The AI And Big Data Syndicate: Journey Towards A Better Future
Organizations are fast moving towards data-driven solutions.
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“Artificial intelligence is getting built into every experience, and we need to take data and compute to where it’s generated. Whether in an autonomous car, on a factory floor, or in a hospital, every one of these experience is going to be powered by AI. It’s true that the core currency of any business will be the ability to convert their data into AI. Together we have a massive opportunity ahead with these core solution areas: modern workplace; business applications; applications and infrastructure; data and AI.” — Satya Nadella, CEO, Microsoft
The foreword best describes the current advancements in Big Data and AI. Let’s look at what the numbers say. From the research conducted by New Vantage in 2018, nearly 97.2% of C-level executives and decision-makers they interviewed said that their firms are investing in building or launching Big Data and AI initiatives.
According to the research report, 76.5% of the respondents have admitted that permeation and availability of data are empowering the Artificial Intelligence and cognitive learning initiatives within their organizations.
Adoption of Data Culture in Organizations
Organizations are fast moving towards data-driven solutions. Predictive analysis is one the list of top priorities for most of the companies today. Large firms are depending on Big Data solution providers to procure data-driven results and solutions. However, nearly 48.5% of the decision-makers interviewed identified people challenges as the biggest hindrance to becoming a data-driven organization.
People challenges are the roadblocks to becoming data-driven for companies, but that isn’t stopping them from getting future-proof.
Chief Data Officer Has Been Summoned
The same study by NewVantage reveals that 62.5% of the participants have confirmed that their organization has already appointed a Chief Data Officer (CDO). The primary role of CDO today is to design data strategy with proven results. A Chief Data Officer overlooks the key features of an organization’s data strategies.
What Exactly Are These Strategies?
Big data analytics is a vast field. Depending on the organization’s size, vertical, and structure, data analytics is divided into various segments. A chief data officer is the key decision maker for the type of data-driven strategy.
- Predictive Data Analytics
- Prescriptive Data Analytics
- Diagnostic Data Analytics
- Descriptive Data Analytics
Investment in Big Data and AI
We saved the best for the last. Here is the good news. Drumroll, please! A staggering 97.2% of the organizations are investing in AI and Big Data. Currently, the investments are modest. And that does not come as a shocker, keeping in the clouded outlook of the general public for Big Data and AI.
Major investments are steered at deploying state-of-the-art analytics to achieve organizational proficiency and intelligent decision making. This is great news for big data solution providers and data advocates.
Competition often drives invention. With major organizations moving towards a data-driven ecosystem, other firms are likely to inculcate data strategies backed by Artificial Intelligence to contest with agile models of the future.
Firms are moving from traditional data centers to cloud computing environments. The shift in paradigm is evident and the one that is inevitable. Cloud provides the correct environment needed for computing data oriented results powered by Artificial Intelligence. Brace yourselves, cloud computing, Big Data Analytics, and Artificial Intelligence are some of the topics you are going to hear about for a very long time.
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