The usage of AI and analytics is increasing at a rapid pace, enabling personalized experiences needed by business users and contemporary consumers. By using a methodical approach, organizations can work more effectively and obtain various benefits from AI implementation, which would transform analytics and traditional business skills.

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Digital transformation text with analytics images

We are currently at a turning point in the global digital economy. Sources of reliable data and its volume are growing at a rapid pace everywhere. However, having data alone is not sufficient. Enterprises also need to know how to harness data for deriving real-time, useful insights, irrespective of where the data is from, be it on premises, at the edge or in the cloud. Companies who will win and survive in this new digital economy will be those with pervasive strategies being implemented across AI, data and analytics. These 3 interconnected tech categories, along with robust infrastructure are going to power the next digital transformation.

Usage of machine learning and autonomous analytics will play a vital role during this transformation, allowing enterprises to achieve greater task automation and obtain valuable insights at a breakneck speed. Conventional business analytics needed hefty IT involvement, generating far too many data points to be useful for the average user to contextualize or navigate. Using analytics driven by AI, companies can enable data preparation automation, revealing hidden patterns via interactive exploration and smart data findings.

Simultaneously, prescriptive and predictive analytics are now enabling businesses to predict outcomes, which allows them to take a proactive approach and seize opportunities instead of waiting to respond. Companies can leverage upon AI techniques and tools, particularly ML algorithms for accelerating insight generation.

These algorithms have been developed over the course of the last few years and have developed the capability to learn using data. They can make predictions and discover hard-to-find patterns remarkably well. A niche field in artificial intelligence, machine learning has its roots in the field of statistical modeling. This enables systems with the ability to learn & improve, after repeated testing and exposure to relevant data, without having been programmed to do so explicitly. Usage of various machine learning strategies across verticals has now become increasingly important. It plays a vital role in the digital transformation movement.

Business analytics

For instance, telecom providers may feed machine learning algorithms with data points sourced from customer behaviors (like call center responses, promotion responses, usage) for determining the customers with the highest churn risk. In the retail field, businesses are leveraging autonomous analytics and machine learning for deriving customer insights on a real-time basis, enabling them to provide contextually and targeted relevant customer experiences and offers. Financial companies are leveraging ML via various applications like algorithm trading, CS chatbots and fraud prevention on a real-time basis. Biotech and healthcare companies are now powering innovation in precision medicine and genome research, designed for improving patient care, streamlining operation and formulating new therapies.

For driving an effective digital transformation, firms will require optimized stacks of tech in various fields like hardware, storage, software, applications leveraging ML techniques. All of these must be optimized for running AI applications and analytics.

The path forward to an effective digital transformation will need supporting data infrastructure to be modernized along with well-planned strategies for AI, data and analytics – Three intrinsically linked fields. For handling new applications, living both at the edge and in the cloud, the requirement for democratizing insights has become more relevant than ever.

The business strategy for organizations aspiring to lead this digital economy will be providing enhanced access to actionable data. Enterprises, which have a well-defined vision for autonomous & intelligent analytics, will see a major increase in success rates in tackling business problems they will face going forward. They will eventually move to innovation-based agendas that will help them achieve a competitive advantage.

We can help you build your strategy to innovate in a digital world. Contact us now for a free consultation.