LONDON & NEW YORK & TEL AVIV, Israel--(BUSINESS WIRE)--Israel Hi-Tech Conference 2022 recently put Decision Intelligence center stage, with main stage presentations from Omri Kohl, the CEO and co-founder of Pyramid Analytics (Pyramid), a pioneering decision intelligence platform provider, and Dr. Lorien Pratt, Chief Scientist at Quantellia and the co-inventor of Decision Intelligence. Their presentations set out how the growing field of Decision Intelligence is taking artificial intelligence (AI) and analytics to the next level, and formed part of a packed agenda of events. This year’s conference focused on the opportunities created by AI and featured speakers from technology giants including Dell, Google, and NVIDIA.
Key Points:
- Dr. Pratt outlined why Decision Intelligence is the link to connect decision makers with data and analytics, addressing the persistent underutilization of data-driven insights by businesses today.
- Decision Intelligence platforms have the potential to solve a range of previously vexing problems such as climate change, societal inequalities, and complex business problems.
- Unlike some ML-driven analytic tools concerned with completely automating analysis, Decision Intelligence platforms augment human cognition.
- According to Gartner® research, Decision Intelligence will be used by one-third of all large organizations by next year.
- Global Spending on Big Data and Analytics Solutions is surging: IDC estimates it hit $215.7 billion in 2021 and it will have 12.8% compound annual growth rate 2021-2025.
Dr. Pratt is a leading voice on AI and analytics today. With a background in machine learning, she spearheaded several major breakthroughs, most notably the invention of transfer learning. Today she is one of the leading visionaries on Decision Intelligence, having recently published a book on the topic: How Decision Intelligence Connects Data, Actions and Outcomes for a Better World.
Her address at Hi-Tech Conference 2022 outlined a persistent problem in the tech industry: technology is not solving the problems we need it to. AI and Machine learning revolutionized how computers were programmed, allowing for rapid process and analysis of data at scale. However, Dr. Pratt told the attendees, ML can only label and predict, it cannot model causal connections on its own. It does not join up actions and outcomes, leaving a fundamental gap between analytics and decision makers.
Decision Intelligence is crucial in moving from actions to outcomes. Dr. Pratt underlined how it bridges the gap from decision makers to data analytics and AI, providing them with rapid access to the insights they need to tackle the most pressing, complex, and often unsolved, issues we face today. Decision Intelligence is about letting humans work together with analytics, data, and more to use AI for strategic, operational, and tactical decisions, from the C Suite to the front line.
A $200 Billion+ Market
The growth potential of Decision Intelligence is enormous. Gartner predicts that “more than 33%” of large organizations will be using Decision Intelligence by 2023. Similarly, worldwide spending on big data and business analytics (BDA) solutions was forecast to reach $215.7 billion in 2021, an increase of 10.1% over 2020, according to a recent update from IDC. The compound annual growth rate (CAGR) for global BDA spending over the 2021-2025 forecast period is predicted to be 12.8%.
Pyramid is helping to define this growing market. On the back of a recent oversubscribed US $120M Series E funding round, Omri Kohl appeared at this year’s conference in Israel to showcase Pyramid Analytics’ commitment to ensure everyone – even if they don’t have a technical background in analytics or data science – can access faster and more informed decisions.
Decision Intelligence is the Next Big Data Analytics Innovation
Artificial Intelligence (AI) is an increasingly important analytics technology. But AI to date is limited to highly-trained practitioners, and until now, there has been no easy way to integrate the essential AI components of Data Prep, Business Analytics, and Data Science. Pyramid solutions meet this need: its Decision Intelligence solutions go beyond traditional business intelligence tools such as Microsoft Power BI, Qlik, and Tableau. Pyramid’s platform lowers the skills barrier by automating the highly technical work needed to prepare and analyze data and create and share reports and dashboards.
In particular, the Pyramid Decision Intelligence Platform delivers data-driven insights for anyone to make faster, more intelligent decisions. The Pyramid Platform provides instant access to any data, enables automated governed self-service for any person, and serves any analytics need, from the simple to the sophisticated. By uniquely combining Data Prep, Business Analytics, and Data Science with AI guidance in a single environment, the Pyramid Platform reduces cost and complexity while accelerating growth and innovation. This enables a strategic, organization-wide approach to Business Intelligence and Analytics.
Quotes
Omri Kohl, Chief Executive Officer, and Co-Founder, Pyramid Analytics: “Decision Intelligence is built on the principle that you should not need a background in data science to access the benefits of advanced analytics. At Pyramid, we are committed to automating the decision process to empower anyone to make faster, more intelligent decisions with any data, for any person and any analytics need. It was a true pleasure to hear Dr. Pratt’s motivating talk at this year’s conference. She made Decision Intelligence, and its benefits, real and relatable for the audience, and everyone left the talk motivated to turn her inspiring words into reality.”
Dr. Lorien Pratt, Chief Scientist and Co-Founder, Quantellia LLC: “The shift represented by Decision Intelligence can be thought of in a similar manner to when we took computer technology out of hidden rooms and onto our desks and into our pockets. This is a once-in-a-generation moment, democratizing access to AI and data analytics – technology once reserved exclusively for the tech giants of our age. It gives us a framework for decision makers and data scientists to come together and ensure technology can be put to work in solving problems. It is a new way of thinking for organizations: rather than starting by thinking about the data you have, it asks us all to begin by asking what outcomes we want and what actions can be taken to achieve those outcomes, and then to fit the data into this action-to-outcome pathway.
“It was my pleasure to join so many talented individuals at this year’s Hi-Tech Conference. It was a fantastic event that demonstrated that the DI and AI sector is in robust health. I cannot wait to see Decision Intelligence continue to grow and expand. Far from eliminating the human element of work, Decision Intelligence augments the capabilities of ordinary workers, empowering them to solve the biggest problem of our age.”
About Pyramid Analytics
Pyramid is what’s next in analytics. Our unified decision intelligence platform delivers insights for anyone to make faster, more intelligent decisions. The Pyramid Decision Intelligence Platform provides direct access to any data, enables governed self-service for any person, and serves any analytics need in a no-code environment. The Pyramid Platform uniquely combines Data Prep, Business Analytics, and Data Science in a single environment with AI guidance, reducing cost and complexity while accelerating growth and innovation. The Pyramid Platform enables a strategic, organization-wide approach to Business Intelligence and Analytics, from the simple to the sophisticated. Schedule a demo.
Pyramid Analytics is incorporated in Amsterdam and has regional headquarters in global innovation and business centers, including London, New York City, and Tel-Aviv. Our team lives worldwide because geography should not be a barrier to talent and opportunity. Investors include H.I.G. Growth Partners, Jerusalem Venture Partners (JVP), Sequoia Capital, and Viola Growth. Learn more at Pyramid Analytics.
