The hectic world of today is constantly moving forward urging businesses to keep up with its pace and harness new technologies. Thus, prompt and high-quality decision-making becomes the backbone of a company’s growth and expansion.
This is where Business Intelligence (BI) comes into play. It uses high-end technologies to turn data into insights, plan and implement strategic management and business decisions. The faster and more easily you gain these actionable insights, the more competitive you are in the market.
BI specialists, also known as business analysts, are required to be skilled in numerous spheres to provide accurate data-driven conclusions and act upon them. To streamline their work and boost effectiveness, they take advantage of numerous tools, with ChatGPT among them.
What is ChatGPT?
A stellar example of the tools a company’s BI team can benefit from is ChatGPT. This ground-breaking natural language processing tool is driven by AI technology and answers complex questions conversationally. The revolutionary chatbot can do a surprising amount of tasks, from holding a conversation to writing an entire term paper.
However, the range of tasks it can handle is much wider, and the Power BI is no exception. The statistics demonstrate that businesses introducing ChatGPT in their workflow have already saved 20,000-100,000 U.S. dollars.
Top 7 Applications of ChatGPT for Power BI
So, how can a business foster its decision-making with the use of ChatGPT? We delved into the chatbot’s capabilities and here’s how your Power BI can benefit from it.
1. Automated Report Generation
ChatGPT has proved to be able to generate insightful reports in no time. You just set the report's parameters, create an outline, and submit a prompt. That’s all you need to enable the tool to generate a human-like, coherent, and contextually relevant report.
2. Accessibility for Non-Technical Users
Whenever an employee needs to access certain data sets, they have no other choice but to reach a data scientist. With ChatGPT implemented, any worker within a company can just make an inquiry, and the chatbots will provide the data needed. This can significantly speed up decision-making processes and boost the productivity of the whole company staff.
In addition, ChatGPT can ease the burden of data analysts by answering questions, explaining concepts, and providing code snippets, which eventually reduces the time spent searching for resources.
3. Enhanced Data Analysis
ChatGPT can be used as a valuable tool for data analysis as it can simplify the process. With its help, you can get suggestions for data transformations to optimize your analysis and obtain informative summary statistics on your datasets. This will come in handy to automate your decision-making and analysis needs as well as extract valuable insights from various data sets.
4. Predictive Analytics Capabilities
Engineers need to build ML models to solve budgeting and forecasting problems, which is often time-consuming and challenging. ChatGPT’s ability to understand and generate human-like text based on the input it receives makes it a powerful tool for predictive analytics as well. It can sift through vast amounts of data, identify patterns, and make accurate predictions.
5. Sentiment Analysis & Review Summaries
You shouldn’t miss out on the opportunity to leverage the chat as a great sentiment analysis tool. As a state-of-art NLP model, it is capable of understanding and generating human language with a high level of fluency and accuracy. This allows it to provide a sentiment analysis performance comparable to fine-tuned ML models.
6. Customer Segmentation & Personalized Content
You can make use of the tool to identify which segments of customers are responding best to your personalized content and adjust your strategy accordingly. There are already a number of companies leveraging the capabilities of the language model that have improved customer engagement, increased conversions, and ultimately, improved the overall customer experience.
7. Data Visualization
You can’t overlook data visualization as it is said to help businesses make 5x faster decisions and soar above the competition. ChatGPT can work out as a great advantage here since it can generate data visualizations based on straightforward, conversational inputs. You just prepare your data, describe it, request your visualization script and create it in your Python, R or analytics automation environment.
Limitations of ChatGPT in BI
Despite the many advantages of ChatGPT, it’s not a silver bullet. If we look at the other side of the coin, there are some limitations it poses to date:
- Avoid putting sensitive information or proprietary data into the chat as there are still questions left on where and how it stores all the data.
- While ChatGPT can process text and analyze the meaning of words and phrases, it cannot analyze data like specialized data analysis tools.
- The technology’s capabilities go beyond expected limits. ChatGPT is still in its infancy, so you’ll still need human support to double-check the AI’s output.
Conclusion
ChatGPT is a powerful tool for Power BI, providing businesses with new opportunities to gain insights and make data-driven decisions. Through well-crafted prompts, it can generate texts, analyses, and summaries of any complexity.
If you are aware of its limitations and brush up the skill of posing questions to the chat, you are bound to unleash the model’ full potential and revolutionize your BI implementation approaches from InData Labs.
Online Threat Alerts Security Tips
Pay the safest way
Credit cards are the safest way to pay for online purchases because you can dispute the charges if you never get the goods or services or if the offer was misrepresented. Federal law limits your liability to $50 if someone makes unauthorized charges to your account, and most credit card issuers will remove them completely if you report the problem promptly.
Guard your personal information
In any transaction you conduct, make sure to check with your state or local consumer protection agency and the Better Business Bureau (BBB) to see if the seller, charity, company, or organization is credible. Be especially wary if the entity is unfamiliar to you. Always call the number found on a website’s contact information to make sure the number legitimately belongs to the entity you are dealing with.
Be careful of the information you share
Never give out your codes, passwords or personal information, unless you are sure of who you're dealing with
Know who you’re dealing with
Crooks pretending to be from companies you do business with may call or send an email, claiming they need to verify your personal information. Don’t provide your credit card or bank account number unless you are actually paying for something and know who you are sending payment to. Your social security number should not be necessary unless you are applying for credit. Be especially suspicious if someone claiming to be from a company with whom you have an account asks for information that the business already has.
