Private Air New York

www.privateairny.com Private Air | Spring 2021 41 5 AI TRENDS PROFOUNDLY BENEFITING BUSINESS BOTTOM LINES By: Merilee Kern, MBA Expert cites machine learning advancements creating immediate, actionable value to drive data literacy, elevate cognitive insights and increase profitability in kind. BUSINESS I n today's tumultuous business-scape amid increasingly complex and often vexing marketplace conditions, curating and mining data to drive analytics- based decision making is just no longer enough. For competing with maximum, sustained impact and mitigated opportunity loss, it's rapidly monetizing data that's now the name of the game—particularly when spurred by artificial intelligence (AI). Indeed, emerging AI methodologies help forward- thinking companies achieve and sustain true agility, fuel growth, and compete far more aggressively than ever before. AI is critical to those ends and certainly for aptly predicting, preparing, and responding to future crises as with the COVID-19 pandemic. Gartner recently cited the need for "smarter, faster, more responsible AI" as its No. 1 top trend that data and analytics leaders should focus on—particularly those looking to "make essential investments to prepare for a post- pandemic reset." Novel coronavirus matters aside, Gartner underscored just how impactful AI would become, predicting that, "by the end of 2024, 75% of enterprises will shift from piloting to operationalizing AI, driving a 5X increase in streaming data and analytics infrastructures." "To innovate their way beyond the post-COVID-19 world, data and analytics leaders require an ever-increasing velocity and scale of analysis in terms of processing and access to succeed in the face of unprecedented market shifts," said Rita Sallam, Distinguished VP Analyst, Gartner. However, employing AI techniques like Machine Learning (ML) and Natural Language Processing (NLP) to glean insights and render projections is simply no longer "enough" to get the job done— especially for organizations seeking to compete efficiently on a national, multi-national or global scale. Today's organizations must endeavor toward a culture of AI-driven data literacy that directly and positively influences their top and bottom lines.

• Cover