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    Big data and artificial intelligence: how to stay one step ahead in your business

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    Making the best use of data within your company. According to industry analysts, becoming a “smart” company is proving to be an essential competitive advantage in the data economy. Looking at the artificial intelligence market in Italy, the strong growth of the sector is immediately clear: According to estimates by Assintel Report, the permanent digital market observatory from Confcommercio’s national association of ICT companies and edited by IDC – the sector will grow from €860 million in 2021 to €1.1 billion in 2022 and reach €1.4 billion in 2023. A growth rate of +40% in the three-year period 2021-23. 

    The report predicts that by 2023, one in four enterprises globally will use real-time analytics to drive decisions at both strategic and operational levels, relying on applications and processes “augmented” with machine learning and artificial intelligence to increase their agility and resilience levels.

    Assintel Report estimates the Big Data Analytics market segment in Italy (hardware, software and services) will have a value of approximately €2.5 billion in 2021, and could exceed €3 billion in 2023.

    Source Assintel Report 2022

    Big Data and artificial intelligence for a data-driven company

    Is your company an SME? Are you already exploiting the potential of AI and big data platforms? Research on artificial intelligence by the Politecnico di Milano Artificial Intelligence Observatory highlights the uneven adoption of AI solutions in Italian companies: In 2021, the number of large companies that launched at least one AI project increased (+59%), while only 6% of small and medium-sized companies did so. 

    If you are an SME, now is the time to invest in AI and big data platforms to gain a competitive market advantage.

    To do this, you’ll need to define a “Data Strategy”, i.e. a long-term action plan aimed at making the best internal use of your company’s data. A “data strategy” covers choices about the resources needed for the governance of a company’s information assets and how to make the best use of them through advanced techniques, such as machine learning.

    What tools are needed to set out a data strategy? Experts in the field define Intelligent Data Processing as solutions that use AI algorithms on structured and unstructured data, for purposes related to the extraction of information in the data and to launch consequent activities.

    How to harness big data and artificial intelligence for a profitable business strategy

    What can be achieved with the combined and expert use of big data and artificial intelligence? Top of the list are future performance forecasts, a real compass to guide you on the challenging path of company consolidation and growth. AI and big data platforms give you insight into business performance by analysing past behaviour, contained in the data, and predicting future performance. By combining company data with external contextual variables, you can get an estimate of future performance in terms of return on net investment and sales, and cash flow. A high degree of predictive accuracy, the result of mathematical algorithms and the monitoring of markets and macroeconomic news, is essential for implementing a profitable data-driven business strategy and effective cost management. This makes it possible to carry out simulations based on specific questions.  Together, these factors enable you to act ahead of events, setting the course for your company to achieve its goals and secure a competitive advantage.