The Chief Analytics Officer, Fall 2018 event by Corinium Digital, was recently held in Boston. The four-day event presented a platform to help organizations gain practical insights on analytics and how it can help drive digital transformation across organizations.
The event highlighted the role of an analytics leader in driving innovation within a business and build a cross-functional analytical culture.
The key highlights of CAO 2018:
- Discovering strategies to fuel analytics driven culture in enterprises.
- Ways to move beyond traditional data management methods and adopt new technologies.
- The effect of consumerization of technology on enterprises.
- How to match steps with the rapid pace of data and analytics landscape?
- Making use of Artificial Intelligence (AI) and Machine Learning (ML) to drive analytics function in an enterprise.
The event was largely led by CAO’s along with top-level analytics, data science experts, business intelligence specialists and data experts. The event was attended by 68% of C-Suite with 100+ speakers.
CAO 2018 had pre-conference sessions for discussing role of analytics and future opportunities across three major sectors – Finance, Insurance and Healthcare.
The event saw some interesting sessions led by eminent speakers like Sears Merritt – Chief Data Scientist, MassMutual Financial Group. He discussed how analytics can be used to predict what customer wants based on his past buying patterns, and how organizations will be able to improve acquisition, retention, satisfaction and profitability through this.
Some of the other topics that were discussed at CAO 2018 include:
- How to enable Digital Transformation to challenge the digital disruptors?
- The role of CAO as an innovator, enabler & a change agent.
- Opportunities in new and untraditional data sources.
- How to make machine learning work for an organization?
- Pre-requisites to build a data hub.
Increasing role of Data & Analytics
Data and analytics are becoming one of the primary concerns of organizations. The onset of new technology models like AI, IoT, Cloud etc. have further increased the generation of data and there’s this need to organize this data and analyze it in the most profitable ways.
Per the Innovation Game – How Data is Driving Digital Transformation report, by Corinium Digital, over 60% of global enterprises are now investing in a hybrid, multi-cloud strategy with both – data from cloud environments and existing on-premises infrastructure.
And, 72% of organizations are investing more than $2 million in new artificial intelligence initiatives in 2018 – 2019.
The event highlighted the importance of data and how it is the heart of digital transformation. To become digital at the core, organizations must identify all sources of data and take advantage of AI and analytics to get in-depth information from it.
Here, organizations which still rely on traditional or analog-era solutions and methodologies will not be able to make full use of this data. The successful businesses are the ones who are able to develop modern data management practices.
AI and Machine Learning
Both machine learning and AI go hand-in-hand when it comes to generating analytics and bettering decision-making process of organizations. Machine learning applications find their usage in strategic planning, diagnosis and artificial creativity; they are a crucial area of investment for organizations.
The use of AI and machine learning will help organizations innovate, streamline supply chains, and provide a clearer information to the management.
Takeaways
Enterprise digital transformation has paved way for the generation of new data that is both an opportunity and a challenge for the business organizations.
- Per Corinium Digital’s research, the main drivers of digital transformation will be the organizations that are focused on addressing customer expectations and modernizing several internal processes for meeting these expectations.
- Organizations are now shifting their data management needs from on-premises to cloud and hybrid workloads. The generation of data further necessitates the use of analytical tools to define this data into meaningful information.
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*All stats and image source: The Innovation Game – How Data is Driving Digital Transformation report by Corinium Digital. Access it from here: https://cdao-eu.coriniumintelligence.com/en-gb/
* Images credit: Corinium Digital
