There has been a data explosion recently leading to growth of new technologies such as Artificial Intelligence (AI) and Big Data Analytics. Sophisticated AI-driven Analytics and Cloud-based enterprise tools can lead to a more collaborative and explorative understanding of business data. In fact, new-age technologies have radically transformed businesses. For instance, IBM unveiled supercomputer Watson to crunch data at the rate of 67 million pages per second. The data tsunami is fuelled by millions of interconnected devices as part of the Industrial Internet of Things (IIoT). The technology establishes a dialogue between the machine and humans. Watson will have the ability to analyze massive data and respond in real time.
Artificial Intelligence (AI) will aid businesses take better decisions
AI has introduced new ideas like better end-user experience, real-time interactive dashboards, etc. Together with Predictive Analytics and data mining tools, AI can help organizations forecast business opportunities and help them comprehend products, customers, partners, and stakeholders.
Advanced neural networks and industrial internet of things (IoT) can detect discrepancies and notify users through the real-time alerts. Prescriptive Analytics can eventually help businesses assess impact of future decisions. As data becomes increasingly accessible, businesses can leverage AI and explorative data analytics tools. Additionally, visualization and visual data discovery tools can help businesses located useful patterns. This will eventually help organizations identify market trends and pinpoint shortcomings in business strategy.
Organizations can reduce risks by analyzing data and ensure quick turnaround times so that short-lived opportunities can be easily capitalized and profit margins are boosted. Enterprises can also perform advanced pattern-oriented analytics. Statistical models and algorithms can also assist enterprises tackle unexpected problems. Several enterprises as well as end users are already evincing interest and making investments in data discovery and analytics.
“The use of AI has fascinated industry experts. Its scope is widening. Its powerful capabilities are optimizing system operating models and transforming business processes for organizations across the world,” said Shashank Dixit, CEO, Deskera, a global leader in cloud-based business software.
Rapid expansion of Artificial Intelligence predicted in 2017
According to a PwC report, ‘Artificial Intelligence and Robotics – 2017: Leveraging artificial intelligence and robotics for sustainable growth’, the aggregate economic impact of AI-driven solutions can be $1.49–$2.95 trillion by 2025. The study has highlighted how AI tools could go for mass adoption in several key domains, including data science (9.6%) and business intelligence (7.8%). Besides cutting-edge business intelligence, AI solutions can witness upward trend in manufacturing, defence and security, financial services, logistics, and agriculture.
Columnist
Muqbil Ahmar writes on culture and poetry. He is a writer and theater activist, who wants to bring about harmony and amicability in the present day society. Music, poetry and good food are his passions.
