After outlining the initial developments of Generative AI (GenAI) in Business Intelligence in the previous article, we are now at a crucial point: How can companies get started with GenAI in a targeted manner and which steps are crucial in the process?
In the latest GenAI in Business Intelligence and Analytics study, conducted by BARC on behalf of the HICO Group and Qlik, specialists and managers were asked how they want to implement GenAI in their companies. The results are revealing and show clear preferences for the next 12 to 18 months.
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Companies are focusing in particular on the following strategic fields:
- Predictive Analytics & Forecasting
- Data analysis & mining
- Dashboarding & advanced analytics
Remarkably, topics such as Data Cleansing & Preparation and Data Collection & Integration have a lower priority, although these processes are essential for robust and precise results. They are often perceived as a nuisance, even though they are fundamental building blocks for the successful use of GenAI.
Four key steps for a successful GenAI implementation
Although the BARC study naturally cannot offer a fully-fledged guide to support companies in integrating GenAI, the authors of the study have already derived a few pithy keywords from the results:
- Pragmatic approaches: Apply GenAI specifically to selected data sets and applications. Start in low-risk areas to gain valuable experience and expand existing governance programs to deal with GenAI-specific risks.
- Strengthen data culture: Encourage open communication, build data literacy and strengthen your organization’s governance structure to sustain GenAI initiatives.
- Ensure easy implementation: Use existing GenAI functionalities in your existing BIA software or rely on ready-made models. Start with small pilot projects before planning larger applications.
- Unlock untapped resources: GenAI enables you to extract hidden insights from unstructured data – an often neglected resource with high potential.
These steps can be seen as a basic framework. In reality, of course, specialized solutions are required to overcome the specific challenges.
The HICO Way: Fractional AI Competence Center
The interdisciplinary challenges involved in implementing GenAI can best be mastered by an interdisciplinary team. For this reason, HICO has founded an AI Competence Center. This team accompanies companies through every step of GenAI integration – from initial strategy development to technical implementation – and offers customized solutions for the individual needs and requirements of each company.
The progressive development of GenAI and a well thought-out strategy pave the way for innovative business processes. The opportunities opened up by early integration are considerable and should be exploited in order to stay ahead of the competition.
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