How Data And AI Will Shape Business Growth In 20224 min read
Yaron Morgenstern is the CEO of Glassbox, a leading provider of digital experience analytics for web and mobile applications.
2022 promises to be the year that more companies leverage the power of data and artificial intelligence (AI) technologies to spur business growth. Companies around the globe were put on the defensive when the pandemic rapidly increased the demand for digital services, revealing gaps in digital experiences and databases and accelerating digital transformation across industries.
Now, more enterprises are able to move from reactive to proactive operational strategies. This includes investing in data and AI innovations, which are rapidly advancing in capabilities and accessibility. The following are my top data and AI predictions for digital businesses in 2022:
Holistic platforms will reign over point solutions.
Over time, most businesses have collected data and/or AI tools that each solve a specific operational problem. This can lead to conflicting information across departments or a difficult juggling act as technologies advance. In 2022, we will see a collective shift away from point solutions toward holistic platforms that offer a suite of business solutions. We saw this trend begin in the digital experience analytics space in 2021, as the industry consolidated through a series of mergers and acquisitions.
Consolidation will continue in 2022, which will lead to more holistic DEA solutions that offer deeper insights into the full customer journey rather than siloed pieces (i.e., A/B testing, customer clicks, consumer survey, conversion rates, session replay, etc.). Digital experience intelligence will be a key part of this platform shift. As an extension of DEA, DXI uses machine learning and AI to provide businesses with a comprehensive picture of the customer experience by owning and analyzing the bulk of customer experience data.
We will see similar consolidation and greater demand for holistic platforms across industries in 2022, which will likely have a positive impact on business outcomes, organizational efficiency and customer/end-user success.
Data will be democratized.
More businesses have moved to a data-driven decision-making process, which requires more people to have access to data than ever before. In 2022, we will see a democratization of data within organizations. Though data scientists will still be crucial, more business leaders and departments will take ownership over data, which will increase transparency and eliminate silos (assuming they are working from a single source of truth). To support this, more businesses will invest in technologies that will give employees better access to data and analysis tools, including data fabrics, which will also help manage unstructured data.
As data is integrated into more parts of business operations and decisions, we will see an increased focus on the quality of data, with teams assigned to the tracking and improvement of data quality.
Since AI relies on data to learn and function, a rise in data-first approaches across enterprises will support a greater adoption of AI-powered tools in 2022.
AI will become more accessible to developers and IT teams.
In 2022, we will see increased use of AI by developers and IT teams, which will help to speed up operations and modernize practices. AI tools can help automate the analysis of legacy code, which can radically reduce the time it takes to update platforms and services to align with today’s technological standards and customer expectations.
At the same time, certain machine learning and AI models that were once only accessible to tech giants such as Google and Facebook will become more readily available to mid-sized businesses in 2022 due to a rise in off-the-shelf options.
This access will be further enhanced by natural language processing interfaces, which are developing no-code/low-code applications. Through no-code/low-code platforms, business leaders can create software with limited coding knowledge. The adoption of this technology will grow throughout 2022, supporting app development, customer experience design, workflow automation and AI.
Widened access to these AI solutions will increase efficiency and accelerate go-to-market timelines.
Privacy, security and ethics will drive changes.
Government regulation around data collection and data privacy will continue to tighten in 2022. Simultaneously, customers will grow increasingly concerned about their privacy and security on digital platforms, leading to a rise in consumer demands for control of their data.
In 2022, businesses will prioritize accommodating these regulations while also taking a proactive approach that centers privacy, consent and security within digital platform designs. Companies will need to find ways to give their customers hyper-personal experiences (proven to increase revenue and loyalty) while allowing them to regain control over their data.
When it comes to AI, the technology and capabilities are evolving rapidly, which means that regulations and governance will soon catch up. We can expect more checks and balances for AI to be put in place in the coming years to ensure long-term sustainability.
In addition, demand for responsible AI solutions is on the rise. According to Forrester, these solutions “help companies turn AI principles such as fairness and transparency into consistent practices.” Many businesses using enterprise AI may adopt responsible AI solutions in 2022, using them for bias detection and ensuring compliance.
Implement and expand.
2022 will be a year for businesses to take advantage of growing AI and data innovations by implementing cutting-edge technologies. Companies that are already using AI and advanced data tech will use 2022 to expand the ways in which they’re utilizing the technology within their operations. A year of data-driven, AI-powered growth lies ahead.
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