Ai Topics For Project : Three Top AI Trends To Watch This Year
Ai Topics For Project : We all know the significant changes that we have had to adapt to in the last year. The 2020 pandemic disrupted all industries and forced every business to start re-evaluating its investments and strategies. One major shift that the pandemic caused across different sectors is how much effort organizations put into digital transformation.
Businesses that prioritized digital strategies were the ones that adapted the most during the pandemic. They were able to adapt quickly, and this differentiated them from other businesses that were less innovative with non-existent or immature digital capacities.
The latter ones were also forced to adjust to digitization very quickly. Otherwise, they risk falling out and losing it all. That’s the stage that we’re at, businesses that won’t reinvent themselves and their business models and strategies in line with digital transformations are likely to lose it all.
Although digital transformation is not a new concept, as it’s been here for decades now, the evolution of artificial intelligence in recent years has shed more spotlight on it. As we know it today, AI is a significant part of all strategies that involve digit transformation. This is mainly because of its ability to solve the problems of businesses with speed and at scale.
AI advancement has now led to an increase in AI-focused businesses and has brought about more investment in the different industries. As of 2018, the AI market global enterprise had a value of $4.58 billion, according to a report in Research and Markets, but it is estimated that by 2026, it will be $53.06 billion. This estimates its annual growth between 2019 and 2026 at 35.4%. This shows the fast growth and quick evolution of AI technology.
AI proved its strength throughout the pandemic. Many businesses had to rely on this technology to adapt to the situation and thrive in a difficult business environment.
The harsh economic climate that we now face means that companies have to turn to Artificial Intelligence for the sake of efficiency and automation. This way, they’ve been able to scale the business up and also redeploy their human capital.
In the last few years, we’ve seen AI’s potential continue to rise exponentially, but the events of the previous few months have given this technology even wider publicity and have allowed it to grow massively. Many businesses now understand the need to invest more in AI to help them build and plan for their future.
In light of this, we look at three of the top mimy AI trends that businesses have to look out for in 2021.
- The need for more data scientists
While 2020 was difficult for everyone, it came with a silver lining for data scientists as it served as a springboard to their growth.
The creation of new roles in data engineering and data modeling was imperative, which led to an increase in the need for specialists in AI & ML, legal data rights, and data procurement. Another new emergence is the citizen data scientists that use Python to increase the speed of decision-making.
Data scientists with good skills can translate the business requirements to data science, find out new ways to operate and create value with the potential of providing a massive increase in productivity for the business and economy as a whole. They can use data science in answering complex and critical business questions.
Some companies responded to the pandemic and the uncertainties caused by a News tracker that uses AI to look through news stories to find and classify any opportunities or risks mentioned in it for them.
This resulted in a time-series signal with which firms can pay attention to material impacts and not just general news. This saves them effort and time.
There is now an increase in the demand for data scientists who understand domain knowledge and statistics. Trends in this industry show that, in the last two years, companies have had to increase the number of data practitioners that they hire per role to an average of 17. About 28 percent of firms now have at least 5 data scientists working for them. The number and percentage were significantly smaller in previous years.
- Data modeling moves to the edge
Another interesting trend to watch is the shift to cloud-edge hybrid strategy from the cloud-only approach, enabling machine learning.
The ability to analyze raw machine data with high resolution and high fidelity in the cloud is usually too expensive. Worse still is that you don’t get it in real-time because of transportation and other ecosystem considerations.
This has made many organizations settle for small sample sizes or data that is time-deferred for their effort, which provides inaccurate or incomplete pictures.
Experts now predict that the market for edge cloud services will grow rapidly this year. The implementation of edge-first solutions will help organizations synthesize data locally, identify the inferences for machine learning for raw data sets, and deliver better predictive capabilities.
Working with edge versions of machine learning models will help organizations to respond faster to events in real-time and also have the ability to react, act, pro-act to exciting events.
- AI in consumer commerce
It is now obvious that e-commerce, restaurant, and retail firms using AI can provide better performance outcomes and increase their merchandising service level. This trend has been accelerated since the start of the pandemic. Businesses providing directly for consumers who fail to stop using AI in this digital world will die off very quickly.
More than ever, it is essential to integrate artificial intelligence in the process of decision-making for your business. For brands that are into consumer commerce, they can maintain a strong supply chain that’s resilient and predict demands accurately. They are also able to optimize their prices, manage human capital, and adapt to their customers’ behaviors.
In the end, the purpose of differentiation for businesses into consumer commerce is to make faster and wiser decisions to help them provide the best service to their customers. For this to happen, AI is a significant factor.
The pandemic has changed the world forever. Although AI’s emergence has been in the making before last year, it has grown rapidly and is now essential for organizations looking to navigate their way through the post-pandemic world. For businesses to retail their competitiveness in the market, embracing AI is critical irrespective of the business’s size.
Organizations have to be more flexible now and keep up with market trends to right moves in real-time.
Charlie Svensson is a fast, engaging freelance writer. He is skilled in content writing and blogging. His posts’ favorite topics are education, social media, marketing, SEO, motivation blogging, and self-growth. Excellent adaptability of skills to reach diverse audiences.
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