Artificial intelligence (AI) and machine learning (ML) are two critical technologies that are shaping our future, how we work, and how businesses persevere through future black swan events. With the ability to analyze, learn, and become more intelligent and intuitive over time, AI and ML will continue to expand the ability of businesses to leverage data to adapt and overcome problems as they develop.
Data creation and replication continue to rise at a record pace. According to a report by IDC, more than 64 zettabytes of data were created and replicated in 2020 alone. Less than 2% of that data was retained, but it’s an important reminder of the massive amount of data that is now available to enterprises – most of which was created over the last 10 years. Considering where the world will be in the next decade, it’s easy to see why AI and ML are so important. Businesses will need every advantage available in using their data to become more efficient and more competitive and to make smarter decisions.
This will be even more apparent in 2022, which will see AI and ML usage increase even further as they gain more widespread understanding and implementation. Many organizations already recognize the tremendous upside in automating routine tasks, but it can provide so much more value. In 2022, we will see businesses expand their potential with AI and ML – when combined with the ongoing transition to cloud technology, these technologies will be instrumental in increasing the power of data and analytics.
As the Need for Accurate Data Increases, AI/ML Will Take Center Stage
There’s been a lot of talk about how the pandemic has accelerated digital transformation and digital innovations in general, but some of the biggest changes could come from AI- and ML-powered automations. These technologies are essential for any institution looking to evolve into a data-driven entity that is guided by accurate information, not guesswork or assumptions.
Make no mistake – AI and ML were important long before the pandemic. In November 2019, just a few months before COVID-19 swept the globe, Accenture issued a warning to corporations of all sizes: Failure to scale AI could put most (75%) of them out of business. Organizations are spending billions of dollars to keep up, and a large part of that is being driven by data. The bottom line isn’t the only thing at stake – PwC estimates that AI and the data from it will contribute $15.7 trillion to the global economy by 2030.
When paired with human expertise, AI can help businesses make more intelligent data-driven decisions and reduce forecasting errors by as much as 50%. This is yet another reason why, along with its machine learning counterpart, AI will gain more traction and utilization in 2022. Businesses can’t afford to wait and must consider AI and ML when exploring new technology investments. While there are elements of automation that have already been implemented in modern business intelligence (BI) systems, organizations should look for a solution in which AI and ML are front and center. In doing so, they will be better equipped to become data-led organizations that benefit from and grow with real-time insights.
Data-Driven Decision-Making Will Lead the Way Forward
While AI and ML will continue to change the way data is collected, accessed, and used, cloud technology is equally as important in scaling data-driven decision-making.
Cloud has made it possible to eliminate many data silos, democratize data, and provide easier access for more stakeholders while maintaining good governance. However, data silos continue to exist, limiting many businesses from an analytics standpoint. Whether due to regulatory and sovereignty restrictions, data egress and compute costs, or laborious orchestration that results in a limited user experience, these barriers to key data sources keep organizations from gaining more value from their data. Technologies that offer choice in how to engage with preferred clouds – and local data where it resides – will be key to eliminating data hurdles and increasing the power of cloud analytics.
After facing a global pandemic and ongoing supply chain issues, businesses have come to realize the urgency with which they must embrace solutions that allow them to move faster and better endure unanticipated events. This is more than a rallying cry – it is a warning to businesses across all industries and of all sizes. They can no longer wait for their existing processes to catch up with the speed of their nearest competitor. If they wait, they will be overtaken; and if they don’t respond immediately, it will be too late to take action. This year must be a time not only for change, but of great understanding that data is the driver of future success – and without it, the business will continue to make poor decisions.
Businesses Will Embrace Technologies That Amplify Their Approach
It is vital that businesses take advantage of their data in every way possible. By embracing AI, ML, and the cloud, they can better create and leverage deeper insights to deliver superior service, develop and deploy better products and solutions, and live up to customer expectations. As businesses search for ways to get more out of their data – including answers to questions they didn’t even know they had – they will eagerly embrace technologies that amplify their approach, performance, and outcome. This will be the prevailing theme of 2022, and it will leave businesses in a far stronger position to overcome future challenges.