2019 in Review: 6 Key Trends Across AI and Analytics
The year 2019 was marked by a series of technological advancements in Machine Learning, Artificial Intelligence, Hybrid Cloud Architecture, Robotic Process Automation, and so many other areas of technology. With Digitization at the core for enterprise transformation, Analytics and AI are proving to become a huge competitive advantage for businesses. From sales to marketing, finance, customer service, and even within the IT department, AI has seeped into various business functions.
A majority of respondents entrust the adoption of AI and analytics across business functions as a game-changer. Undoubtedly, 2019 has seen the revolutionary domination of cognitive technologies and Analytics.
Key Trends in AI and Analytics From 2019:
The undeniable truth is that advanced solutions powered by AI and Analytics deliver a much improved and scalable customer experience over this year. Let us look at some key trends we saw this year.
Trend 1: Deploying Models For Real-Time Analytics
The emergence of Real-time Analytics has become a significant component to unlock insights. Up to 70% of large-scale organizations have invested in real-time analytics spurring enterprise growth. Real-time Analytics are useful in finding correlations and hidden patterns for making informed decisions faster.
Real-time analytics delivered the potential to be a significant component to convert data into insights in runtime. As enterprises accumulate and generate a colossal amount of data, analysis of existing and new consumer patterns, research, and identification of new trends got easier.
Trend 2: Investment in Enterprise-Grade Data Infrastructure, Platforms, and Cloud
Business leaders are emphasizing on increasing investments in technologies from cloud to quantum computing. As AI’s interdependency on public cloud providers such as AWS, Microsoft, Alibaba, Google, etc. is growing, even small scale enterprises are pursuing an AI-powered approach. One of the key reasons to lean towards public cloud solutions is the fact that building an in-house and scalable AI system is expensive and time-consuming.
Public clouds reduce the reliance of businesses on IT departments. Features like powerful GPU instances, production-grade containers, and flexible storage options are why AI applications are increasingly cloud-based.
Trend 3: Push Towards Data Literate Enterprises and Human Capital
In the previous year, Analytics and AI illustrated major commercial applications and usability. With the emergence and evolution of cognitive technologies in 2019, businesses have gone beyond computer automation, deep learning, and language technology. These techniques include sentiment & text analytics, speech recognition, natural language processing, and generation. In 2019, we recognized the high business value of AI applications.
Both predictive and prescriptive AI Augmented analytics are becoming mainstream as we are moving forward. Making the consumers and employees “Data Smart” was a goal for 2019, which was fulfilled via Data Literacy seminars within the organizations.
Trend 4: Business Complications Lead to Greater Collaboration
Changing dynamics and rapid transformation of technology necessitate collaboration of data scientists and engineering teams. As 2019 is coming to an end, business leaders have allayed the conflicts in product lifecycle management in order to focus on resolving the complexity of projects.
Trend 5: Growth of Voice-based Applications & AI Assistants
Before the end of 2019, we have already witnessed a remarkable growth in digital Voice Assistants in the AI field. From finance to retail, voice-based digital chatbots dictated the year and delivered accurate solutions across industries. Almost every tech giant company, including Google, Apple, and Amazon has released its APIs for voice-based conversational AI to build intelligent services.
Trend 6: AI Delivering Personalization
AI-driven personalization is an answer for marketers to woo their consumers. Using analytics and AI technology in businesses has enabled them to deliver customized communication and services. Customer segmentation and data usage are being promoted to encourage employees to understand customer behavior and deliver services in real-time. As algorithmic models provide insight and integrate the data from multiple sources, customer service and marketing efforts are getting highly personalized leading to superior business growth.
In the year 2019, market leaders gained the upper hand with using the potent combination of Analytics and AI, while implementing the technology in a scalable, cloud-agnostic way. It is clear that AI combined with Analytics is fueling the growth of enterprises globally, and it is expected that they will drive the future in a seamless way as well. We look forward to what’s in store for 2020 within this transformational technology!
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This post was authored by Arjun Kulkarni. If you want to get featured on our website please reach us at advertising@alltechevent.com
Author Details:
Arjun Kulkarni
Senior Manager
