In a 2018 Narrative Science survey, 61% of respondents said their organization was implementing artificial intelligence (AI)—up from 38% in 2017. Of those who were implementing it, the most widely used AI-powered solutions were (1) predictive analytics, (2) machine learning, (3) natural language processing or generation, (4) voice recognition and response, (5) virtual personal assistants and chatbots, and (6) diagnosis and recommendation engines.
While not everyone may be doing AI yet, most are interested. Again, from the Narrative Sciences survey:
- 90% of respondents working in business intelligence said they would be interested in incorporating AI to make their data analytics tools smarter
- 87% of respondents working in finance departments said they would be interested in using AI to automatically generate insights and reporting in human-sounding language
- 68% of respondents working in product management said they would be interested in using AI technologies to generate performance information (profit and loss, revenue, usage, churn, etc.) about the products they manage
- 77% of respondents working in marketing and sales said they would be interested in applying AI to automatically generate reporting in natural language
All this interest across different departments and business processes calls for an AI strategy, notes big data, analytics, and digital transformation influencer Ronald van Loon in 10 Enterprise Analytics Trends to Watch in 2019.
Artificial intelligence will transform every industry across both B2B and B2C sectors, including retail, healthcare, legal, manufacturing, and automotive. It’s not a matter of if AI will transform your industry—it’s only a matter of when. —Ronald van Loon
“The earlier businesses are ready to use artificial intelligence throughout their core functions, the faster they will benefit from it, and the more prepared they will be for the digital future. Therefore, every business needs an AI strategy and must prepare an end-to-end AI management solution for 2019.
“In 2018, many companies were running AI proof of concepts (PoCs), but in 2019, companies will be moving to operations, and step by step into mainstream. For legacy infrastructures transitioning to a modern digital infrastructure, this can be challenging.”
In terms of analytics, van Loon says companies need to develop in maturity from predictive to prescriptive to AI applications for their core data and analytics processes. “Data originates from numerous sources and is distributed across differing sources, and the volume and speed make it impossible to rely on central storage. A complete data management solution that encompasses data quality, governance, security, and metadata is necessary,” advises van Loon.
Sometimes to move forward, it may first be necessary to take a step back. Does your organization have an AI strategy in place?
Wanting to hear more from Ronald van Loon, Constellation Research Founder Ray Wang, and BBBT member Marcus Borba when it comes to AI and an AI strategy? Download the eBook, 10 Enterprise Analytics Trends to Watch in 2019, to read insights from today’s top thought leaders or watch the on-demand webcast featuring Ronald van Loon.