Are companies maximizing their data analytics programs, moving into machine learning, or are they still not sure what to do with the latest technology to drive results and improve the bottom line? That big question was the focus of the latest Informa Engage research study sponsored by Dell EMC and NVIDIA.
The study looked at the current and future use of analytics, predictive analytics and machine learning to determine:
- How companies are using predictive analytics.
- Key benefits and deterrents associated with the use of machine learning.
More than 300 IT professionals in a variety of industries and various company sizes took part in the survey.
Risk Assessment and Cyber Security Drive Predictive Analytics
Predictive analytics involves analyzing data from the past to predict the future. The technology is gaining more and more interest in the industry because of its power to deliver key insights that can save companies time and money. But how are organizations using predictive analytics tools?
The survey revealed that a majority of respondents used predictive analytics for risk assessment (56%) and/or cyber security (48%), followed by fraud prevention (39%) and/or supply and demand planning (34%).
Machine Learning is the Next Step
One question in the study dived into the potential of machine learning. When asked if machine learning could enhance their company’s data analytics program, most of the respondents currently leveraging data analytics (55%) believe those programs would benefit from machine learning. An additional third think machine learning could possibly enhance their use of data analytics.
Automation will be a Game Changer
Another interesting trend that surfaced was around the future of automation and whether it will give companies a competitive edge in the industry. A clear majority of respondents currently leveraging data analytics (68%) believe automation in predictive analytics will be a key differentiator for companies in terms of staying competitive.
The main takeaway from the study is that companies are still in the early stages of machine learning adoption. Only 18% of respondents using some form of data analytics are currently leveraging machine learning. Another 55% are either considering implementing, or researching machine learning. The biggest deterrents aren’t surprising – lack of skills (47%) and budget (44%). But overcoming those challenges might be the key to staying competitive in any industry.
You can view the entire study and its key findings right here.
Sponsored by: Dell EMC and NVIDIA