IDC predicts that our digital universe – the data we create and copy - is growing 40% each year, and that by 2020, it will contain nearly as many digital bits as there are stars in our physical universe.
Picture this: if the digital universe were represented by the memory in a stack of 128 GB tablets, the stack would have only stretched two-thirds of the way to the moon in 2013. By 2020, IDC predicts our digital universe would be represented by 6.6 stacks of tablets stretching from the Big Blue Marble to the moon.
How will we make use of this expanding universe? Impact Analytix Founder Jen Underwood says this data explosion will require an evolution for the data-driven enterprise where machine-learning automation supplements human intelligence across the entire analytics life-cycle.
“We are witnessing an unprecedented pace of continuous technological change,” says Underwood. “Search, natural language and intelligent analytics automation innovations powered by AI are beginning to vastly transform the human-computer experience, democratizing the power of analytics and data science.
“Similar to the second wave of modern self-service BI disrupting the first wave of traditional BI, augmented analytics technologies in the third wave will change the game once again.”
The Best of Both Worlds
“Augmented analytics combines the beauty of the human mind and artificial intelligence,” notes Underwood. “In addition to providing historical reports and dashboards, augmented analytics automates predictive and prescriptive actionable guidance. It expedites investigation across millions of variable combinations that would be far too time consuming for a human to do manually.
“When given unbiased, properly prepared data, augmented analytics delivers amazing results. Early adopters tout unmatched speed to insight and enhanced competitive advantage.”
In the Progress Are Businesses Really Digitally Transforming or Living in Digital Denial Report, 85% of enterprise decision makers surveyed feel they have just two years to make significant inroads on their digital transformation efforts before suffering financially and/or falling behind their competitors. In the same report, 94% of enterprise decision makers say that analytics are important (45%) or critical (49%) to those efforts.
To stay ahead of the competition on transforming the customer experience and and delivering on new business models, enterprise organizations will need all the insights they can get. This will require the help of both human and artificial intelligence.
Ready to read more on augmented analytics from Jen Underwood, along with the trends Forrester Research VP Boris Evelson, Constellation Research Founder Wang and Ventana Research SVP David Menninger say should have your attention? Download the eBook: 8 Enterprise Analytics Trends to Watch in 2018.