The world of artificial intelligence (AI) has changed rapidly in recent years. In 2020, Gartner identified the top 10 data and analytics technologies, with AI topping the list [1%5E]. According to Forrester, 12% of companies with a solid AI strategy have a dedicated Chief AI Officer (CAIO) [2%5E]. By 2024, 75% of organizations will shift their focus from piloting AI to operationalizing it, which is predicted to drive a five times increase in streaming data and analytics infrastructures [1%5E]. In this blog, we will discuss the current trend towards operationalizing AI, and explore some of the innovative and responsible ways organizations are using AI to enhance their business operations.
Trend 1: Smarter, Faster, More Responsible AI
In the coming years, the focus for AI will be on smarter, faster, and more responsible AI. This means that organizations will shift to operationalizing AI, whereby data and analytics will be generated in real-time, providing business visibility into markets, clients, and operations. Furthermore, with a growing sense of responsibility surrounding AI, organizational leaders will begin to take an ethical approach to AI, ensuring that it is used ethically, transparently, and with great responsibility as it quickly becomes a key component of everyday business operations.
Trend 2: Decline of the Dashboard
While traditional visualizations and dashboards have been useful to businesses to help monitor operations, data storytelling with more automated and consumerized experiences will replace visual, point-and-click authoring and exploration, according to Gartner [1%5E]. Instead of dashboards, dynamic data stories will help businesses provide better business insights, animate business reports, and tell visual stories from a business perspective.
Trend 3: Decision Intelligence
Decision intelligence is a type of decision-making that adopts advanced computing technology that can help businesses automate and optimize their decision-making process. By 2023, more than 33% of large organizations will have analysts practicing decision intelligence, including decision modeling, according to Gartner [1%5E]. Decision intelligence relies on big data, machine learning-based models, and modern data and analytics techniques that support confident decision making.
Trend 4: X Analytics
X analytics is an evolving umbrella term introduced by Gartner that refers to a range of different structured and unstructured content such as text analytics, video analytics, audio analytics, etc. Businesses that adopt X analytics across all their operations can analyze, predict and optimize their data to the best of their ability. By doing so, businesses can drive towards operationalization, improve efficiencies, and drive innovation.
AI has become a vital part of business operations in numerous industries, such as healthcare, retail, and e-commerce. As the trends above illustrate, the use of AI in business operations is only going to increase as businesses look to enhance their data analytics capabilities, create dynamic data stories, and employ decision intelligence. It is becoming increasingly important to use AI responsibly and ethically, with careful consideration of privacy concerns and ethical implications. As businesses increasingly operationalize AI in their operations, they must ensure they do so responsibly, transparently, and with great accountability.
Sources:
https://www.forrester.com/blogs/predictions-2024-data-and-analytics/
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