Growth of augmented intelligence and predictive analytics

With the rise of AI and machine learning, it’s no wonder to see many applications across all markets. New trends in the usage of AI and ML can be seen in many areas and businesses. They have become staples in business intelligence, but also in business optimization.?

Two of the main trends whose growth we see daily are augmented intelligence and predictive analytics. We have already covered augmented analytics, which is powered by augmented intelligence, in one of our previous blog posts, so we can see how these fields already affect us.?

The possibilities of augmented intelligence and predictive analytics are vast and they will, most definitely, change how any parts of business operations, and even our daily lives, are performed. AI, ML, NLP, and deep learning, are all a part of this, and they provide us with the possibility to perform tasks faster, better, more efficiently, and more accurately. They can uplift any of those from task automation to better data analytics and processing.

What are augmented intelligence and predictive analytics?

Gartner defines augmented intelligence as a design pattern for a human-centered partnership model of people and artificial intelligence (AI) working together to enhance cognitive performance, including learning, decision-making, and new experiences. We must diversify augmented intelligence and artificial intelligence. AI enables machines to mimic human behavior, whereas augmented intelligence employs human aspects as well. Augmented intelligence brings machines and humans together to improve or enhance business processes or operations.?

Augmented intelligence is also referred to as intelligence amplification (IA). Imagine combining this with human intelligence! The possibilities are endless and will soon become an integral part of everyday behavior. It will stimulate innovations, productivity, improvements, and different ways of thinking.

Predictive analytics is a part of analytics that makes predictions by using historical data combined with data analytics and machine learning to find patterns, identify future trends, and predict how certain business and market aspects will behave. Predictive analytics is often associated with big data and data science, and it helps identify risks and opportunities.?

Many business decisions rely on accurate predictions, so these analytics are quickly becoming foundations of business strategy creations and implementations.?

The growth of both will continue to increase and become one of the most profitable markets and areas for investment. As technology progresses, we will see more and more implementations and innovations in augmented intelligence and predictive analytics.?

What do augmented intelligence and predictive analytics bring to the table?

Avoiding being blindsided - With augmented intelligence and predictive analytics one can see how certain things will perform or happen in the future. They can show patterns, trends, and movements, which helps anticipate changes in operations or markets. Since the world changes at a rapid pace, getting insights into all the information is integral. Reacting on time to that information is even more important.?

Faster and more optimized business operations - By helping humans perform better and faster, business operations are in turn faster. Combining technology, especially AI and ML, with human contributions, will optimize their tasks and how they do things. There is a higher level of confidence in task performance, so work becomes more efficient and value-producing.?

Better positive customer experiences - We can link conversational analytics with augmented intelligence. By employing higher levels of technologies, interactions with customers are more satisfying, as well as their experience. Each touchpoint with brands, products, or services can get more optimized and customer-centric.?

Optimized decision-making and planning - Technology-supported decision-making is more accurate than relying solely on individual estimation and bias. With correct and optimal data analytics, decisions based on data are more solid. Future plans are more reliable with predictive analytics that can show how certain business aspects will move or behave.?

Collaboration between AI and human creativity - AI won’t necessarily take over creative processes, but it will rather enhance them. Humans and AI can collaborate on idea generation or in making creative processes simpler. It can save time, but also provide new opportunities how to maximize creative efforts.?

Help in real-time business operations tracking - Augmented intelligence provides the ability to track business operations and their performance. It follows data, metrics, and insights that go along each process and use them to convey recommendations and alerts on how they behave. By tracking operations, it can anticipate standstills or any issues that may arise.?

Easier identification of risks and threats, but also opportunities - With complete data utilization combined with human input, it’s far easier to identify risks and threats. With prediction possibilities and AI, certain risk factors can be monitored and anticipated. But it’s not only for security and risk management, it’s also for identifying untapped potential and opportunities.

Conclusion

Augmented intelligence and predictive analytics are not newly coined terms, They have been around for some time, but only now have they seen a rise in popularity like never before. The reasons behind it are evergrowing innovations in technology. There is a lot of talk and buzz around AI and what it can offer. Combining that with human expertise, soft skills, and intuition, is a winning combination. Most certainly we will see growth and increased demand for augmented intelligence and predictive analytics products and services.