Are You Still Listening to the HIPPO?! How "Hyper Automation" Could Generate $860B by 2024 & Why Companies Invest Over $50M in Big Data and AI
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Chapter 1: Understanding Hyper Automation
Hyper automation is rapidly becoming a key focus for businesses, with Gartner projecting that the software supporting such initiatives will reach a staggering $860 billion by the year 2024. This trend is prompting organizations to heavily invest in big data and artificial intelligence, often exceeding $50 million annually.
For those who may be unfamiliar, this blog serves as your weekly digest for Data, AI, and Analytics, where we sift through the most impactful stories in the field to highlight what matters most. If reading isn’t your thing, you can always WATCH the weekly vlog [here](#) or LISTEN to the podcast [here](#).
As a bonus, we've prepared a well-organized slide deck packed with resources and links from this post. Feel free to scroll down and download it for FREE to share with your peers!
Now, let’s delve into this week’s top five stories in Data, AI, and Analytics:
Section 1.1: The Significance of Hyper Automation
What is Hyper Automation, and Why Should You Care?
Gartner's estimate of a $860 billion market for hyper automation-related software underscores its rising importance.
Preparing for Gartner's Data Analytics Summit
As you gear up for the upcoming Gartner Data Analytics Summit, take the time to review the agenda [here](#) and familiarize yourself with the role of analysts to foster a beneficial partnership. A must-listen is last week's Gartner ThinkCast, where they discussed the key data and analytics trends for 2021, including:
Smarter, more responsible AI
- Composable data and analytics
- Data fabric as a foundational technology
- The evolution from big data to small and wide data
- Engineered decision intelligence
- Data and analytics as a core business function
- The interconnectedness of data through graph technology
- The emergence of the augmented consumer
- Data analytics at the edge
Announcing the Data Cloud Summit
Are You Still Listening to the HIPPO?
Insights from Randy Bean's recent survey on Data & Analytics reveal that:
92% of executives prioritize positive outcomes such as transformation and agility, with only 5% focusing on cost reduction.
- 88% express urgency in investing in big data and AI.
- 55% of organizations allocate over $50 million to these technologies, and 21% exceed half a billion dollars.
- Cybersecurity and data privacy are priorities for more than 90%, while 56% emphasize "data ethics," a concept that was largely ignored a decade ago.
- 77% of respondents find "business adoption" of big data and AI initiatives challenging.
A notable quote from the survey highlights: "We still make many decisions based on the HIPPO [highest-paid person's opinion] in the room. However, we plan to onboard a Chief Data Officer in January..."
Can You Explain Your Role in Under 60 Seconds?
If this is a challenge, tune into the "Everything Data" podcast, where Ranil Boteju breaks down the Power of Data for his 11-year-old daughter.
EXTRAS!
A shout-out goes to Abdul for his insightful presentation at the Big Data Analytics Summit Canada (#BDCANADA2021)! Also, don’t forget that World Backup Day is coming up next week! Thanks to everyone who participated in "This Month in Tech, AI & Data" last Friday, where we discussed topics including data centralization and decentralization, hyper automation, bio-hacking, and more. You can catch the replay [here](#).
Additionally, here’s a book recommendation to expand your knowledge!