AI plans to allocate approximately $2 trillion worth of business value globally over the course of the new year with advanced computing algorithms that identify and optimize business insights humans cannot distinguish.
“Companies that fail to adopt AI will lose out,” said Dr. Srinivasa Vegi, DMI’s executive vice president for data analytics and artificial intelligence. “Some industries may even be wiped out.”
The newest trends are as follows:
1) AI and Analytics Merger: The application of merging AI algorithms and analytics will be transformative but complex; therefore, it requires an advanced understanding of information technology, mathematics and statistics. AI and machine learning algorithms can automate and optimize analytics methods, yielding transformative business insights.
2) Decision Automation: More significant AI and machine learning in enterprise resource planning will bring about more intelligent process changes without the need for human interference. AI, analytics, ERP and CRM can join forces in anticipating marketplace demand, resulting in more cost-effective processes.
3) Digital Twins: The upsurge of digital replicas in the new year indicates more companies will generate predictive insights, allowing them to anticipate and fix problems before any profits are lost.
4) Edge Computing: The increase of digital replicas will help organizations in remote areas find high-powered processors nearby with real-time modeling of production environments.
5) Mixed Reality: Virtual and augmented reality combinations with data analytics are expected to increase rapidly over the next two or three years. “The rise of augmented reality, virtual reality and mixed reality is leading to augmented analytics, using natural language processing and machine learning,” said Vegi.
6) Blockchain Boom: Blockchain is one of the most highly anticipated technologies of the new year, as it relies on a shared digital ledger that makes it impossible for anyone to hack. This creates a high incentive for organizations to implement this technology because it requires complex interactions and processes that are arduous.
7) Cloud Maturity: More organizations are embracing the cloud due to security advances, especially those that have rigid compliance requirements. They can now implement hybrid clouds that keep apps, workloads and data in the cloud, producing datasets that are essential for advanced machine language operations.
8) Full-Stack Engineers: The demand for full-stack engineers with AI and analytics skills will be at its peak in 2019. “IT teams are going to need more full-stack engineers — experienced consultants who have the skills required to do analytics and AI, from data collection to data processing to insights building,” Vegi said.
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