This article was authored by Tom Andreesen, Managing Director of Protiviti and Global Microsoft Alliance Leader for Kelley’s Institute for Business Analytics’ Fall 2024 publication, On Analytics.
The field of business analytics has never been more dynamic or challenging. The past year has heralded a transformative era in the realm of artificial intelligence (AI), culminating in developments that have substantially altered preconceived notions about its accessibility. Once deemed to only be accessible to the intellectual elite comprising researchers and advanced mathematicians, AI has now transcended these boundaries to become a tool available to a wide array of professionals across various sectors. This historical shift has been characterized by the emergence of user-friendly AI platforms, which have eliminated complexities associated with deploying and understanding AI models. Consequently, this democratization has significantly broadened the applicability and impact of AI, enabling enhanced decision-making capabilities and innovation even for those with minimal specialized mathematical knowledge.
The use of AI is revolutionizing the data as key assets to an organization but also poses challenges as it places remarkable power in individuals’ hands. Due to its sheer volume and complexity, aggregating and leveraging data can be technically demanding. Additionally, companies continue to grapple with ‘bad’ data—unstructured information missing key attributes or failed aggregation across multiple systems.
The AI-driven revolution in the analytics sector underscores the need for robust governance and policy frameworks more than ever. As organizations leverage AI’s remarkable capabilities, they encounter an array of complexities including the management of risks associated with the immense power AI entrusts to individual and the technical challenges inherent in data aggregation and utilization due to its volume and intricacy. Governance structures are pivotal, establishing a system of rules, practices, and processes guides organizational operations toward strategic objectives. Policies play a complementary role by providing clear action guidelines for various scenarios.
Despite these hurdles, enormous opportunities exist for organizations that effectively navigate this landscape. Hidden within disparate systems lie rich data assets that companies frequently overlook but could provide valuable insights if adequately harnessed. AI technology, with its potential to deliver deeper insights, offers even greater possibilities for informed business decision-making. The unprecedented advancements in AI technology now enable enterprises to extract critical insights and identify market trends that were previously inaccessible without complex data processing strategies.
Navigating through the evolving landscape of business analytics may pose significant challenges, but it also unveils transformative opportunities for those who are prepared to adapt and innovate continually. The pace of change in this field is rapid, and those who can stay ahead will be the ones to reap the most significant benefits. It has indeed been a remarkable year, yet the future holds boundless potential for AI’s use and integration into all aspects of the business world.
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