Author : Anand Singh Bhandari
Director - Business Analytics

Anand heads the Business Intelligence practice for Espire, playing the lead role in establishing best practices and our roadmap for a robust BI practice. He ensures development and implementation of frameworks for rapid project deployment and capability enhancements in the group.

New Innovations in Analytics, AI & ML: How Brands can harness the true potential

"AI is one of the most important things humanity is working on. It is more profound than, maybe electricity or fire," Sundar Pichai, Google CEO

There has been considerable buzz around AI & ML, analytics, automation, of late and rightfully so. Gartner's 2019 CIO Agenda survey predicts that between 2018 and 2019 - organizations that have deployed artificial intelligence (AI) grew from 4% to 14%.

With each passing day, it is almost certain that the accumulated power of AI & ML will play a bigger role in the times to come. Newer developments such as those around natural language processing (NLP) have immense potential to drive business gains and provide superior outcomes.

Here's relating how new innovations in analytics, AI & ML will be a key enabler in helping brands unleash their true potential in 2020.

New Innovations Today Bring in Exciting Opportunities

The developments around these innovative technologies is heralding a new wave of opportunity with huge potential of breakthrough innovation and productivity. Growth in deep learning techniques based on neural networks are helping in the progress of machine learning algorithms. Greater computing capacity has tremendously enhanced the capability to train complex and large models much faster with new graphic processing units offering faster speeds than older processor chips- to help machine learning execute data and algorithms.

The power of machine learning has gradually been bolstered with huge data accumulated through millions of new images, voices and videos, GPS enabled locations and sensors attached with IoT devices. Adoption of the available innovative technologies offers new avenues for businesses to enhance their efficiency and performance with automation leading to labor substitution, increased output, better cost effectiveness, improved precision and accuracy in decision making and fluid process optimization.

Enterprises Still to Harness the True Potential

It’s an exciting time for companies for leveraging data analytics and artificial intelligence to achieve in-depth insights for making well informed and large-scale decision making and process optimization. But, given the transformational nature of data and analytics, companies are still lagging in harnessing the potential of the new technology at hand.

The exponential growth of Big Data in recent years has offered huge opportunities for companies to better understand the market, customers and products but very few of them have been able to capture the true potential of data abundance, for achieving the goals of higher revenue and better profit margins.

Availability of large number of data and the ability to utilize the data to arrive at productive insights is the major challenge for businesses today as they face difficulty in their transition from old legacy systems into a more fluid and flexible architecture that is ready to extract crucial insights. The challenge is to design business processes that can incorporate data insights and provide the relevant insight to the decision makers for making informed decisions.

Challenges Ahead

The developments around artificial intelligence, machine learning and analytics is still evolving and is yet to be fully leveraged by businesses to be implemented on a large scale. The challenge for enterprises is to harness the promising potential of the innovative technologies to outdo the competition for business gains to increase productivity, higher rate of growth and investment returns along with faster delivery and time to market.

The abundant availability of data has led to increasing complexity and confusion instead of bringing clarity and prompt execution and hence the role of data analytics with added support from artificial intelligence and machine learning assumes greater importance today and in times to come as businesses continue to leverage these technologies. The success of business lies in overcoming these challenges and facing the competition in a digitally transformed world.

The Role of Business Leaders in Harnessing the Potential

The promising gains around data and analytics technology supported by machine learning also offers multiple challenges with respect to legacy systems and inefficiency of work force to adopt to the new technology. Business leaders, hence, have an important role to play to harness the potential of the new technologies by quickly addressing the inherent challenges and investments directed towards technology adoption and organizational transformation.

Leaders will need to test and experiment the technologies by practically implementing them for real problems, acquired learning and fast scaling those technologies that show promises. The present need is to restructure and reimagine the existing business model aligned to the potential that AI and analytics bring with them. The new technology puts new demand on leaders to invest in education, learning and skilling the workforce to harness the potential of the newly acquired capability and to bridge the existing skill gap.

Parting Thoughts

Enterprises today are baffled with large volumes of data distributed across various business functions and are struggling to harness its true potential. Leveraging data, the right way is key in taking your customer experience notches higher and gaining competitive advantage in the marketplace.

Espire Infolabs offers best in class data driven solutions leveraging our transformative Customer Engagement Hub framework in collaboration with our strategic partnerships to empower decision makers in order to effortlessly unlock enterprise data and study business patterns, predict risks and identify growth opportunities.

Learn how we can bolster your business >>


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