Our report will provide a look into the technology landscape of the future, including:
- Importance of AI in enabling innovation
- Catalysts of future innovations
- Top technology trends in 2023-2024
- Main benefits of AI adoption
- Steps to prepare for future disruptions.
Download your free copy now and implement the key findings to improve your business.
2. 2
Technology trends 2023-2024: AI and Big Data Analytics
From COVID-19 to political turbulence to a recession, organizations have reeled from unpredicted winds
of change over the last few years. However, uncertainty has always backdropped the business landscape.
Therefore, rather than revamping businesses’ goals, the world agenda has simply put an exclamation mark on IT
initiatives of global businesses. Thus, automation, data analytics, and forecasting capability have gained ground
as strategic enablers of business resilience and longevity.
‘Digital transformation took a big step forward when AI and machine learning became pillars of
business strategy. With the advent of Big data, AI-based technologies have become essential
to automate and elevate data processing, data visualization, predictive modeling, and other
complex analytical tasks that would otherwise be time-consuming if at all manageable for
businesses.
By adopting machine intelligence, companies can simulate what-if scenarios, support
performance monitoring, amplify decision-making, and predict market shifts. All of these
enable organizations to respond proactively to the rising challenges and minimize the risks of
business transitions.'
Alexander Marmuzevich
CTO at InData Labs
Artificial intelligence stands at the forefront of global
innovation as a beacon of certainty and data excellence. In
2022, 35% of companies reported using AI, while another
42% are looking into the technology. It means that the
adoption of artificial intelligence is accelerating, up four
points from 2021.
3. 3
Technology trends 2023-2024: AI and Big Data Analytics
AI AND BIG DATA ANALYTICS:
Then. Now. Future
The COVID-19 tailwind tends to steal all the glory
when it comes to the accelerated adoption of artificial
intelligence and data analysis. Indeed, we can see a
sudden upward trajectory since 2020 when the AI
market was valued at $22.59 - a YoY increase of $7.9
billion. In 2022, the market for computer intelligence
has grown twofold - $51.27 billion. The rapid growth is
projected to pertain well into the future.
Revenues from the artificial intelligence (AI) software market worldwide from 2019
to 2025 (in billion U.S. dollars)
Statista
However, the sudden swell in demand was a long-
anticipated outcome not because of the pandemic,
but due to a whole range of AI and Big data market
drivers. These have gradually fast-forwarded an uptick
in AI-enabled services and solutions driven by the
pandemic-induced automation.
150
125
100
75
50
25
0
2019 2020 2022 2025
14.69
22.59
51.27
126
Accelerated innovation, cloud proliferation,
cybersecurity attacks, and a surge of data
- all have chimed in with the adoption of AI and analytics.
4. 4
Technology trends 2023-2024: AI and Big Data Analytics
TODAY
MAIN DRIVERS OF AI AND
BIG DATA ANALYTICS
The COVID-19
pandemic: improved the
accuracy and speed of
diagnosis, treatment, and
forecasting
Elevated customer
experience: more
customer engagement,
personalized services, and
ever-evolving customer
preferences
Cloud adoption:
growing cloud-specific
spending, automated
cloud tools, cloud
analytics
Surge of
cybersecurity
incidents and the
need to identify
frauds in real time
Accelerated scientific
discovery &
technological innovation:
IoT, self-driving cars,
biomedical research, drug
discovery, and others
Growing amount
of corporate and
enterprise input from
wearables, tools, and
customer touchpoints
etc.
Main drivers
of AI and Big
Data analytics
5. 5
Technology trends 2023-2024: AI and Big Data Analytics
The causality between smart automation and Big
Data industry has ushered in a tremendous growth
of the data analytics market. The global big data
analytics market is projected to leap from $271 billion
in 2022 to over $655 billion by 2029. 2020 2029
$271 billion
$655 billion
Spearheaded by wearables, connectivity, and
operational input, the market is inundated by
unstructured data. This type of input is the most
challenging to make sense of, unless intelligent
algorithms are employed. As of today, the average IT
enterprise has around 80-90% of unstructured data.
