EC Wisconsin News

Despite substantial investments from mortgage lenders, Business Intelligence (BI) software is reportedly not providing the expected insights to effectively compete in today's market. This conclusion is drawn by data scientists at Redefining Business Intelligence (RBI), a data science company that combines AI with experienced business analysts to extract actionable insights from large data sets, as presented in their latest white paper.

"Businesses today are drowning in data but starving for insights," states Laura Lasher, Co-Founder of RBI. She explains that despite significant investments in BI tools and analytics platforms, organizations continue to struggle with transforming raw data into competitive advantage.

The white paper highlights a central issue with traditional business intelligence: the same data and reports are accessible to competing firms, offering no unique edge. Scott Schang, co-founder and Chief Data Scientist at RBI, questions, "If your competitors have access to the same reports, trends, and industry benchmarks, how do you gain an edge?" He argues that traditional BI tools create an environment where companies merely keep pace with one another.

Schang suggests a paradigm shift in the application of AI to gain a competitive advantage. "The power of AI isn't in giving quick answers—it's in helping you ask the right questions," he asserts. He emphasizes that organizations employing AI-driven competitive intelligence are more able to swiftly adapt and leverage market opportunities.

According to the paper, the key to outpacing competitors lies in using AI strategically, rather than merely as an information processor. Businesses leveraging AI in innovative ways can potentially outperform others, while those stuck with conventional BI strategies remain at a disadvantage.

"The question is no longer whether AI belongs in business intelligence—it’s whether your company is using it the right way," adds Schang in conclusion.

Further insights and the white paper itself are available for download. Founded in 2023, RBI provides AI-enabled research techniques, supporting marketing teams, coaches, and consultants in efficiently analyzing large data sets, enhancing their business effectiveness, and providing valuable returns on investment. Currently, RBI extends its support to three national coaching networks.