Role of Big Data and Artificial Intelligence (AI) in Digital Transformation
"79% of executives agreed that, companies that do not embrace big data will lose their competitive position and face extinction"
Source: Big Success with Big Data -Executive Summary, Accenture
Big Data and Artificial Intelligence (AI) run hand-in-hand and are one of the fastest-growing technology segments, offering intelligent solutions across various sectors like Service, Consumer goods, Manufacturing, Television, Entertainment, and more. In today’s digital world, Organizations need to transform their native business operations to stay current and gain a competitive edge. Big data, AI and Cloud Computing play a key role in the journey.
The ubiquitous use of smart devices and smart apps (e.g. Internet of Things (IoT), sensors, smartphones, wearables, augmented reality) are creating more and more data and data is growing larger and larger every day. Ability to glean meaningful insights from the huge amounts of data, predict future trends or risks, and timely adjustments to business strategies become the key differentiators in the digital transformation journey.
Leaders of forward-thinking enterprises are embracing big data, AI & Cloud computing technologies to harvest massive amounts of data and improving their operations and are staying ahead of their competition with AI-powered decision making and automation. Many industries are rapidly leveraging the power of AI and big data to create new models and unleash improvements in processes. The resulting transformations are ushering in a new era of how companies run their operations and engage with customers in the digital world.
Digital Transformation is here and is changing the business processes across the enterprise value chain from marketing to service, operations to finance, and Human capital management. Big data, IoT and Artificial Intelligence present us with a unique opportunity to transform business operations, whether it’s leveraging digital technologies to improve business processes, improve the customer experience, or creating new growth models.
Big Data – Key to Digital Transformation
Today, people, processes and technology are interconnected more than ever before.
Decisions need to be made quickly and accurately, tested with facts.
Unlike traditional data analysis which is performed using sample data, with pre-set hypothesis and group of skilled statisticians, today data analysis is done on massive volumes of data and machine learning is used not just to validate the hypothesis, but to find a new hypothesis a.m. new insight.
Organizations can transform their decision-making process to leverage data, instill analytics-driven culture, and augment human intelligence e.g. experience, expertise, and intuition with machine intelligence.
The democratization of big data and AI technologies make it practical and feasible in today’s digital world and big data and AI technologies play a vital role in fact-based decision making across the supply chain.
"Nearly 7 million developers worldwide are currently working on big data and advanced analytics”
Source: Global Developer Population and Demographic Study 2018 Vol. 1, Evans Data Corporation