Big data and artificial intelligence have a synergetic
relationship. To learn and enhance decision-making
processes, AI needs a vast amount of data, and
big data analytics uses AI to improve data analysis.
With this convergence, companies can swiftly glean
insights from large stockpiles of data and more readily
use sophisticated analytics capabilities like predictive
analytics.
Big Data Analytics
Customer
databases
Medical
records
Business
transactiom system
Social
networks
Mobile
applications
Internet
of Things
6. 6
Technology trends 2023-2024: AI and Big Data Analytics
AI adoption by application
Companies seem to leverage the potential of AI-
enabled analytics to support technology innovations
and back up operational processes. According to PwC,
61% of enterprises also make data actionable to elevate
customer experience, while 60% of mature companies
turn to smart algorithms for strategic decision-making.
Applying expert systems for non-financial analysis
hasn’t gone full out yet with only 15% of leading
companies employing AI for the environmental, social,
and governance investing.
Who’s deciding what with AI
74%
Technology
PwC
50%
62%
Operations and maintenance
34%
61%
Customer experience
40%
60%
Strategy
35%
52%
Product and service development
31%
48%
Supply chain
26%
46%
Marketing and sales
29%
46%
Workforce, including DEI
24%
44%
Finance
30%
26%
Mergers and acquisitions
16%
15%
ESG
9%
Leaders Others
7. 7
Technology trends 2023-2024: AI and Big Data Analytics
AI adoption by industry
The distribution of respondents by industry hardly
changed in 2022 since 2019. The computer and
electronics sector seems to accrue the biggest
benefits with over 30% of respondents reporting AI
value in production. Financial services, education, and
healthcare have surfaced at the top as well, which is the
collective result of the pandemic, industry disruptions,
and rising investments.
Computers, electronics
& technology (hardware)
Financial services
Education
Healthcare and life
science
Public sector and
government
Telecommunications
Manufacturing
Retail
In production Evaluating Not using
0 10 20 30 40 50
Percentage
8. 8
Technology trends 2023-2024: AI and Big Data Analytics
Finance
Ninety-one percent of financial services companies
are driving critical business outcomes with
investments in AI. Fraud detection, conversational
AI, and algorithmic trading have become top
priorities for the finance industry with the highest
YoY increase. Another 23% of organizations apply
smart analytics to handle ever-growing KYC and
AML challenges.
Application matrix of AI analytics in finance, 2021-2022
Use Case 2022 2021 YoY Change
Fraud detection: transactions and payments
Conversational AI
Algorithmic trading
Fraud detection: AML and KYC
Recommender systems/ next-best action
Portfolio optimization
Default prediction
Marketing optimization
Compliance
Underwriting and acquisition
Creating synthetic data for model creation
Claims processing
Other
Robo-advisory
Don’t know
31%
28%
27%
23%
23%
22%
19%
19%
17%
12%
11%
10%
10%
9%
7%
10%
8%
13%
7%
10%
14%
6%
7%
6%
3%
4%
3%
4%
4%
310%
350%
208%
329%
230%
157%
316%
271%
283%
400%
n/a
250%
333%
225%
157%
9. 9
Technology trends 2023-2024: AI and Big Data Analytics
Healthcare
The healthcare industry has never been among early
innovation adopters due to stringent regulations.
The pursuit of digitalization and the COVID-19
pandemic strain have emphasized the need for
proactive response and automation. In 2022 and
beyond, healthcare providers are planning to
double their AI initiatives across all healthcare-
related areas - from patient care to operational
workflows.
However, the AI in the healthcare market is
projected to skyrocket by 2030 - from $8.23
billion in 2020 to $194.4 billion by 2030.
AI Multiple
HEALTHCARE
Patient care Madical imaging
and diagnostics
Management
Research and
development
Assisted or automated diagnosis & prescription
Real-time case prioritization and triage
Personalized medications and care
Patient data analytics
Pregnancy management
Diagnostic error prevention
Medical imaging insights
Early diagnosist
Market researcm
Pricing and risr
Brand management and marketing
Drug discover
Gene analytics and editing
Device and drug comparative eyectiveness
AImultiple
10. 10
Technology trends 2023-2024: AI and Big Data Analytics
Retail
In retail, the shift to E-commerce has fast-forwarded
the crunch of effective customer data processing,
thus speeding up the proliferation of smart analytics.
