Role of Big Data and Artificial Intelligence (AI) in Digital Transformation
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"79% of executives agreed that, companies that do not embrace big data will lose their competitive position and face extinction"
Big Data and Artificial Intelligence (AI) run hand-in-hand and are one of the fastest growing technology segments, offering the 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 plays a key role in the journey.
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 businesses processes across enterprise value chain from marketing to service, operations to finance and Human capital management. Big data, IoT and Artificial Intelligence presents 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, process and technology is inter connected 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 new hypothesis a.k.a new insights.
Organizations can transform their decision making process to leverage data, instil an analytics driven culture, and augment the human intelligence e.g. experience, expertise and intuition with machine intelligence.
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”
AI – The forefront of Digital Transformation
With advancements in machine learning and deep learning algorithms, Artificial Intelligence (AI) is a key driver in digital transformation across a wide range of sectors, from Banking to insurance, from manufacturing to retail, automotive, healthcare and government.
Like the previous technology waves, semi conductor’s PC in 80’s, Internet in 90’s and Mobile in 2000, the Internet of Things and AI is the new wave in its infancy and is ready to disrupt the way business operate in the 21st century.
Today machines are capable of both learning and deriving intuition. Machine leaning algorithms can interpret massive amounts of data and learn to act beyond any human capacity, while deep learning algorithms utilize the data in a way that is quite similar to human intuition with 99.9% accuracy (e.g. image recognition).
Artificial Intelligence (AI) is pervasive in our daily lives, from Smart Phone to Smart TV to Smart Home to Smart City.
We are witnessing myriad applications of AI across the industries like in Media & Entertainment with smart content delivery, connected cars with assisted driving and predictive service in Auto, In Healthcare industry enterprises are experimenting with AI to identify disease and personalize treatments. Through Predictive Maintenance and Smart Plant Management in Manufacturing, AI is making strides towards main stream operations.
Wrapping it Up
With rapid advancements in IoT, big data and AI technologies, we are bound to witness more and more innovative applications disrupting the way companies operate. According to McKinsey research paper, “John Chambers of Cisco predicts 40% of today’s companies will fail in next 10 years, 70% will transform and 30% will succeed”. Michael Porter of Harvard Business School speculates, big data, IoT & AI are not simply a matter of competitive advantage but are existential in today’s digital world.