AI and Big Data, when connected, can prove to be a powerful combination for the future of the tech industry. Here’s how:
Artificial Intelligence and Big Data are the future. Many people have realized this fact and have started investing in these technologies already. In 2018, 32 companies that used artificial intelligence (AI) for their core business surpassed the $1 billion valuation mark, according to research firm CB Insights. These companies use machine learning or build solutions that support AI implementation in healthcare, autonomous vehicles, cybersecurity, robotics, and more.
Many big companies of the world have realized the potential that AI can bring when combined with Big Data in providing customized experiences to their customers and predicting future changes in the market. Companies that are at the fore-front of these technologies include Amazon, Alphabet, Microsoft, Netflix, Samsung, and Tencent among other giants.
According to the MIT Sloan Management Review, the convergence of AI technology and big data is “the single most important development that is shaping the future of how firms drive business value from their data and analytics capabilities”.
Here are a few ways Big Data and AI are working together to provide revolutionary services:
- Big data, the humongous collection of data that we’re all contributing to each day, is only getting bigger and bigger. It’s estimated that by 2020, every person on earth will generate 1.7 MB of data every second, according to DOMO. This data, though might seem like junk to the layman, can be used to build revolutionary businesses and solve some of the most pressing problems of our time.
- AI needs data to function. The more data we provide, the more samples AI has to help make logical decisions, find patterns, identify differences, increase their pattern recognition capabilities, and see the fine details within the patterns.
- Data that is used by AI was typically discarded as it was considered unnecessary junk. AI is using this “junk data” to provide insights that were not possible to have in the past. Unneeded data is converted into valuable insights.
AI and machine learning
The situation is that there is far more data being generated today than humans can possibly utilize in any meaningful way. AI is not only able to dig deeper into these large data sets than what is possible by humans but also helps in improving the speed and accuracy of decision-making.
In today’s world, using AI and big data can be the difference between what makes a company mega successful and what causes it to stay stagnant and lose value.
AI can help predict and track relevant exponential technology trends. Doing this proactively will help your company determine how and when to take action, to make the right decisions, and stay ahead of competitors.
One of the major advantages of using AI and Big Data is that your company can guide its decision making policy on actual data rather than what some higher-authority individual in the company thinks is the right way to go. It can help reduce losses based on intuitive and emotional decisions.
You can track how your current projects are doing and predict how they should perform. Using these predictions and data on the current performance, you can see which projects should the most efforts be focused on and which projects need to be left alone to work in their own way.