Why should Businesses care about AI-Assisted Data & Analytics?

The challenge. AI is now pervasive in every aspect of people's lives - in their homes, at work, and in every hand-held device, they touch. This not only provides a cue to businesses to improve customer experience & business operations but also brings to attention the need to address this data overload for reaping insights. Due to the explosion of data coming in from a variety of complex sources and the need to process this information in real-time, CXOs of the world are reinventing their businesses & their business processes with AI right in the center of all the action.

The benefits. AI brings to the table an enhanced ability to sift through volumes of customer data, build datasets of veracity, automate processes to manage the velocity of data, augment decision-making by comprehending data of high variability and finally, derive value from data. With human experts overburdened with information (now, Big Data) to process, AI takes on the role of the reliable partner in data management, insights generation and decision augmentation. Hence, alternate terms called ‘Augmented Intelligence’ and ‘AI-assistance’ are being used to drive home that fact that AI would enhance human capabilities rather than replace them.

Traditional vs. AI-assisted. Traditional analytics is highly dependent on the programmed workflows and restricted to defined data models. The superior AI-assisted analytics makes sense of dark data, finds patterns, makes connections between data points and provides prescriptive actions, all in real-time. As AI models evolve & self-optimize while they add new data and learn from any adversities or exceptions they handle, the business outcomes improve with each iteration. These AI-driven feedback loops create an opportunity for continuous process improvement than what can be achieved through traditional means.

Why should Businesses care about AI-Assisted Data & Analytics?

Who benefits the most? The CXOs – Chief Data Officers and Chief Information Officers will be instrumental in industries like banking & wealth management, consumer businesses, and healthcare that have data-gallons to process. These industries will reap the highest benefits from AI as AI assists traditional analytics operations using deep neural networks for decision augmentation and through virtual agents for better customer experiences. A few well-known examples of AI-assistance are behavior analytics to understand the behavior of investors and determine automated investment scenarios, hyper-personalization to deliver superior customer experiences through micro targeting and segmentation, automated diagnosis for quick discovery of malicious cells and many more. With technology becoming complex and with many layers, the threat of criminal-AI or cyber-threats looms like a dark cloud and one of the most promising way to protect data would be through AI.

Get Started. Get Ahead. It is of paramount importance that businesses implement AI in their offerings end-to-end - right from the assimilation and acquisition of data, to driving decisions through the extraction of insights from quality-data and finally to delivering business outcomes to meet the goals of the business. Having a clear AI and Cloud strategy that provides high computational power to address changing business requirements and the aggregation of these technologies with IoT and crowd-powered consulting will accelerate the business transformation journey. While the implementation seems of mammoth proportions, CIOs and CDOs everywhere have begun taking steps albeit small ones towards an AI-driven business transformation.

About the Authors

Avnish Kshatriya -

Avnish Kshatriya is the Global Head for Strategy & Planning function of Wipro’s Data, Analytics and AI service line. He is also the Digital SPoC for the service line, driving the Digital Transformation of Wipro’s Analytics business. With 22 years of industry experience, he has a track record of instituting practices to incubate new-age technologies, and helping customers actualize their potential in Digital and Analytics journey. He helps practice architect service offerings for AI-driven Data & Analytics.

Sravya Bharani M -

Sravya Bharani M is a Consultant for Strategy & Planning function of Wipro’s Data, Analytics and AI service line. With an understanding of the Digital & Analytics industry including Market View, Competition Landscape and related Eco-systems, she provides advisory and thought leadership in the preparation of the organic and inorganic growth strategies for the service line. She holds a Master’s in Business Administration from Indian Institute of Technology (Madras) and B.E. in Electronics & Communication Engineering.

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