In a recent TechTarget piece, Eric Avidon quotes Ray Wang, founder and analyst at Constellation Research, who believes that the combination of analytics, automation, and augmented intelligence will drive the future of business. 

The article underscores that the last two decades have seen significant changes in the business landscape, with nearly two-thirds of the organizations that comprised the Fortune 500 in 2000 now gone due to M&A activity or bankruptcy. Wang believes that by 2040, 80 percent will have disappeared. 

On the flip side, within just the last five years tech giants like Microsoft, Amazon, Facebook, and Apple have quintupled their market capitalization. According to Wang, these organizations’ data-focused business models is what makes their rapid growth possible—and other companies should take note. 

Through the combination of analytics, automation, and AI, enterprises can significantly improve their decision accuracy and ensure they are positioned to weather the business turbulence of the coming decades.

Below is just a brief snapshot of how the three A’s are working together to shape the future of business. 

Analytics 

Analytics is the foundation for all strategic projects. As Wang puts it, it all begins with the ability to ask key business questions and answer them as efficiently as possible, using data from internal sources, external parties, or a combination of the two. As companies analyze data of greater volumes and from a variety of sources, they must allocate sufficient time and resources to processing, cleansing, and integrating this information. Take a look at this previous APEX of Innovation post for more on some current analytics trends and innovations. 

Artificial Intelligence 

AI allows companies to take their data-driven decision making to the next level. We’ve examined the resulting business benefits numerous times, including in the customer service sector, the utilities industry, and within marketing departments.   

Automation 

Combining AI with automation allows companies to create feedback loops that add context, eliminate false positives and negatives to deliver more precise insights, and improve decision accuracy. In addition, compared to the weeks or months it typically takes humans to make a strategic decision, machines can make hundreds of decisions per second—significantly accelerating decision speed.

Click here for more from Wang on the three A’s, including examples of companies that are successfully leveraging these technologies to improve business outcomes.