Starting with descriptive analytics and continuing with contemporary AI concepts, providing key insights (and developing the methodologies to do so) has been a key business pursuit over the last couple of decades. It is important to note that many industries have made tremendous progress in this area in terms of technology infrastructure, approaches used and business results. Analytical capabilities have become an indispensable part of many businesses, supporting critical functions. Techniques, which had mainly been limited to their academic applications, have now become mainstream business methods, supporting decision-making in operations, product development, channel management and customer management.
On the other side of the coin, the world of using analytics to generate insights is changing. Complex data analysis supported by analytic techniques is no longer the mainstream concept. The emergence of easy-to-use and commercial-grade artificial intelligence algorithms is changing the face of insight generation. Technologies like GenAI are producing complex analysis faster, more cheaply, and with less structured input. Coupled with an increasingly volatile and fast-changing business environment, conventional techniques are starting to fall short. As such, it is necessary to build upon existing concepts with the help of emerging technologies.
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