"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.
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.
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 >> www.espire.com/quick-contact
MORE FROM OUR BLOGS
Implementation of an Efficient Customer Support System
The client is an engineering, sciences and project delivery firm, based in Australia. Client's operations are divided into four broad business units: Buildings & Infrastructure, Power & Energy, Mining & Metals and Water & Environment.
Establishing Accuracy and Transparency in the BI Reporting System
The client wasn’t satisfied with its existing BI reporting system. There was a strong business need for better transparency and precision in the methods used to generate reports.
Espire Optimizes Data Warehouse for Resolution of Data Overload Issues of a Global Engineering Conglomerate
Find out how Espire optimized data warehouse of an Australia based engineering major through a detailed and systematic plan
Espire Develops a Reporting Tool to Boost Operational Efficiency
Espire empowered the Client with a comprehensive set of Business Intelligence technologies that helped them maximize the value of their business data.
Designed a scalable Analytics and BI Platform for a leading UK-based Mutual Insurance Company
The client is a leading UK-based mutual insurance company, which provides general insurance products to the members of the trade union and other not-for-profit organizations. Due to the constraints of their existing legacy architecture, they were looking a modern web-based architecture which could seamlessly integrate with multiple in-house applications being used by their different departments.
Unleash the power of data analytics to master management by exception
Data analytics is becoming increasingly important for businesses, and one of its most powerful applications is in management by exception. By leveraging the power of data analytics, you can gain insight into how your business is performing and where it needs improvement.
Role of data analytics to drive customer acquisition and maximize return on campaigns
Creating a customer-centric digital marketing strategy that accurately targets and addresses your customers’ needs is essential for any business. However, this can be challenging when you lack the right tools and data to help you do it. In this article, we’ll be focusing on how you can use data analytics in your digital marketing efforts to acquire new customers and retain current ones.
Driving operational excellence in energy and utility sector with data integration
Data, is at the core of a modern utility enterprise, that is highly valued and carefully curated. But then often, misinterpreted, underutilised or left to sit in silos. This sector must focus on breaking down the silos by learning how to integrate their disparate data, IT systems, functional and business processes. This allows leveraging the kind of operational excellence, greater revenues, decreased capital and O&M expenditures, and better-planned safety measures, they are aiming to achieve.
How has the logistics industry reshaped in new normal and roadmap ahead
Logistics industry has been undergoing a rapid boom initiated by globalization and catapulted to new heights by new means of communication and rapid advancement in supply chain technologies. However, the new normal as we face today is shaping the logistics industry in newer ways.
Importance of ai strategy for brands in the post covid world
Tech-savvy customers, increasing digital demands, growth in digital purchases, need for speed to market and elevated customer expectations have made it crucial for brands to plan, devise and roll their AI strategy in the post COVID world scenario to both remain competitive and provide superior customer experience.
Global Customers Served
Years of Experience in Digital Transformation & Total Experience
Speak to Our Digital Transformation Specialists
Let's get you started on the digital-first & transformation journey. Reserve your free consultation or a demo today!