Chat GPT is a must use tool for Business Intelligence. It can save Business Analysts hours of work by helping them get the most out of their favorite business intelligence tools, quickly perform segmentation analysis, and help stay current on what their business competitors are doing.
What is Chat GPT?
Chat GPT is a Natural Language Processing chat bot developed by OpenAI and backed by Microsoft. It’s much more advanced than previous chat bots and utilizes Machine Learning and Artificial Intelligence to deliver answers to questions like a human would.
It was trained using an enormous amount of data on a wide range of topics. It is able to answer questions about general trivia, the world, and has an extra depth of technical knowledge on topics such as databases, data warehouses, writing SQL, Python, DAX and many other common programming languages.
Chat GPT differs from other large language models in that it is aware of the context that a question is being asked, and it can answer follow-up questions regarding the existing conversation.
Sign up for Chat GPT and give it a try at the OpenAI Website. You can also find the technology through Microsoft’s Search Engine Bing. When you ask Bing a question, some of the answers are powered by the same technology!
Use Chat GPT for your Favorite Business Intelligence Tool
Data visualization and Reporting are cornerstones of Business Intelligence (BI). Regardless of the tool that your business uses, Chat GPT can help you complete work faster and utilize features that are typically underutilized.
We wrote guides specific to the most common business intelligence software, that are linked to below. The over-arching themes are using Chat GPT to help write complex formulas, streamlining the ability to connect these systems directly to various data sources, and ultimately enable users to gain better insights from the data.
Of all of the data visualization tools available to the Business Analyst today, we see Microsoft Excel as having one of the brightest futures. Even with industry specific solutions for finance and accounting it can still be difficult to create Financial Statements and present deep tabular data in Power BI or Tableau.
Excel has a lot of features, such as being able to connect it to a Power BI data source, or utilize Power Query to pull in data which are often overlooked and can have new life breathed into it for new and existing users by using Chat GPT as a reference Guide.
Lesser used BI platforms such as Google Data Studio, Google Looker, and the Qlik platform can also benefit from using Chat GPT. Regardless of which tool you currently use, it’s worth asking Chat GPT a few technical questions. The results may surprise you!
Chat GPT for Sentiment Analysis and Review Summaries
Not all of the data that business analyst work on are structured. For example, when looking at a businesses products or a competitors products it’s important to be able to tell how well they are being received by actual people.
In the following example, we copied and pasted a large selection of product reviews for a Lenovo Smart Clock from a large online retailer.
nThen we asked Chat GPT to Summarize the results of the customer reviews, and to give the overall sentiment. This particular product was a mixed bag, but Chat GPT is able to perform the analysis in seconds.
An alternative analysis would be to download the data into an Excel Spreadsheet or Database and feed that data into something like Alteryx or Power BI to generate a Word Cloud or to perform sentiment analysis on it.
Chat GPT can go a level deeper than a word cloud, in that it can allow you to ask clarifying questions such as what the most common complaints are.
How to use Chat GPT for Competitive Intelligence
Chat GPT can be used as a starting point for competitive intelligence. The dataset was only trained with data up until 2021, but can give you a great deal of information about an industry.
nIn this example, we explore who are the most popular smart clock manufacturers. Chat GPT quickly summarizes the results.
Use Chat GPT or Bing Chat for Competitor Research
More recent information is available from Microsoft Bing. They recently introduced a chat feature powered by Chat GPT.
We recommend using Bing over Chat GPT for current events on competitors as well as their products. You can ask questions regarding their financial status, or even have it summarize what their key priorities are from the public statements that they have published in a 10-Q, 10-K or through their investor relations websites.
How to use Chat GPT for Quick Customer Segmentation
There can be a lot of work that goes into classifying and segmenting companies for financial analysis. We found that Chat GPT actually does a decent job of assigning broad categories for which group a company belongs to without giving it any guidance.
The results can be setup with specific prompts of providing your own customer categories that you are currently using. In this example, we fed it unstructured data of a handful of large corporations in the state of Alabama to see how well it could classify them.
Using Chat GPT for Data Integration and Connections
The world runs on data, and the role of a Business Intelligence Analyst in many ways revolves around being able to consolidate the information coming to them from the Sales, Accounting, Finance and Marketing departments.
While businesses are increasingly centralizing a large amount of the Exchange Transform and Load (ETL) processes, there is still a need for many analysts to be able to self-manage these connections as their departments technical expert.
In this specific example, Chat GPT walks through installing the Oracle OCI Command Line Interface. If an analyst was not already familiar with using Python, Chat GPT is capable of walking them through it.
This technique can be fairly time consuming, as if you are unfamiliar with a technology it can require a lot of different follow-up questions.
Using Chat GPT for Researching Specific Points in Time
In this example, we switched over to Bing Chat because if its more recent dataset. Imagine a scenario where you were trying to determine why freight rates or some other anomaly is showing in time-series data.
It can take a long time to research a specific month or quarter in history for an industry to know what the macro factors were during the period. With Chat GPT, you can ask it specifically about headwinds during that time period and it will generate meaningful high level information. Bing has the added benefit of citing its sources, which can also be of great use.
How Will Chat GPT Change the Job of Business Analysts
Business Intelligence is a growing field, and it’s becoming more complicated every year. Business Analysts are not only being asked to be experts in Reporting, Data Visualizations, and have broad knowledge of their industry competitors they are increasingly being asked to be knowledgeable about data integration, economics, and computer programming.
Tools like Chat GPT will be able to augment a Business Analysts job, to help support them in this increasingly complicated role.
At the same time, tools such as Power BI are integrating advanced AI powered features into their software. Power BI can automatically generate AI Insights to tell a story about that data being presented on a page and can also be setup to answer questions about data, even though the technology in its current form is not great.
We expect Microsoft to continue to invest in this area, along with their competitors. It’s likely that Micrsoft Excel, the world’s most widely used business intelligence software will begin to integrate more functionality to ask questions about data and receive meaningful answers powered by Chat GPT technology along with many of their competitors.
As the simple stuff gets more automated for BI Analysts, they will likely have even more diverse job roles requiring them to invest in themselves and to expand their skillsets once again.
Check out these related articles to learn more about ways to use Chat GPT in the workplace.