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DATA & ANALYTICS BLOG

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The Next Wave of Business Intelligence: How Business Can Perform Big with Analytics

Posted by LPA Software Solutions on Dec 16, 2020 2:51:33 PM

This blog was written by C3 Tech Targeting, the agency that conducted our recent Adoption of Data Analytics & AI survey.

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Successful digital transformation relies on converting data into actionable insights, and this increasing dependence on data-powered insights is contributing to a new era of the data age. In fact, IDC forecasts that by 2023, all data created and consumed worldwide, will grow to 102.6ZB.  All this data has the potential to unlock unique user experiences and countless new business opportunities.

By 2024 with proactive, operational changes and market reactions, artificial intelligence (AI)- powered enterprises will respond to customers, competitors, regulators, and partners 50% faster than their peers. These digital transformation (DX) initiatives will be supported by AI capabilities, providing timely critical insights, richer and immersive user experiences, and improved business outcomes.

It is predicted that global AI spending will reach $97.9 billion by 2023, driven mostly by deployments in banking, retail, and manufacturing. Automated customer service agents, IT automation, sales process recommendation, and automation are the current top uses, but we expect to see automated human resources, digital assistants for enterprise knowledge workers, regulatory intelligence, and advanced digital simulation emerge as the fastest growing use cases over the next five years.

Analytics tools, such as AI and Machine Learning are emerging as a key business differentiator, running everywhere from edge to core to cloud. The longing for AI is, in turn, fueling the need for machine learning (ML) as core building blocks. AI. Machine learning, for example, helps with mining value from data sources organizations may not yet be fully using. By exploiting the power of an AI-optimized and scalable, integrated solution, you can streamline workflows for your teams, support easy access to data, and help scale and ensure consistent performance along with microservices oriented development in a secure and governed fashion. With an end-to-end solution that is open, interoperable, and standard — enabling easy portability of AI initiatives — your business will have the capabilities to unlock the true potential of AI. 

Every business wants to be more agile and accelerate time to market, thus it can be tempting to dive headlong into analytics driven initiatives. However, the benefits of AI and ML don’t happen by magic. Instead, the benefits are the result of strategic planning and a relentless commitment to data management.

Curious? Get your copy of the report below.

Survey Report: LPA Adoption of Data Analytics and AI

 

Topics: Cognos Analytics, Data Science & AI, AI