As technology innovates year after year, AI-powered analytics has likewise evolved, while keeping a decade-long marathon-paced trend in popularity. In fact, statistics from Maryville University on Business Data Analytics predict that the US market will be valued at more than $95 billion by the end of this year. With that in mind, here are the latest growth drivers, trends, and developments that will likely shape the world of business data analytics in 2020:
1. Deep learning provides an edge over your competition
Forbes predicts that predictive analytics will ensure that companies get a much-needed edge this year. Using machine learning and historical data, future trends and patterns can be predicted depending on your area of concern. Whether it’s fraud prevention in financial services, market spend optimizations in manufacturing, predicting strategies with due competitive intelligence in sales, or supply chain optimization, AI through deep learning gives you an advantage over your competition because of the increased amounts of actionable data and a lower barrier to entry.
2. AI Adoption is becoming increasingly rampant among B2B companies
Although the complex mechanisms of artificial intelligence (AI) can be intimidating to some users, it is quickly becoming more accessible to the public. A Gartner survey found that 37 percent of respondents have already implemented AI in their company in 2020, and it is only growing in popularity. This can be attributed to more user-friendly AI software interfaces that can even be used by non-experts.
3. ML-based tech such as NLP, Computer Vision, and Reinforcement Learning To Increase
As companies work towards becoming digital enterprises, there’s a thrust on developing machine learning models that leverage NLP, CV, RL, etc. Not only does this guarantees more innovation, but also reduces the margin for human error.
4. IoT Continues to Boom
Wired reports how more and more companies are incorporating machine learning into IoT applications in order to gather deeper insights from data. This leads to the creation of more advanced products and services, leading to new opportunities and growth in various sectors. One example includes voice-controlled drones and robots, that can go to places that humans can’t, which comes in handy for safety monitoring and inspections.
5. Human insight will triumph in complex AI analyses
Although the realm of data analytics is growing more advanced, it’s vital to emphasize the key role of human insight when it comes to interpreting AI findings. While we may work on enhancing our processes and improving efficiency, the decision-makers are inevitably taken by humans. We’re the stamp of authority that can rationalize both operational decisions as well as emotional and will continue to hold the gavel.
Ultimately, we’re gearing up for a very exciting year. With new developments in artificial intelligence and an increase in accessibility, we’re at the threshold of a whole lot of positive impact. And this is only the beginning.
Author: Alicia Jackson
Digital processes, digital technologies, & digital data are what have enabled enterprises to cope with difficult situations like today & AI is at the heart of this transformation.