Let us ADD intelligence to the DATA !
The buzz words these days are AI/ML /Data Science and its impact on business? How it can be beneficial to your business in making right predictive decisions? How we can add intelligence to the data!
As a business analytics person for the last 20 years, during my MBA program we used analytics by way of MDS (Multi-dimensional scaling technique) using SPSS. The analysis had the most advanced statistical tests apart from basic ones such as the creation of hypothesis, experiments and tests through the analysis of data and the generation of predictive models.
Majority of software vendors so far have barely added any intelligence to their portfolio of data services. ERPs have become a system of record across all enterprises and aggregate enormous of amounts of data but fail to provide any real intelligence behind the data. Business Intelligence (BI tools) are basically data visualization tools that provide data in a more visual manner without insight and intelligence .The most disappointing aspect is predictive models are completely missing. Most of business leaders have missed this trend to really utilize the concept of BI due to their expertise many of which was gained through work experience and decisions from the board. This really hasn’t helped companies in the long run to make right decisions.
Now I’m extremely confident Artificial intelligence will transform many companies and create completely new types of models for businesses to make better informed decisions. But the biggest challenge today is that it is extremely hard to find good AI talent. For a lot of the companies, the best hope might be to try to hire one strong AI leader and then build a centralized AI organization that you can then matrix into your various business units. Going forward, companies should decide to enable their ERP systems by using AI. Since, ERP provides all the data it will help better gain insight into the data and provide actual predictive modelling which is fundamental to business decisions.
The views expressed by Author Dr Subba Yantra Phd are his own personnel observations and are not of Zaspar Technologies
AI/ML/Datascience was not a subject offered in many colleges when we were studying so to get a workforce which will use AI will be a challenge, may be companies needs to train their workforce in using AI. Last year this was one of the criteria to filter some colleges for my son, we noticed not all colleges had a well defined syllabus in this area .
Great insight Subba!