The global AI in retail market size is expected to grow
at a CAGR of 23.9% from 2022 to 2030, starting from
$5.79 billion in 2021.
Manufacturing
In manufacturing, precursors like the Internet of Things
create an enabling environment for the seamless
advent of intelligent systems.
By 2030, the global Artificial Intelligence in
manufacturing market size will reach over $78
million, compared with $2,963 million in 2021.
Overall, AI is slated to ramp up economic growth
rates by an average of 1.7 percentage points by 2035
across 16 industries.
11. 11
Technology trends 2023-2024: AI and Big Data Analytics
AI adoption by maturity
The impact of AI on industry growth
Information & Communication
Manufacturing
Financial Services
Wholesale & Retail
Transportation & Storage
Professional Services
Healthcare
Construction
Agriculture, Forestry & Flashing
Accommodation & Food Services
Utilities
Arts, Entertainment & Recreation
Social Services
Public Services
Other Services
Education
3.4 4.8
2.1 4.4
2.4 4.3
2.0
2.1
2.3
2.2
2.3
1.3
1.4
1.4
1.9
1.6
0.9
0.7
0.9
4.0
4.0
3.8
3.4
3.4
3.4
3.2
3.1
3.1
2.8
2.3
1.7
1.6
Baseline AI steady state
Over the last few years, organizations have
been scaling their AI maturity curve. Today, 57%
respondents in emerging economies report AI
adoption. The dynamics isn’t fast, yet significant -
up from 45% in 2020. The pandemic has been the
main catalyst, according to adopters.
57%
of respondents in emerging
economies report adoption,
up from 45 persent in 2020.
McKinsey
Decreasing costs of algorithm development and
favorable legislative landscape also promote
the more broad commercial deployment of AI
technology.
63.6% - drop in the costs of image classification systems
94.4% - improved training times.
18 - AI-related laws passed by 2021.
Accenture
Stanford University
12. 12
Technology trends 2023-2024: AI and Big Data Analytics
FUTURE
ANTICIPATED DRIVERS OF AI
ADOPTION
In the decade, experts expect artificial intelligence
to come of age with over $15 trillion of potential
contribution to the global economy by 2030. This
unprecedented contribution is predicted to stem
from product enhancement and stimulated consumer
demand as a result of the personalization and
automation capabilities of smart systems.
The technology maturity of artificial intelligence is
expected to be largely influenced by a wide range
of facilitators. Growing AI investment, innovative
hardware as well as burgeoning operational data,
and Industry 4.0 are projected to expedite the broad
applicability of smart analysis.
4 FACTORS TO DRIVE WIDE AI ADOPTION IN FUTURE
AI is rapidly revolutionizing nearly every industry. Its effect is being felt in sectors as diverse as healthcare, retail,
finance, and manufacturing. But what exactly is driving automation into the future?
СAPITAL
Investors are predicted to
inject more money into AI
initiatives. Over the next 8
years, the industry value
is projected to increase by
over 13x.
HARDWARE
Growing semiconductor
technologies and the advent
of commercial quantum
computing foster new ways
of fast and complex data
processing.
DATA
5G and AIoT encourage
the evolution of a fully
connected world, allowing
AI to generate more
accurate models.
4TH INDUSTRIAL
REVOLUTION
Manufacturers will fully
integrate IoT, cloud computing,
analytics and AI to enhance
productivity, boost quality, and
ensure workplace security.
13. 13
Technology trends 2023-2024: AI and Big Data Analytics
How will the recession
impact AI adoption?
In the coming years, the speed of the technology
transition is projected to be greatly influenced by
a significant decline in economic activity. But does
it mean that companies will pull back on their AI
initiatives and resort to survival mode? Quite the
opposite, in fact. According to a survey, over three-
quarters of tech leaders expect their organizations to
spend more on technology.
