Everybody wants innovation.
Innovation is cool. It’s hot. It’s trendy.
But innovation for innovation’s sake is fruitless.
That’s why innovation must be tied to improving your company.
Let’s look at four ways disruptive technology impacts analytics.
1. Automate With Artificial Intelligence
Artificial intelligence (AI) is when computer programmers develop machines that work and react like humans.
By creating human-like machines, this disruptive technology impacts analytics by automating formerly human tasks.
One example is self-driving vehicles.
“Where drivers are restricted by law from driving more than 11 hours per day without taking an 8-hour break, a driverless truck can drive nearly 24 hours per day,” writes Ryan Petersen for TechCrunch. “That means the technology would effectively double the output of the U.S. transportation network at 25 percent of the cost.”
Whether your organization uses self-driving vehicles or finds another way to optimize your supply chain, you can bet that artificial intelligence has a function in that process.
2. Secure With Blockchain
Blockchain initially sounds like a tricky concept. However, it’s merely a series of blocks linked together to form a chain.
Blocks can be added to the chain, but the blocks already in the chain cannot be edited or deleted.
A useful application of blockchain, according to Jay Chang at Sidebench talks about a potential business case: using blockchain to manage electronic health records (EHRs).
Managing EHRs with blockchain directly impacts patients and their care cycle. This is because blockchain would add changes to your EHR without editing any of your previous history, “creating a secure, permanent record that is validated by all parties with private access to the data.”
Chang cites three business cases for blockchain in healthcare:
- Developing better health exchanges.
- Protecting patients and practitioners through supply chain accountability.
- Reducing fraud in billing and claims.
With these potential benefits, blockchain could have a huge impact in the healthcare industry.
3. Link Live Objects To Digital Counterparts
Gartner defines a digital twin as “a digital representation of a real-world entity or system.”
These digital twins are linked to real-world objects and offer information about their status, respond to changes, and improve operations.
“With an estimated 21 billion connected sensors and endpoints by 2020, digital twins will exist for billions of things in the near future. Potentially billions of dollars of savings in maintenance repair and operation (MRO) and optimized IoT asset performance are on the table, [said Gartner VP and Fellow David] Cearley” at the Gartner 2017 Symposium/ITxpo.
4. Pull Together With A Digital Duplicate
All of an organization’s digital twins can roll up into a digital duplicate.
A digital duplicate provides a real-time, 360-degree view of your business that powers data analytics. The digital duplicate’s infinite navigation lets you spelunk the many areas of your business’s data, and its ability to pull in data from many sources makes it a better data warehouse by ensuring accuracy and consistency.
Digital duplicates have helped companies identify opportunities for a healthcare provider to grow revenue by 25-30 percent, as well as reduce product strategy development of a global manufacturer from months to mere days.
Feel free to innovate with disruptive technology, and make it mean something.