Analytics, Artificial Intelligence, Big Data and BI
The 3 As - Artificial Intelligence, Advanced Analytics and Automation: Potential opportunities
Posted on Feb 28, 2020
by Nitin Bhosekar (Head Analytics, Artificial Intelligence, BI Practice & Executive Vice President)
One of the latest reports published by PricewaterhouseCoopers (PwC) states that Artificial Intelligence (AI) has tremendous potential to transform the productivity and GDP of the global economy.
What has come more strongly through the research is how big a game changer AI is likely to be and how much value potential is up for grabs. The report goes on to specify that AI could contribute as much as USD 15.7 Trillion to the global economy in 2030, close to a figure that is more than the combined output of China and India.
Organizations in the recent past had been leveraging data primarily through line of business, ERP, CRM systems, data warehouses, business intelligence and related technologies to gain better insights and to power the businesses with better outcomes. AI scores immensely in its potential to transform human productivity, improve processes to make them more efficient and to enhance existing products and services to achieve greater efficiencies.
Opportunity to reap such benefits are up for grabs for organizations across industry verticals including banking and non-banking financial services, life and non-life insurance, healthcare, life science, pharmaceuticals, discreet manufacturing, process manufacturing, energy, retail, logistics, telecom and travel/ tourism.
Adding the potential benefits advanced analytics and robotic process automation could bring, the value potential increases immensely.
Few of the organizations we are interacting with are undertaking due diligence exercise to assess new business demands, study current state, prioritize technology application areas for AAA, determine changes needed, seek recommendations to choose best-fit technology options and plan phased implementation. Aress has been working closely with its customers to identify high potential use cases, put together recommendations, implement pilot project/s and roadmap for larger implementations to derive benefit from Artificial Intelligence, Advanced Analytics and Automation (AAA).