Will we look back on 2014 as the year that marked a new era in business? According to faculty at the International Institute for Analytics (IIA), advances in big data, along with machine learning and embedded analytics, will drive new products, reinvent old business processes, and quite possibly mean a lot more work for lawyers.
The Portland, Ore.-based advisory and research analytics organization released nine official predictions for the new year, but based on a recent webinar where faculty members discussed what they see for 2014, the number was closer to 12, by my count. Here they are:
1. Businesses will continue to embrace machine learning and automation. Businesses will need to lean on machine learning and automation if they hope to juggle the incredible volume of data they’re seeing. Some businesses, for example, are producing thousands of models — sometimes at the SKU level. “When you scale that in the hundreds of thousands, machine learning becomes an attractive technology,” Sanjeev Kumar, analytics product manager for Dell’s enterprise IT organization, said. “It can continually learn and dig through big data.”