create five or more reports per month.
Over 80% of businesses are spending at least 3-5 hours per month creating reports
Mid-sized companies have full-time staff dedicated to generating reports. Larger companies have entire teams to manage and deliver reports.
AI can significantly help companies save time on reporting and analytics through automation, advanced data processing, and intelligent insights.
AI can automate the collection of data from:
Forget creating manual reports. AI can:
Analyze and cleanse raw data to ensure quality and consistency.
Restructure data to make it suitable for reporting and analysis.
Automatically generate reports based on predefined templates or custom requirements.
Pull relevant data
By automating repetitive tasks, extracting valuable insights, and providing real-time information, AI allows companies to focus on higher-value activities, make data-driven decisions faster, and ultimately save time and resources.
2. Managing Numerous Data Sources With AI
Most companies house their data in dozens of apps like Google Analytics, Hubspot, Salesforce, Stripe, Shopify, etc. Databox reports that their average customer has about 11 apps integrated into their Databox account.
When data is all over the place, it's almost impossible for one human to keep track of it all, much less understand it.
AI will help you bring all of these data sources together through automated data integration. Tools like Databox can identify and extract relevant data from different formats and structures, ensuring seamless integration and eliminating manual data consolidation efforts.
From there you can get a unified view of data from multiple sources and even apply advanced analytics to benchmark your performance against industry standards or best practices.
3. Making Math Less Scary With AI
AI can convert complex data and extract meaningful insights without you having to worry about making human errors in your calculations or Excel formulas.
AI automatically performs data validation and quality checks, flagging any potential issues or inconsistencies in the data.
When AI does the math, leadership can feel comfortable making decisions based on the reports.