Automation, machine learning, and cloud computing
will remain the focus areas for companies, as
executives search for innovative business drivers.
Technology investment is no longer seen as the
casualty of a potentially recessionary environment.
Instead, it is considered one of the most effective
enablers of positive business outcomes and a
company’s revitalization.
But although artificial intelligence is deemed a
linchpin to improved business process management,
the majority of companies are reluctant to invest in
automation. The rising costs of innovation and talent
crunch hamper AI initiatives of global organizations.
To reduce development costs, companies tend to tap
into global AI talent and delegate their AI project to
offshore destinations.
The outsourcing economy, in turn, allows for more
cost-efficient software development and supports
global businesses during these turbulent times.
The trend of third-party development can be rightly
seen as the core success factor of AI adoption for
small-to-medium companies.
The global Business Process Outsourcing market is
expected to reach a value of over $492 billion by
2028.
GlobeNewswire
14. 14
Technology trends 2023-2024: AI and Big Data Analytics
Although AI and analytics are likely to orchestrate the majority of innovations, it remains difficult to predict
the exact form and shape of intelligent transformation and plan ahead accordingly. We’ve curated the main
technology trends to play out in the coming years with varying magnitude so that you can make strategic
technology decisions.
TRANSFORMATIONAL
TECHNOLOGY:
a look ahead
TRENDS
Applied
AI
Advanced
Connectivity
Web 3.0 Metaverse Edge
Computing
Augmented
Analytics
Engineered
Decision
Intelligence
Data
Fabric
Quantum
Computing
Hyper-
automation
15. 15
Technology trends 2023-2024: AI and Big Data Analytics
Applied AI
Applied AI is the use of artificial intelligence to solve real-world problems.
It involves the development of algorithms and models that can iteratively
process and automatically learn from data to make predictions or
decisions.
Applied AI is different from general machine intelligence in that it is
focused on specific tasks or problems such as increasing sales, reducing
costs, or improving customer satisfaction rather than hypotheses.
The state of technology today:
Applied AI is the lifeblood of data analytics, statistics, machine learning,
deep learning, artificial neural network, and NLP, with each having its
wide application area across industries.
Applied AI will
continue to unfold
with an investment
of $165 billion made
in 2021.
McKinsey
Advanced connectivity
Advanced connectivity refers to the various ways in which devices can
connect and share data. It includes technologies like 5G, the Internet
of Things, edge computing, wireless low-power networks, and other
innovations that facilitate seamless and fast data sharing.
With an increasing number of devices, it is crucial to ensure connectivity to
operate customer-centric markets, track supply chains, conduct proactive
maintenance, and improve business processes.
The state of technology today:
The global IoT connectivity imperative has been driven by cellular IoT (2G,
3G, 4G, and now 5G) as well as LPWA over the last five years. Growing
usage of medical IoT, IoT-enabled manufacturing, and autonomous
vehicles have been among the greatest market enablers so far.
The number of
connected IoT
devices is to triple
from 9.7 billion in
2020 to over 29
billion by 2030.
Statista
16. 16
Technology trends 2023-2024: AI and Big Data Analytics
Web 3.0
Web 3.0 is the new iteration of the Internet that aims to make the digital space
more user-centered and enables users to have full control over their data. The
concept is premised on a combination of technologies, including blockchain,
semantic web, immersive technology, and others. The user-friendliness of
Web 3.0 is supported, among other things, by granular content distribution.
Artificial intelligence and AI-enabled analytics are among the core building
blocks of Web 3.0 as they will help users access relevant data faster. Thus, a
website will rely on AI to sift through and provide the data it thinks a specific
user will benefit from.
The state of technology today:
Web 3.0 is still in its infancy due to the limited adoption of its technology
components. However, as blockchain, cryptocurrency, and connectivity
have gathered speed, the hypothesis of Web 3.0 begins to take more shape.
Therefore, we can say that some aspects of Web 3.0 have already gone
beyond theory.
The global Web 3
market size is to
grow by 44.9% by
2030 from $1.36
billion in 2021.
