A new generation of business intelligence, the Context Suite, has been introduced, making it easy for companies to leverage various forms of artificial intelligence to improve sales, operations, and service.

The company Smart Data ehf. is behind the product, which has been in development for three years and employs artificial intelligence with situational awareness. Stefán Baxter, CEO of Smart Data, says that the increased situational awareness of artificial intelligence lies in adding information about the external environment to all analyses and models, greatly improving their predictive and analytical capabilities.

"Today, it is almost universal that companies analyze their operations mostly with internal information, such as last year's sales, but then external circumstances, which often have significant effects on operations, are ignored, and the outcome is distorted accordingly. One of the capabilities of the system is called demand intelligence, where external information about events, weather, cruise ship arrivals, and many other factors are added to greatly improve sales forecasts."

Reliable prediction models, down to the day, are the key to being able to improve staffing, procurement, and sales, and that is precisely what the demand intelligence in Context Suite does with much greater accuracy than older models can. "This is not just about real-time dashboards and improved access, but real-time analysis of any kind of business data. Analysis that delivers actionable information to the right people at the right time and maximizes the value of the information they are based on. Companies that want to defend or increase their competitive advantage now need to take a big step towards AI-enhanced operations," says Stefán.