According to research from International Data Corporation, revenues for big data and business analytics solutions are forecasted to reach $260 billion in 2022.
An increase in the use of artificial intelligence (AI) will result in $2.9 trillion of business value by 2030, according to a study by Gartner.
“Progressive thinking businesses and organizations cannot afford to ignore the growing applications of artificial intelligence (AI) and data analytics,” says Michael Ratajczyk, the program director for B.A. and M.S. Business Intelligence and Data Analytics programs at Saint Mary’s University of Minnesota. “Sometimes machines can do it better than humans. As people say, machines don’t sleep, they don’t take vacation, they don’t get sick, and they don’t go on camping trips. They do what they’re told, and a machine can do the work with far more precision — and without 20 years of training.”
AI is here to stay, and it will be up to businesses and humans to adapt, adopt, and adjust to the future — especially in the areas of agriculture, transportation, and healthcare, where there is great potential for growth.
“Businesses can’t afford to ignore AI to remain competitive, and students can’t afford to not keep up with AI trends either,” according to Ratajczyk. “Soon AI will be addressed in all business classes. It’s true that sometimes people can be replaced by machines, and that can be good for businesses and bad for employees. There will always be a need for those who can program AI software and prepare, analyze, interpret the data. And, importantly, there needs to be a balance between technology and the human touch.”
There’s a lot to learn about AI and how it will play a role in the very near future. So, if you are a reporter covering this topic — then let our experts help.
Ratajczyk works with both undergraduate and graduate business intelligence and data analytics students at Saint Mary’s University. He’s an expert in the field and is available to help with any of your coverage or questions. To book an interview with Ratajczyk, simply click on his profile link below and arrange a time.
Michael Ratajczyk, M.A.
Assistant Professor, Business
Program Director, B.S. and M.S. Business Intelligence and Data Analytics
Research Fellow for Artificial Intelligence Studies at Wiley Education Services
Expertise: Business intelligence and data analytics