Grand View Research
Metaverse
Metaverse generally refers to an integrated network of virtual worlds
accessed through a browser or headset. The technology is powered by a
combination of virtual and augmented reality.
Unlike Web 3.0, it doesn’t prioritize user ownership over data. Instead, it
aims to create a shared digital reality where users can connect, build
economies and interact in real time.
Computer vision, natural language processing, and facial recognition
add lifelike experiences to the digital worlds and enable multilingual
accessibility.
The state of technology today
Currently, Metaverse hasn’t taken its full form yet. The majority of
companies are aspiring to develop the Metaverse, including Roblox,
Decentraland, Meta, and others. However, those platforms aren’t
interoperable. Leading companies are executing metaverse strategies to
establish their presence in the existing proto-Metaverse spaces.
The total market
for the metaverse
economy is
projected to hit $13
trillion by 2030
with five billion
users worldwide.
Citi Group
17. 17
Technology trends 2023-2024: AI and Big Data Analytics
Edge computing
Edge computing takes cloud data processing to a new level and focuses
on delivering services from the edge of the network. This technology
allows organizations to process data at the periphery of the network,
reducing overall infrastructure costs, improving data sovereignty, and
enhancing data security.
The technology will enable faster local AI data analytics and allow smart
systems to deliver on performance and keep costs down. Edge computing
will also back up autonomous behavior for Internet of Things (IoT) devices.
The state of technology today:
Industries already incorporate devices with edge computing, including
smart speakers, sensors, actuators, and other hardware. These collect
data from the real world and process it locally.
75% of enterprise-
managed data will
be generated and
processed outside
the data center or
cloud by 2050.
Gartner
Augmented analytics
Powered by ML and natural language technologies, augmented analytics
takes an extra step to help companies glean insights from complex
data volumes. Augmented analytics also relies on extensive automation
capabilities that streamline routine manual tasks across the data analytics
lifecycle, reduce the time needed to build ML models, and democratize
analytics.
Augmented analytics can lead to better decisions, faster product
development, increased profitability, and accelerated knowledge-sharing.
The technology also takes data from multiple channels to achieve a
broader perspective.
The state of technology today:
Large-sized organizations often rely on augmented analytics when
scaling their analytics program to new users to accelerate the onboarding
process. Leading BI suites such as Power BI, Qlik, Tableau, and others
have a full range of augmented analytics capabilities.
The global
augmented analytics
market is expected
to surpass $29
million by 2025.
Allied Market Research
18. 18
Technology trends 2023-2024: AI and Big Data Analytics
Engineered Decision
Intelligence
The field of decision intelligence is a new area of AI that combines the
scientific method with human judgment to make better decisions. In other
words, it's a way to use machine intelligence to make decisions more
effectively and efficiently in complex scenarios.
The goal isn't just to identify patterns but also to understand why those
patterns exist and how they can be used as part of an overall strategy.
The technology is supplemented with AI-based capabilities and data
fabrics, combined with social science and decision theory.
The state of technology today:
Decision intelligence assists companies in identifying risks and frauds,
improving sales and marketing as well as enhancing supply chains. For
example, Mastercard employs the technology to increase approvals for
genuine transactions.
By 2023, over
a third of large
organizations
will have analysts
using decision
intelligence.
Gartner
Data Fabric
Being a holistic data strategy, data fabric leverages people and technology
to bridge the knowledge-sharing gap within data estates. Data fabric is
based on an integrated architecture for managing information with full
and flexible access to data.
The technology also revolves around Big data and AI approaches that help
companies establish elastic data management workflows. Data Fabric
is usually referred to as an autonomous ecosystem used to maximize
access to corporate data, rather than a specific platform from a particular
software vendor.
The state of technology today
Around 26.4% of businesses incorporate data fabrics to enhance business
process management. The demand for this architecture is growing in the
BFSI sector, retail, ecommerce, and healthcare due to the presence of
huge data volumes from multiple sources.
The data fabric
market will grow
to $6.97 billion by
2029 at a CAGR of
22.3%.
