As we near the end of 2019, we are also heading towards the end of an era. A lot has happened over the past ten years that has completely transformed the world and let it dwell into a new place that it is today. Individuals and businesses have come a long way from where they were before. Moreover, we have also seen the predictions for major technologies make a way in everyday life and societies. At the start of the decade what seemed like an emerging dream concerning technologies has taken a concrete form now.
Artificial Intelligence only had some groundwork back then. Researchers were just in the stage of developing theories on how the existing concepts of AI and machine learning could be harnesses for multiple tasks. Similarly, business intelligence was gradually taking shape as data began to become more shared and available. Sharing of data was just another idea back at the starting of the decade, where it was understood that it would profitable for organizations. Turns out, data has been one of the biggest assets over all these years. As we’ve advanced with each passing year, we have moved a step ahead in harnessing the best of data. Be it artificial intelligence, machine learning or business intelligence, nothing is possible without data.
Today we have more than a few devices which are capturing the quintessential data around us. Right from our advanced generation smartphones, to smart apps, voice assistants, websites and e-commerce marketplaces, data is being tracked at every step of the way. And it is quite essential too. For new technologies to develop, new theories to come into the picture and innovation to take place, data is fundamental. Another new generation devices that are a pro at capturing and capitalizing on data are the wearables. Wearable devices are opening an altogether new era for businesses to take advantage of the data and artificial intelligence being put to use.
While business intelligence was in its infancy stages at the start of the decade, it might appear fading today. This is also in awe of the advancing artificial intelligence. The point is whether you choose at any particular industry, people are always talking about how artificial intelligence is going to impact it, or whether it will eventually take over the entire industry. There is constantly a discussion of man vs artificial intelligence and who will emerge out as the winner in a specific niche or walk of life. Looking around we find almost every organization and enterprise whether big or small harnessing artificial intelligence in their applications and processes. The fact is that artificial intelligence and its subsidiaries like machine learning are selling like hotcakes in the market. The only thing people are concerned about is channelizing it through their products as rapidly as they can. Because if they don’t sail with the way the society is transforming, they will be thrown out of the race, no matter how big as an enterprise they are right now.
For business intelligence, data has served as groundwork. Organizations are not just more aware than they were a decade ago but also reluctant in finding out the stories that have to tell. With data analytics to the rescue, business intelligence is advancing like never before. Every key player in the market is up for digging into the data and finding insights that might help them grow or advance in their processes. But, going by the theories, some experts believe that we are entering an age of artificial intelligence. Since it is taking over a lot of other spheres, will it take over business intelligence too? And in this race of artificial intelligence, data and business intelligence, who will make it to the beginning of the next decade?
Even though the question might leave you in anticipation, the point is that we can’t expect business intelligence to vanish like anything. Data will prevail and the only truth is that the more we have the better will it be, both for artificial intelligence and business intelligence. After all, it is the data that is the underlying factor of advancement for everything. Machine learning consulting models work with data, and till now researchers only have the option of increasing the datasets to get the models to predict in a more efficient manner. Similarly, analytics in business intelligence can’t survive without the data. With the growing number of devices and the Internet of Things taking over, the world is not running out of data at least any soon.
Statistics suggest that by 2020, 20 billion devices will be connected all around the world, working on the model and concept of the Internet of Things. This will leave organizations with a never seen before amount of data. The only thing to worry about would be advancing models and making artificial intelligence and business intelligence smart so that they can utilize all the data. Technology leaders will have to formulate new ideas and drive innovation based on all the data they have.
But, with the decade ending, there’s one thing we’ve realized for sure. As data moves into the future enterprises and organizations need strong governance. Today companies are getting fined mishandling data along with bad governance in general. In the year 2018 alone, the Information Commissioner’s office issued fines for over $ 3 million to reputed organizations like Uber, Equifax, Facebook among others. Having said this, without strong governance consider the world doomed in terms of data. Who knows how organizations might be secretly utilizing all the data to develop anything? Therefore, as we step into the next year and decade, the following trends are expected to unfurl-
Data as a corporate asset
Finally, data is being seen as a corporate asset, and the catastrophic consequences of self-service are being realized. New regulations are being formed for the good. TWDI’s latest report on enterprise priorities suggests what businesses feel about the AI, BI and data When asked about the investment priority for acquiring new technologies to improve the following BI and analytics activities, 82 percent of respondents say that centrally managed business analytics is a top priority.
Even though every other organization is seen implementing AI, only a handful of them are seen developing its real-world applications. But those who are are utilizing AI for prediction forecast, data enrichment, and application-specific workflows. Even Gartner suggests that data augmentation will be everywhere in the coming year.
Voice is all set to take over as the next popular interface in the future. Billions of people talk to voice assistants like Siri, Google, Cortana, Alexa, etc. In fact, a statistic by Juniper suggests that the use of smart assistants will grow by 1000 percent in the next 5 years. Voice will also take over as the primary method for raising a query in data analytics.
The question of winning among data artificial intelligence and business intelligence seems irrelevant taking the trends into consideration. The only parameters to worry upon would be the way it will enhance the quality of business and the questions being asked upon the data.
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