Johannesburg, 22 Oct 2021
Analytics is becoming increasingly important for global organisations, which are changing focus in how they are harnessing it and the tools they are using. This is according to experts who were speaking ahead of a webinar to be hosted by iOCO and IBM, in collaboration with ITWeb, on 'AI Powered Analytics for Digital Acceleration'.
Dave Albert, Global Business Partner Segment Lead, IBM Data and AI Apps, says IBM is seeing a change in focus for organisations using analytics, BI and planning tools. “We are seeing people using data differently now. This may be due to the shock of the pandemic or because they were able to focus more on the capabilities of the tools during the work from home phase, but we now see a lot more focus on better forecasting and planning ahead.”
Lisa-Giane Fisher, IBM Institute for Business Value leader for the Middle East and Africa, says beyond basic forecasting, organisations are applying predictive analytics and scenario planning to understand how a variety of scenarios could impact the cost and profit of products or services, highlight potential future problems, and recommend actions to eliminate or reduce their impact. “Consider utilities, for example. Their ability to do scenario planning is critical when building out a grid or integrating renewable sources of generation. These projects take decades and massive investment, so the ability to understand the potential impacts of a variety of factors – economic, technological, environmental – is critical for effective decision-making."
AI-powered analytics is proving itself across sectors, bringing measurable value to organisations, she says.
"South African companies have already seen an average revenue gain of 4% from their AI deployments. What we found in one of our surveys – the third Survey on Enterprise AI – was that over 85% of advanced adopters of analytics, in addition to achieving measurable revenue gains, are reducing operating costs. We find that organisations that adopt AI in at least a pilot phase outperform peers 2X financially, compared to those who haven’t. AI’s financial impact has become clear,” she says.
The IBM Institute for Business Value (IBV), in its 20 Global C-Suite Study, found that ‘torchbearer CIOs’ have charted a new path to value by incorporating data into their strategies, operations and culture, seeing data as critical in enhancing their organisation’s productivity, agility and ability to innovate. The IBV also reports that the pandemic has driven the adoption of AI in analytics, as well as in broader digital transformation.
Albert and Fisher will be among the experts addressing the 'AI Powered Analytics for Digital Acceleration' webinar to be hosted by iOCO and IBM, in collaboration with ITWeb, on 27 October. This event will deep dive into the factors that accelerate business, why data and analytics efforts can fail, and how AI-powered analytics is enabling technology-driven business transformation and where AI investments have delivered the most value. It will also highlight how IBM’s AI & Analytics Services organisation is helping enterprises get their data ready for AI and ultimately achieve stronger data-driven decisions. For more information and to register for this event, please click here.
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