Connected Industry: Three emerging trends that will impact the industry

As a technology company, Altair is always anticipating trends and industry movements. Constantly advancing, we set our goals to improve the way we do business for our clients. Data analytics solutions provide companies with the tools to make smarter decisions to improve their business. Beginning in 2020, we discovered three emerging trends that I believe will impact the industry.

Combining Artificial Intelligence and Analytics Teams

The foundation of how data analytics teams are organized will change as artificial intelligence (AI) and analytics teams begin to merge into a single discipline. Statistical model building and computer science have essentially merged into one. As a result, data, analytics, and machine learning (ML) teams will need to collaborate to derive greater value from the same data.

In addition, more companies will explore initiatives to democratize data by granting the right people access to relevant data so it can be used in optimal decision-making.

The use of commercial AI and machine learning (ML) tools will increase.

The vast majority of AI and ML projects are conducted using open source platforms. Open source tools are used to create innovative algorithms used in model creation and deployment environments. Many commercial vendors initially provided limited connectivity to the open source ecosystem, but this is rapidly changing. Commercial packages address the business needs of an analytics environment, including collaboration, data lineage, model management, and integration with other tools and applications.

IoT Data Utilization Will Grow

When used with other traditional data sources, the reliance on IoT data will increase. This data provides insights into product design and usage and can predict potential errors. For example, it could be used to influence post-sales contact and future marketing or loyalty campaigns. Data analytics will help deliver better customer experiences and position users above their competition.

At its core, data analytics is a highly technical discipline. For companies seeking to implement new competitive strategies, reduce risk, or solve any complex business problem, successful data analytics requires more people who use and understand the technology. Information must be shared quickly to drive decisions based on the insights uncovered. Failure to do so will allow competition to advance.

Our teams here at Altair are equipped to help our clients manage the inevitable increase in the use of data analytics in decision-making. We’ve designed our automation and machine learning tools to enable more people to collaborate as data is accessed, transformed, and analyzed. Whether the need is to more efficiently reuse scripts created from open-source tools, analyze voluminous amounts of new data from nearly every electronic device, or scale data analytics without compromising collaboration and governance, Altair can help.

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