The datum as a central element for making strategic decisions, useful for transforming knowledge into economic value and competitive advantage. According to a recent IDC report, the use of cognitive technologies, Machine Learning and Artificial Intelligence is expanding the front of opportunities for Predictive Analytics, solutions, for a market that will be worth 100 million euros in Italy by 2020.
“Competing with intelligence” the incipit of the report, which underlines how transformation of the sector must be increasingly data-driven. Digitization on the one hand and the growing number of partners in the ecosystem that produce data on the other are fueling the demand for advanced solutions for capturing, managing and, above all, analyzing information. Information that must translate into knowledge useful for improving business.
From Data to Knowledge: how is it done?
IDC has identified five keys to success for ensuring that data can pass to useful information:
- New predictive technologies or “Machine Learning is the king”
- Data governance, or the ability to collect, analyze and reuse information for improving management
- Ability to have an overview of different data sources
- Development of an organizational culture that sees information as a key to success
- The observation that not all decision-makers are the same, a factor that is often underestimated but which profoundly affects the management of processes.
Password: re-evaluating predictive tools
Transforming data into knowledge means abandoning the tendency to use them only for descriptive analysis, to commit to a way of working that uses the functions of Artificial Intelligence in a more systematic way in order to refine and improve predictive processes. What is needed, therefore, is a cultural change in the approach to analysis of information in the company: what the report defines as a passage from Business Intelligence to Intelligent Business.
IDC predicts that, by 2020, 75% of developers (ISV and business) in Europe will include mechanisms of Cognitive Computing, Machine Learning or Artificial Intelligence in at least one application, including all analytics solutions.
What investments will be involved?
According to the latest IDC surveys, the European market of Advanced and Predictive Analytics solutions will grow from 991 million euros in 2017 to 1,150 million in 2020. In Italian companies, spending on these solutions will reach 100 million euros in 2020, while Italian spending on these types of instrument last year stood at 83 million euros, with a growth forecast in line with the European forecast.
The promise that Advanced and Predictive Analytics, together with cognitive technologies and Artificial Intelligence, can provide advice and assistance not only to Data Scientist but to all knowledge workers, thus greatly expanding the user base, is further fueling corporate investments on this front.