Fortune Business Insights
19. 19
Technology trends 2023-2024: AI and Big Data Analytics
Quantum computing
An antagonist of conventional computing, the quantum approach uses
qubits as a basic unit of information to speed up analysis to a scale
that traditional computers cannot ever match. The speed of processing
translates into potential benefits of analyzing large datasets - faster and
at finer levels.
In their commercial stage, quantum computers hold great potential in
improving intelligent systems by making them more granular and accurate.
After COVID-19, a few companies are focusing on the adoption of QCaaS.
The state of technology today:
The technology is in its early stage, yet the adoption is spearheaded by
increasing funding, proliferating start-ups, and QCaaS offerings. Four
industries—pharmaceuticals, chemicals, automotive, and finance—could
implement the earliest use cases, according to McKinsey.
The quantum
computing market
size is projected to
reach $1,765 million
by 2026 from USD
472 million in 2021.
Markets and Markets
Hyperautomation
This concept makes the most of intelligent technologies to help
companies achieve end-to-end automation by combining AI-fuelled tools
with Robotic Process Automation. Hyperautomation strives to streamline
every task executed by business users through ever-evolving automated
pathways that learn from data.
Thanks to a powerful duo of artificial intelligence and RPA, the
hyperautomated architecture can handle undocumented procedures that
depend on unstructured data inputs - something that has never been
possible.
The state of technology today:
Hyperautomation is currently in the ideation state with classic automation
promoting its future growth. Therefore, this trend is now manifested in
traditional RPA software that adheres to rule-based tasks and acts on
structured data only.
The global
hyperautomation
market size is
predicted to surpass
$26 billion by 2028.
Zion Market Research
20. 20
Technology trends 2023-2024: AI and Big Data Analytics
ARTIFICIAL INTELLIGENCE AND DATA:
the great enablers of innovation
Although the technology forecast may seem like a
motley crew of disruptors, there is one linking element
inherent in all of them - data. It is the language of
technology that can only be deciphered by artificial
technology and its offshoots.
Therefore, both artificial technology and data analytics
have become indispensable building blocks of innovation
and future-proof initiatives. They are now paving the way
for new digital transformations we’ve mentioned above.
Let’s look at the AI technology canvas in use today.
What is…? Statistics + mo-
deling techni-
ques that make
prediction about
future perfor-
mance
The ability of com-
puters understand
human language
Tech-driven pro-
cess of data ana-
lysis and insight
generation
The ability of
computers
derive informa-
tion from digital
images
Network of con-
nected devices
or sensors
How does
it work?
Based on current
and historical
data
Relies on rely on
deep learning and
algorithms
Data is stored and
analyzed in data
warehouses +
visualization tools
Based on deep
learning al-
gorithms and
visual stimuli
Based on real-ti-
me data collec-
tion and sharing
Data types Structured & un-
structured (deep
learning)
Unstructured data
(text and voice)
Structured data
from multiple
sources
Unstructured Status data,
automation data,
location data
Application
examples
• Predictive main-
tenance
• Fraud detection
• Risk modelling
• Speech recogni-
tion
• Sentiment ana-
lysis
• Market analysis
• Performance
management
• Sales intelligen-
ce
• Scenario plan-
ning
• Autonomous
vehicles
• Pose tracking
• Biometrics
• Smart homes
• Connected
vehicles
• IoT payments
Business
Value
• Forecasting
• Enhanced deci-
sion-making
• Fewer risks
• Improved analysis
• Higher customer
satisfaction
• Reduced costs
• Enhanced per-
formance
• Minimized risks
• Increased profits
• Improved
security
• Reduced ope-
rational costs
• Automation
• Equipment
monitoring
• Increased pro-
ductivity
• Better safety
Predictive
analytics
Natural Language
Processing
Business
Intelligence
Computer
Vision
Internet of
Things
As it is clear from the technology chart, artificial
intelligence has evolved as a powerful general-
purpose technology that opens up multifaceted
opportunities. Smart systems can augment almost
every business function, promote better business
outcomes, and reduce the cost of laborious tasks.
Today, intelligent algorithms underlie the majority
of cutting-edge technologies and act as a bridge
between humans and software.
