The development of Generative Artificial Intelligence (Gen AI) has recently sparked much excitement and interest across a wealth of industries. However, its true potential in delivering business value, and driving faster, technology-led growth, is yet to be fully realized.
Data analytics is crucial in today’s data-driven world. Businesses across all sectors are beginning to recognize the many possibilities Gen AI has in enhancing their company’s analytics capabilities.
For instance, the global market for Generative AI in Analytics is expected to grow at a Compound Annual Growth Rate (CAGR) of 28.3%, rising from $624.8 million in 2022 to $7.09 billion by 2032.
In this article, we’ll explore how Generative AI can revolutionize data analytics, and how Stratio BD – the world’s first company to utilize Generative AI in its own Data Fabric product – can significantly benefit your business.
Supervised vs. unsupervised learning: How Generative AI analyzes data
AI can efficiently analyze vast amounts of data — uncovering valuable insights and identifying hidden trends.
Most data analytics platforms use supervised AI learning models trained on structured and labeled data sets. This is beneficial for identifying historical patterns and classifying information against predefined parameters.
Generative AI, on the other hand, is capable of both supervised and unsupervised learning. This means that the technology can also leverage unlabelled data to generate new, synthetic data. This synthetic output can then be used to test hypotheses or identify data trends that may be tricky to uncover with traditional supervised learning models.
Giving data meaning is the key to implementing Generative AI in analytics
Many platforms are now starting to incorporate generative AI layers into their existing solutions, allowing analysts to submit natural language queries to test business scenarios and make predictions based on historical and real-time data. However, these solutions mainly follow an application-centric model, which can lead to inaccurate or inconsistent findings, as siloed data from other systems cannot be factored into the analytics process.
In contrast, centralized data fabric solutions, like Stratio Generative AI Data Fabric, provide Gen AI learning models with metadata from all company systems and apply an industry- or company-specific semantic ontology on top of the data. This ontology layer categorizes and maps the relationships between data sets to provide the data with context. And because only the metadata (rather than the actual data) is shared with the Large Language Model in the data fabric, it protects the enterprises from revealing competitive information. A recent Gartner publication “Safely Using LLMs With an Active Metadata and Data Fabric Layer” explores this in more detail.
How Gen AI can enhance your company’s data
Enhancing company data with Gen AI technology can improve productivity, provide faster time-to-insight, and help organizations generate higher profits. According to the latest McKinsey predictions, generative AI’s impact on productivity could add $4.4 trillion in value to the world’s economy annually. Plus, researchers found that generative AI technologies have the potential to automate work activities that take up 60-70% of employees’ time today.
Within the context of data analytics, Gen AI can automate complex tasks, such as data cleaning, classification, and pattern recognition. This means that instead of waiting for data analyst teams to provide analytics spreadsheets, Gen AI can automatically query the relevant data sets and provide instant insights for business users – removing the need for manual data analysis, which can be time-consuming and error-prone.
Stratio’s Gen AI maintains security and adheres to data governance protocols by including only metadata in the queries sent to the LLM, not the actual data sets themselves. And as the metadata provides semantic context, thanks to the Knowledge Graph, this approach ensures accuracy and prevents ‘hallucinations’ (AKA false responses to data queries), making the Gen AI findings reliable, as the technology is aligned solely with verifiable iterations of company data sets .
Moreover, Gen AI’s Natural Language Processing (NLP) capabilities enable companies to create customer-facing chatbots. These tools empower customers to interact with enterprise data safely, providing instant responses to their queries or performing self-service tasks automatically on the customer’s behalf (such as processing customer returns). Because the Gen AI-powered chatbots combine relevant industry ontologies with business metadata, feedback is not limited to basic/pre-prepared answers. Instead, these live chat interfaces can provide hyper-personalized responses to customer queries.
In short, companies that embrace Gen AI technologies have the potential to position themselves as frontrunners in the data-driven era – giving their organizations a competitive edge and setting new standards in their respective industries.
Stratio’s five-stage Gen AI transformation process
Our Stratio Generative AI Data Fabric solution consists of a five-stage process designed to transform data analytics and unlock the full potential of organizational data.
- Data Auto Discovery: Powered by AI, auto-discovery eliminates data silos and helps maintain compliance. By automating the process of finding and analyzing all company data in real-time (regardless of storage location or data type) organizations gain a holistic view of their data assets and can treat them consistently with the same rules.
- Data Virtualization: Enable real-time access to 100% of data without moving it from its original location (on-premises or in the cloud). Data Virtualization ensures organizations have the latest information for informed decision-making and market responses. It also helps companies align with customers’ changing needs by providing consumers with accurate information, suggestions, and streamlined processes (such as submitting mortgage applications and processing returns). It can even perform complex calculations and devise ‘what if’ scenarios based on customer data sets, eliminating your customers’ need to speak to advisors or agents.
- Data Marketplace: The Data Marketplace applies data governance protocols, which provides users with business ontologies, Knowledge Graphs, information on domains, etc., to give business data meaning. This process equips technical and non-technical users with the tools to analyze and manipulate data without compromising data governance or security. The Data Marketplace layer enables faster decision-making and ensures all available information is centralized and understandable.
- Enabling AI: Automate decisions, generate real-time knowledge, and identify patterns using the latest data. Our Generative AI Data Fabric opens up new possibilities for building personalized customer recommendations, efficient stock management tools, and other business applications, to effectively drive success.
- Stratio Generative AI: Ask natural language questions and receive instant, meaningful answers on a user-friendly interface. Increase data literacy across your organization by providing access to comprehensive reporting, AI modeling, and application-building tools; all without writing a single line of code.
Discover Stratio’s Generative AI Data Fabric
Are you looking to revolutionize your data analytics journey? Stratio’s Generative AI Data Fabric empowers businesses to unlock the full potential of their data through the power of automated and self-improving processes delivered by generative AI.
Our team will guide you through the comprehensive five-stage process of Gen AI adoption while ensuring that your existing data governance and security protocols are maintained at all times.
Our solution lets you find and analyze 100% of your organization’s data within hours of deployment, guaranteeing that your organization can meet its compliance needs while ensuring your business users incur minimal system downtime.