How ChatGPT can be a revolutionary step in business intelligence implementation?

Without a doubt, ChatGpt is a ground-breaking start to the technological revolution. It has the ability to grasp human speech and can also write the text that is simple enough for people to understand. Instead of just performing a search, ChatGpt may converse with you to learn about your precise needs.

Let’s define business intelligence precisely.

Business intelligence is the word used to describe the gathering, archiving, and analysis of data from business operations and activities with the purpose of enhancing corporate performance.

ChatGpt is the new era of intelligence in itself, whereas BI is a phrase for business intelligence.

Absolutely a boon for business intelligence, along with which it also claims that some of the information that it documents may be incorrect which absolutely means that it can’t be trusted solemnly.

ChatGPT can assist us with ideas and implementation by providing :

1. Sales Analysis: ChatGPT can analyze sales data to find trends and patterns, which can assist companies in improving their decision-making processes and sales tactics.

2. Customer service: ChatGPT can be utilized to give prompt and correct answers to customer questions, which can increase customer satisfaction and lighten the workload of customer support professionals.

3. Marketing Analysis: ChatGPT can analyze marketing data to pinpoint the most successful marketing campaigns and channels, assisting companies in maximizing their marketing plans.

4. Product Recommendations: Based on client information, ChatGPT can be trained to personalize product recommendations, which may enhance sales and customer loyalty.

5. Fraud Detection: ChatGPT can be used to examine transaction data and spot trends that can point to fraud, assisting companies in preventing fraudulent conduct.

6. Inventory management: ChatGPT can evaluate inventory data to determine which products are selling quickly and which things may need to be refilled, which can assist firms in maximizing their inventory management.

In conclusion, ChatGPT may be utilized in a variety of BI use cases to give businesses strong data analysis and customer service capabilities, assisting them in improving their operations and making better decisions.

Let’s take an example to understand how this process works for an insurance company.

ABC is an insurance aggregator company that sells insurance to its clients through online and offline modes. In online mode, the customer can either purchase directly from the website or they may choose to request a visit/Call where an agent will contact and help them in buying the policy.

It has partnered with various insurance companies, and it generates its profit from the commission it gets from its partner companies.

The CEO of this company is interested in knowing how well his organization is doing and how they are helping their partners grow, for this purpose they have identified various KPIs and business metrics. They have approached XYZ Data analyst to help them create reports & dashboards for them to get this work done.

Now, the challenge for the data analyst could be to gather data from various sources and convert it into a form where it can be used for reporting purposes so that KPIs & various business metrics can be shown.

In this case, Power BI Data flow is the only data source from which a Data analyst needs to collect the data and he is provided with the task to represent KPIs on the reports such as Agent Ranking, Agent Targets, Revenue per agent per day, Revenue per day (overall), Number of Leads, Prospects & Conversions, Business generated for each partner, new partners onboarded, Marketing Funnel Page, the success of campaigns, Sales funnel, Appointment Funnel(new user), Forecasting for sales (Weekly, Quarterly, Annually).

All the above tasks were done with the help of chatGPT , which shows how exclusively it can impact the business intelligence field , if used correctly, ChatGPT can become a helping hand in implementing the tasks and kpis in business intelligence , Apparently there can be instances where chatGPT may not show up correct results, hence, everything need to be verified and not blindly followed.