Big Data and AI are two of the most well-known and valuable technologies today in the IT industry. According to MIT Sloan Management Review, Big Data and Artificial Intelligence together can shape the future by driving business value from data and analytics.
It is to be noted that we live in a world full of data, which is expanding at an astonishing rate. According to an article recently published by Forbes, “over 2.5 quintillion bytes of data are created each day, and in 2020 alone, every person on earth will generate 1.7 MB of data every second.”
AI enables us to make sense of massive data sets and helps organizations create new insights from massive chunks of data. They have continued to reach and expand across a variety of sectors and businesses while causing disruption. Some of the verticals are:
Healthcare
The introduction of AI in the healthcare industry has definitely helped in revolutionizing the sector. These include virtual diagnostics, improved logistics, and even surgery to an extent. At this pace, AI will lead to better healthcare outcomes, and will improve efficiency and cut costs in the long run.
Manufacturing and Logistics
One of the key areas where AI will spur the most growth and innovation is in the manufacturing sector. Due to constant developments in both AI as well as Big Data, today data can be collected and used for tasks such as product testing, creation of simulations, as well as predict maintenance needs and costs.
E-commerce and Retail
It is well known that most online shoppers have already experienced AI in the form of Chatbots, personalized shopping experiences, and curated product recommendations. However, AI also has the potential to streamline operations. For example, AI can be used to predict upcoming customer orders for the following season, which in turn will provide retailers with the ability to better engage in inventory planning and purchasing, as well as predict and control costs.
Banking and Finance
Big Data combined with AI can help BFSI organizations to get a better hold of their needs both internally as well as with their customers and clients. It helps in providing improved services in real-time with lesser operational costs.
AI & Big Data – The Perfect Fit
The relation between big data and AI is as simple as it seems. AI depends heavily on the success of Big Data, while also aiding organizations get better insights into complex business problems.
As advanced analytics capabilities are added, organizations gain:
- An understanding of current and future performance
- Deeper knowledge of customer behaviors
- Important key performance indicators (KPIs) for decision-making
- Greater capacity to experiment, learn, and improve
- An actionable advantage over less sophisticated competitors
Practical applications of analytics and AI include:
- Tracking and forecasting relevant trends, which will help organizations determine how and when to take necessary action, in order to make better decisions, and stay ahead of their competitors
- With the help of predictive analytics, decisions based on intuition or outdated models can be brought to a minimum
- The ability to speed up projects through development phases, and predict future outcomes and revenues
Final Thoughts
Before AI and Big Data can be classified as “evolved”, there are several other technologies that in dire need to growth, such as Reasoning, Automated learning and scheduling, Machine learning, Natural language processing, Robotic Process Automation etc. As these fields mature, more data will be available for learning as well as analysis.
It is imperative to note that Data driven decision making is here to stay. If you want to know about the development of big data, and learn more about artificial intelligence and its applications, you can also read the following articles:
Will Big Data be a Game-Changer for the BFSI Sector in 2020
Boost Customer Service using Artificial Intelligence