In the upcoming years, predictive analytics, business
intelligence, and NLP will play a paramount role in
shaping enterprise decision-making, with augmented
analytics and engineered decision intelligence
picking up the baton. Computer vision and IoT
devices, in turn, enable an autonomous data-sharing
ecosystem that connects everything with no human
assistance.
21. 21
Technology trends 2023-2024: AI and Big Data Analytics
How AI and Big data analytics
can benefit your business today
Companies that take a piecemeal approach to adopt
computer intelligence tend to miss out on opportunities.
Although each company pursues its unique business
needs, the value of AI and analytics usually anchor
in four areas. Thus, organizations advance their
automation initiatives to supplement decision-making
(41% of companies), innovate digital estates (40% of
companies), and personalize customer success (40%
of companies).
Four areas across the value chain where AI delivers results
PROJECT
better decision-
making
PRODUCE
optimized
production and
maintenance
PROMOTE
personalized
services and
offers
PROVIDE
enhanced
customer
experienced
Five elements of successful AI transformations
Clear use
cases
Unified data
infrastructure
Best data
management
practices
Workflow
integration and
automation
Cultural
shift
Conversely, a holistic strategy of AI implementation
sets up organizations for greater success.
PwC
22. 22
Technology trends 2023-2024: AI and Big Data Analytics
organization gets the opposite of optimization and
eventually poor ROI elements.
In a bid to deliver organizational value from analytics,
leaders often focus on short-term gains, rather than
following a consistent, long-term strategy. As a result,
around 85% of data projects fail to deliver expected
results.
Without a well-founded adoption strategy, businesses
risk suffering from the negative effects of misallocating
resources and money. The outcome? An agile digital
How to prepare your
business for innovation?
Therefore, it is essential to create a strategic
roadmap for rapid AI adoption that digitally
advanced firms can use to guide their
implementation and reap the rewards.
Here are some milestones that should lay the ground for your pursuit of automation.
Identify current business problems. A strong business case for automation is the shortcut to quicker
executive buy-in and higher ROI. To embed intelligence and analytics, leaders need to prioritize the
exact problem to solve. Be it product growth, customer success, or decision-making, projects should
be undertaken not for the sake of innovation, but rather to solve a critical business challenge. Moreover,
young adopters should start from a few business cases, instead of embracing all departments.
Get control over your data. The feasibility of AI applicability depends on the amount and quality
of operational data you act on. Siloed and incomplete data does not provide the correct bases for
model development, and, therefore, does not suffice adoption needs. Conversely, a unified data
infrastructure, such as data warehouses, stores information readily available for analysis and gives a
360-degree understanding of the business performance.
Invest in data-driven people. Data and AI talent are the key enablers of successful implementation.
Due to the talent crunch, around 36% of companies prefer to source capabilities from dedicated
AI&data partners where they can find the skills and expertise needed. Moreover, an internal culture
shift should nurture high levels of organizational trust, data fluency, and agility, as workers segue from
disparate data tools.
23. 23
Technology trends 2023-2024: AI and Big Data Analytics
After the pandemic, the automation craze has
passed the tipping point. Today, data analytics and
algorithms are an industry standard for high-yielding
projects across different verticals. This combination
enables global leaders to predict, automate,
and optimize processes, reducing time to value.
Most importantly, a data-driven strategy fosters
integrated business planning, allowing companies to
swiftly adapt to new realities.
Be it data fabrics, edge computing, or advanced
connectivity, automated workflows and data control
will facilitate your leap to a new level of enterprise
success.
Afterword
As we’re stepping into the new era of automation, AI
readiness is integral to embracing new technology
trends and getting a head start on new initiatives.
24. indatalabs.com
InData Labs is a leading data science firm and AI-
powered solutions provider with its own R&D center.
Having a mission to bring the power of AI to every
business, we help organizations of any size create
intelligent products and services or shape intelligent
business processes.
Since 2014, our solutions and consulting services help
our clients to get valuable insights into data, automate
repetitive tasks, enhance performance, add AI-driven
features, and prevent cost overruns.
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