The companies have been shifting their path towards data-driven technologies. These technologies will help companies to make important decisions and build a competitive advantage. Data is an important element. With the help of data, the technologies can make effective decisions that will benefit the companies in the future. The companies can generate a huge volume of data at a growth rate of 61 %.
Traditionally Business Intelligence workflow produced summary data views and analyses in the decision making process from the supplemented data stores. But these were manual efforts and it was not able to derive quick insights from the databases that were huge in quantity.
Artificial Intelligence drives data innovation. With the outbreak of COVID-19, the companies are willing to embrace the Artificial Intelligence. AI along with machine learning can be applied to discover the data relationships which are complex and enhances the process of generating useful insights to the companies. There is another emerging example i.e. Augmented Analytics.
Augmented analytics enables the use of technologies having integrated Artificial intelligence and machine learning. The benefits offered to the company are an increase in data selection, data analysis, insight generation, and prescriptive decisions.
The challenges encountered by traditional analytics were resolved with the emergence of augmented analytics. Faster decisions with the help of proper data selection, accurate decision making, data democratization with real-time reports, and easy access for data inquiry.
As per the predictions augmented analytics is projected to grow from $ 4 billion to $ 30 billion by 2025. AI is useful in generating insights is encouraging business analysts to learn machine learning skills. Ultimately a new role, the citizen data scientist is introduced. This role will assist the business to accelerate their data projects.
Explainable AI is considered as the next generation of AI innovation. It ensures transparency so that humans can understand what is happening inside AI models. So that AI-driven decisions are transparent, accountable, and trustworthy. When analytics has a characteristic of explainability, the solutions provide an in-depth understanding of generated insights.
Post COVID-19 AI-driven technologies and innovations will help the companies to greater heights producing the desired outcomes and predicting the better future.
