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October 31, 2018

The Age of Analytics

Data is changing the face of the world

The Age of Analytics
Cooper Fitch Dubai
Cooper Fitch Dubai
Cooper Fitch Dubai
Cooper Fitch Dubai

The data analytics era is coming to life. The Fourth Industrial Revolution is the fourth major industrial era since the Industrial Revolution of the 18th century. Its main characteristics include the fusion of technologies that are blurring the lines between the physical, digital and biological sphere where they are referred to as cyber-physical systems.

The digital transformation that occurred in the last five years caused a change in the corporate landscape. In 2017, the UAE was the first country to get a Minister of State for Artificial Intelligence. This is a clear acknowledgement by the country that technologies will inevitably change the world around us and quickly. This in return affects the way businesses function and puts organisations that do not utilise data insights at risk.

Big Data + Artificial Intelligence

Big data is everywhere and preserving the generated data should not be looked over. It is difficult to store massive amounts of data generated by any company and this is why traditional computing techniques no longer hold the ability to handle massive datasets. Artificial Intelligence is used to store and process the large data sets. Artificial intelligence and its sub-branches such as Machine Learning, Deep Learning, Neural Networks are all algorithms based and for that reason they are used on a huge amount of data or Big Data to produce desired results. These results include finding trends, patterns and predictions. Complex analytical tasks that are faster than human capabilities are done on Big Data with the help of Machine Learning and Artificial Intelligence.

We have been hearing about Big Data for the last 10 years but what does that mean for the industries? Majority of leaders are now opting to employ data scientists in order to provide the business with a better direction as to what the business really needs.

With over 3.3 billion workers worldwide, we are expecting to see 41 percent of the employees are most likely to be automated in Kuwait with the technology available today. Almost 5 million jobs are prone to be automated by 2020 in Europe alone.

The new world disruption has caused many employees to stop working for an employer and instead act as an independent entity. 90 million people around the world and around 48 percent of people in the United States are freelancers.  The United States is known to be an innovation powerhouse and is a pioneer in technology. There is a clear positive correlation between the extent of technological advancements and the prevalence of independent employees.

79 percent of clients and customers will no longer be looking for businesses that can provide them with close-ended services. Data is becoming incredibly important as it helps expose variability and optimise operations for the highest quality results. Any traceable data patterns can create competitive advantages and result in business benefits like more effective marketing and increased revenue. For these reasons, the data market is expected to grow by 29 percent to reach 67 billion dollars by the year 2020.

Data is changing the face of the world. The era of data intelligence will affect workforce planning, branding strategies, expansion and diversity and the activity optimisation of talent acquisition. Nonetheless, it is not about the data, it is about what you do with it.

Dale McKerrell By Dale McKerrell

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