Ashish Sukhadeve, Founder & CEO, Analytics Insight
January 20, 2020, New Delhi, India–
The world is on the cusp of an interesting technological advancement in which Artificial Intelligence (AI) has become one of the most pervasive trends in innovation. AI is rapidly entering into a new phase across industries and an increasing number of enterprises are implementing the technology to transform business processes.
AI is capable of solving complex situations and can be integrated with intelligent automation processes to develop cutting-edge solutions. By using natural language processing, computer vision, machine learning, and deep learning, computers are now able to “intelligently” respond to business situations, find insights that improve the way enterprises run operations, and significantly improve customer interactions.
The immediate and most tangible outcome of these disruptive developments is the automation and augmentation of complex tasks within the enterprise, using AI solutions that can learn dynamically from data and interactions. The exceptional opportunity AI offers makes it imperative for enterprises to transform themselves. For organisations that thrive on data and intelligence, AI promises to solve the unsolvable while delivering benefits that human mind can’t.
Today, business leaders are realizing that for AI to reach its full potential they must develop competency in new-age technologies to gain actionable insights. Chief Information Officers (CIOs) and Chief Data Officers (CDOs) must establish a data-driven culture, implement analytical methodologies for making AI effective within an organization. Moreover, organizations adopting AI at scale need to have a few basic requirements in place:
- An effective strategy to generate higher returns in workforce capacity, cost, and reductions.
- Defining AI architectures that are flexible, service-oriented and best-in-class.
- Mature process standards and processes to increase back-office workforce capacity.
- Potential to combine AI with other solutions to increase efficiency and revenues.
- Retraining the workforce for new technologies. Most organizations have not yet considered what proportion of their workforce needs to retrain as a result of automation.
- Most new technology developments use open-source ecosystems that need a flexible, efficient and secure way to implement best AI solutions to deliver maximum value to businesses.
- AI is a rapidly maturing field, in which new, disruptive technologies are emerging almost every day; companies need to collaborate with different vendors and partners to mitigate the risk of technological obsolescence.
Today, we are witnessing growing interest and investments in AI and related technologies by Fortune 100 companies in almost every industry. AI has the potential to double economic growth rates, changing the nature of work and boosting labour productivity by up to 40 per cent. The impact created by artificial intelligence is enormous and it is clear that AI is becoming a key part of the technology landscape of today and tomorrow. Organizations that ultimately adopt AI will lead the way in their respective domains and industries.
Not surprisingly, “The global market for Artificial Intelligence was estimated at US$32.3 billion in 2019 and is expected to grow at a CAGR of 35.2% to US$267.8 billion in 2020.” In the upcoming years, businesses will also focus on more complex technologies such as embedded AI, Augmented Intelligence and Cognitive Computing, apart from customer-centric applications says Ashish Sukhadeve, Founder and CEO, Analytics Insight. “However, to make the most out of AI, the developments should be in sync with the defined architecture, where machine-made decisions are reviewed by humans to yield better results,” Ashish adds.
Ashish Sukhadeve is the Founder and CEO of Analytics Insight, an influential platform dedicated to insights, trends, and opinions from the world of data-driven technologies. He has over 15 years of experience in providing high-level consulting, business and data insights including growth and strategy mapping, go-to-market strategy and recommendations, and competitive benchmarking to Fortune 500 companies.