Check your accounts
Regularly check your account transactions and report any suspicious or unauthorised transactions.
Don’t believe promises of easy money
If someone claims that you can earn money with little or no work, get a loan or credit card even if you have bad credit, or make money on an investment with little or no risk, it’s probably a scam. Oftentimes, offers that seem too good to be true, actually are too good to be true.
Do not open email from people you don’t know
If you are unsure whether an email you received is legitimate, try contacting the sender directly via other means. Do not click on any links in an email unless you are sure it is safe.
Think before you click
If an email or text message looks suspicious, don’t open any attachments or click on the links.
Verify urgent requests or unsolicited emails, messages or phone calls before you respond
If you receive a message or a phone call asking for immediate action and don't know the sender, it could be a phishing message.
Be careful with links and new website addresses
Malicious website addresses may appear almost identical to legitimate sites. Scammers often use a slight variation in spelling or logo to lure you. Malicious links can also come from friends whose email has unknowingly been compromised, so be careful.
Secure your personal information
Before providing any personal information, such as your date of birth, Social Security number, account numbers, and passwords, be sure the website is secure.
Stay informed on the latest cyber threats
Keep yourself up to date on current scams by visiting this website daily.
Use Strong Passwords
Strong passwords are critical to online security.
Keep your software up to date and maintain preventative software programs
Keep all of your software applications up to date on your computers and mobile devices. Install software that provides antivirus, firewall, and email filter services.
Update the operating systems on your electronic devices
Make sure your operating systems (OSs) and applications are up to date on all of your electronic devices. Older and unpatched versions of OSs and software are the target of many hacks. Read the CISA security tip on Understanding Patches and Software Updates for more information.
What if You Got Scammed?
Stop Contact With The Scammer
Hang up the phone. Do not reply to emails, messages, or letters that the scammer sends. Do not make any more payments to the scammer. Beware of additional scammers who may contact you claiming they can help you get your lost money back.
Secure Your Finances
- Report potentially compromised bank account, credit or debit card information to your financial institution(s) immediately. They may be able to cancel or reverse fraudulent transactions.
- Notify the three major credit bureaus. They can add a fraud alert to warn potential credit grantors that you may be a victim of identity theft. You may also want to consider placing a free security freeze on your credit report. Doing so prevents lenders and others from accessing your credit report entirely, which will prevent them from extending credit:
- Equifax
- Experian
- TransUnion
Check Your Computer
If your computer was accessed or otherwise affected by a scam, check to make sure that your anti-virus is up-to-date and running and that your system is free of malware and keylogging software. You may also need to seek the help of a computer repair company. Consider utilizing the Better Business Bureau’s website to find a reputable company.
Change Your Account Passwords
Update your bank, credit card, social media, and email account passwords to try to limit further unauthorized access. Make sure to choose strong passwords when changing account passwords.
Report The Scam
Reporting helps protect others. While agencies can’t always track down perpetrators of crimes against scammers, they can utilize the information gathered to record patterns of abuse which may lead to action being taken against a company or industry.
Report your issue to the following agencies based on the nature of the scam:
- Local Law Enforcement: Consumers are encouraged to report scams to their local police department or sheriff’s office, especially if you lost money or property or had your identity compromised.
- Federal Trade Commission: Contact the Federal Trade Commission (FTC) at 1-877-FTC-HELP (1-877-382-4357) or use the Online Complaint Assistant to report various types of fraud, including counterfeit checks, lottery or sweepstakes scams, and more.
- Identitytheft.gov: If someone is using your personal information, like your Social Security, credit card, or bank account number, to open new accounts, make purchases, or get a tax refund, report it at www.identitytheft.gov. This federal government site will also help you create your Identity Theft Report and a personal recovery plan based on your situation. Questions can be directed to 877-ID THEFT.
How To Recognize a Phishing Scam
Scammers use email or text messages to try to steal your passwords, account numbers, or Social Security numbers. If they get that information, they could get access to your email, bank, or other accounts. Or they could sell your information to other scammers. Scammers launch thousands of phishing attacks like these every day — and they’re often successful.
Scammers often update their tactics to keep up with the latest news or trends, but here are some common tactics used in phishing emails or text messages:
Phishing emails and text messages often tell a story to trick you into clicking on a link or opening an attachment. You might get an unexpected email or text message that looks like it’s from a company you know or trust, like a bank or a credit card or utility company. Or maybe it’s from an online payment website or app. The message could be from a scammer, who might
- say they’ve noticed some suspicious activity or log-in attempts — they haven’t
- claim there’s a problem with your account or your payment information — there isn’t
- say you need to confirm some personal or financial information — you don’t
- include an invoice you don’t recognize — it’s fake
- want you to click on a link to make a payment — but the link has malware
- say you’re eligible to register for a government refund — it’s a scam
- offer a coupon for free stuff — it’s not real
About Online Threat Alerts (OTA)
Online Threat Alerts or OTA is an anti-cybercrime community that started in 2012. OTA alerts the public to cyber crimes and other web threats.
By alerting the public, we have prevented a lot of online users from getting scammed or becoming victims of cybercrimes.
With the ever-increasing number of people going online, it important to have a community like OTA that continuously alerts or protects those same people from cyber-criminals, scammers and hackers, who are every day finding new ways of carrying out their malicious activities.
Online users can help by reporting suspicious or malicious messages or websites to OTA. And, if they want to determine if a message or website is a threat or scam, they can use OTA's search engine to search for the website or parts of the message for information.
Help maintain Online Threat Alerts (OTA).