True to the statement by Alan Key, a noted Computer Scientist, who said that The best way to predict the future is to invent it, recent trends in technology has brought about a sea change in data intelligence and decision science which comprises of collection, processing and application, thereby completing the full cycle of the value chain involved in automated decision science. The three key sectors or technologies which play major role in the value chain are Internet of Things (IoT), Big Data & Analytics and Machine Learning (ML) or Artificial Intelligence (AI) - Three wonders or Breakthroughs. The value brought about by synergy of these three technologies as a whole, is greater than sum of individual technologies which are discrete.
For any manufacturing company, it is important to understand the layers in the technology stack to leverage the real value brought by the three wonders in today's technology. IoT, enables a product to become smart and connected, where it can communicate to the world rather than being dumb as a passive participant in the smart value chain. The humongous data from sensors embedded in the products need to be analysed to generate meaningful insights using Big data analytics programmes. Further, ML helps to automate the process of insight generation and automates the decision science.
The value of the three technologies can be applied to a B2C or B2B sector. IoT helps in the efficient operation of the products and creates a feedback loop for the user or manufacturer regarding the condition of the products. In near future, it will be much important for capturing demand signals, real time visibility and intelligent decision making for competitive advantage, driving efficiency and customer satisfaction. Most importantly in Manufacturing, Logistics and Retail, inventory management by tracking problems or shortfall before they occur will be the cornerstone, rather than knowing after the problem arises. In order to develop competencies in the three breakthrough technologies, companies which aspires to gain competitive advantage will need to create a dedicated team which are vertically focused and horizontally integrated in the three technologies of the future.
The role of the three technologies acting in synergy is synonymous to our sensory and motor system of the human body where sensory organs / system collects the information (IoT), the Brain, acting as an Intelligence System (Big Data Analytics & Artificial Intelligence), processes the information and sends the signals to the motor system for application/action
The future of decision science is filled with potential opportunities for companies to tap in to each segment of the three technologies and leverage the benefit out of it. As the world becomes more connected, customers become more demanding and resources becomes more deficient, it is important to apply the benefits of the breakthrough technologies in order to bring efficiency in services/operations thereby preventing the downfall of the enterprises. Not only the private companies can benefit from these technologies, public sector institutions too can be open to the transitions happening in the ecosystem; leapfrog in order to build sustainability, accountability and reliability in the system, which has stayed dormant or lagged behind the private enterprises. It is better to be late than never.