The Next Stage In The Insights Revolution

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Predictions made by James McCormick and team in their Forrester article about AI and the insights revolution was truly thought provoking. They have mentioned that to liberate customer insights from the typical silos of data scientists and other analytics specialists, artificial intelligence (aKa cognitive computing) technologies will be rapidly assimilated into analytics practices, giving business users unprecedented access to powerful insights that drive action.

The big data floodgates will open in 2017, driven by the business’ voracious appetite for deeper contextual insights that drive customer engagement via mobile and the Internet of Things (IoT). These trends and events represent the beginning of an insights revolution that will kick-start a strategic move among many firms to become insights-driven businesses. Truly insights-driven businesses will steal $1.2 trillion per annum from their less-informed peers by 2020.

2017 will be the year when businesses gain direct access to powerful customer insight via new cognitive interfaces and other AI-related tech. Deriving insights from contextual customer data from mobile and other internet-of-things (Iot) devices will become mainstream in 2017. The appointment of data and insights executives and the investment in enterprise customer data projects will place customer insights (CI) pros at the center of business transformation.

Across all businesses, there will be a greater than 300% increase in investment in artificial intelligence in 2017 compared with 2016. Through the use of cognitive interfaces into complex systems, advanced analytics, and machine learning technology, AI will provide business users access to powerful insights never before available to them. It will help, says Forrester, “drive faster business decisions in marketing, e-commerce, product management and other areas of the business by helping close the gap from insights to action.”

The combination of AI, Big data, and IoT technologies will enable businesses investing in them and implementing them successfully to overcome barriers to data access and to mining useful insights. In 2017 these technologies will increase business’ access to data, broaden the types of data that can be analyzed, and raise the level of sophistication of the resulting insight. As a result, Forrester predicts an acceleration in the trend towards democratization of data analysis. While in 2015 it found that only 51% of data and analytics decision-makers said that they were able to easily obtain data and analyze it without the help of technologist, Forrester expects this figure to rise to around 66% in 2017.

Big data technologies will mature and vendors will increasingly integrate them with their traditional analytics platforms which will facilitate their incorporation in existing analytics processes in a wide range of organizations. The use of a single architecture for big data convergence with agile and actionable insights will become more widespread.

In general, Forrester sees encouraging signs that more companies are investing in initiatives to get rid of existing silos of customer knowledge so they can coordinate better and drive insights throughout the entire enterprise.

Please let me know your thoughts through comments. Thanks for your time and interest.

Regards,

Shilpa

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