A new generation of business intelligence, Context Suite, has been introduced, making it easy for businesses to leverage different types of artificial intelligence to enhance sales, operations, and service.

The company Smart Data ehf. is behind the product, which has been in development for three years and utilizes artificial intelligence with situational awareness. Stefán Baxter, CEO of Smart Data, states that the increased situational awareness of artificial intelligence involves integrating information about the external environment into all analyses and models, greatly enhancing their forecasting and analytical capabilities.

"Today, it is almost common for companies to analyze their operations primarily with internal information, such as last year's sales, while external factors, which often have a significant impact on operations, are ignored, skewing the results. One of the system's features is called demand intelligence, where external information about events, weather, cruise ship arrivals, and many other factors is incorporated to significantly improve sales forecasts."

Reliable forecasting models, down to the day, are key to improving staffing, procurement, and sales, and this is precisely what the demand intelligence in Context Suite enables with much greater accuracy than older models can. "It's not just about real-time dashboards and improved access, but real-time analysis of all kinds of business data. Analysis that provides actionable insights to the right people at the right time and maximizes the value of the information they are based on. Companies that want to protect or expand their competitive edge must now take a major step towards AI-powered operations," says Stefán.