Stephen Redmond
Director, Head of Data Analytics and AI, BearingPoint Ireland
Generative AI is elevating business intelligence, offering instant, actionable insights and transforming data analytics processes. Here is what business leaders should know.
Generative AI (GenAI) is set to revolutionise business intelligence (BI) and data analytics, according to Stephen Redmond, Head of Data Analytics and AI at BearingPoint Ireland.
GenAI transforms business intelligence and analytics
“AI is going to fundamentally alter how businesses collect and understand data and how we do business day-to-day,” says Redmond. GenAI will drive a significant advancement in business analytics, supercharging traditional descriptive, diagnostic, predictive and prescriptive analytics.
These conventional methods often require extensive manual effort. “In contrast, generative AI will be able to instantly provide context-aware insights,” Redmond notes. “This will allow business leaders to ask questions and receive direct, actionable answers.”
Efficient reporting and better-quality data
Redmond cites a practical example of this transformation can be seen in BearingPoint’s work with the NGO, Plan International in Norway. Traditionally, Plan International’s staff spent time collating project reports to update stakeholders.
“With generative AI, this process is reduced to mere days,” he says. “AI handles data collation and report generation, freeing human resources for more strategic tasks.”
AI handles data collation and report generation,
freeing human resources for more strategic tasks.
Seeking opportunities and shifting job roles
However, this shift towards GenAI-driven BI is not without challenges. One significant concern for many leaders is the possible reduction of human involvement in data processes. Redmond acknowledges this worry but says businesses need to realise there is always scope for opportunities.
“AI will undoubtedly change job roles,” he says. “Yet, it also allows employees to engage in more meaningful and creative work with less drudgery and more fulfilment.” A survey carried out by consulting firm Gartner found over 80% of respondents believed AI would impact jobs, yet less than 50% thought it would affect their specific roles. This highlights the need for businesses to manage change effectively, ensuring employees are upskilled and reassured about their careers.
GenAI integral to business operations
Redmond envisions GenAI becoming integral to daily business operations. “We will interact with AI through our devices much more, using them to enhance our services with better context and quicker responses,” he adds.
“Gartner is already predicting that within the next two years — and I think it will be sooner — 50% of BI tools will be using metadata and business data to offer insights and data stories tuned and personalised to the user.
“The future of BI is not just about understanding data,” Redmond concludes. “It’s about transforming it into actionable intelligence with unprecedented speed and accuracy, thus making tasks easier and businesses more efficient long-term.”
