AI and Big data – What The Future Holds
AI and Big Data are the technologies that can be said as the driving force behind most of the technological innovations. Over the years, AI and Big data have developed rapidly, and the future is near when these two technologies will be implemented in every industry.
Information Technology, Medical, and Banking sectors are already seen taking the benefits of intelligence machines. With AI, playing with data has become easy which otherwise was a daunting task. With the implementation of AI and Big data, the effective management of data is no longer an unsettling task. Not just technology companies have started moving with AI and Big data, but numerous healthcare startups have also implemented these technologies for innovative checkup methods; improve drug-based research, and overall medical research.
Let’s dig into AI and Big data a little more than just knowing their names.
The Concept of AI
It won’t be wrong to say that AI has already found its way into our lives. Face recognition and voice recognition are nothing but AI. The suggestions that you get on your app or browser based on your shopping or purchase history is again AI. But unlike humans, AI will remain dependent on humans. It might eat a few jobs but it cannot simply replace all the humans at work, but who knows the future! AI is definitely one of the most powerful technology and when programmed to its best, it can increase the efficiency of a job drastically, which humans cannot meet.
Do you fear losing your job because of AI?
How Big is Big data?
Back in 2012, Gartner defined Big data as high-volume, high-velocity and/or high-variety information assets that demand cost-effective, innovative forms of information processing that enable enhanced insight, decision-making, and process automation. Putting it into simple words, Big data is the complex and larger data sets, which are, gathered from a variety of data sources. As said above, the concept of Big data is based on three V’s, which are the Volume, Velocity, and Variety.
When AI and Big data Combine
Artificial Intelligence is nothing without data. The machines become intelligent by learning the data. Coming to the combination of AI and Big data, the massive data sets are made available for machines to analyze and learn from. Using these sets of data, machines can easily understand data patterns and trends, and are able to make future predictions.
With this deadly combination of AI and Big data, the organizations that earlier failed to manage processing huge volumes of data due to technology limitation are now able to process such high volume of data quickly. Earlier, the companies had to heavily invest in expensive software and hardware. But, due to this breakthrough, there has been a massive change in data management. With the help of the updated AI algorithms, there has been a colossal change in machine learning and the way it handle data. One of the best examples of the AI and Big data combination is the Virtual agents that are better known as the chatbots. The merge of AI and Big data has helped to bring in a substantial change in the world of technology. These technologies are still in a progressive stage and the future will unfold the new potentials.
How AI and Big data will Impact the Future?
• Enhanced Business Intelligence and Analytics
AI and Big data are driving major change in how organizations deal with business analytics and intelligence. AI is changing the way businesses interact with the data. The AI technologies and Big data platforms fit seamlessly into the Business Intelligence and analytics strategies. With the new AI capabilities of capturing valuable information from Big data has introduced the new inflow of information which is also a smart way to take business to a whole new level.
• Targeting, Understanding and Serving Customers
The major use of Big data is to provide valuable data that help businesses understand, target as well as serve their customers better by analyzing and understating customer behavior pattern and trends.. Moreover, when a combination of AI and Big data is implemented, the companies are able to expand their conventional data sets along browser logs, text analytics, and their social media, which would help them to sketch a more precise picture of the customer choices and behavior.
• Better Usage of Social Media for Business
Social media is one of the best places to gather data about the customers. Additionally, AI combines with Big data, all the customer preference and liking can be studies from how they make use of their social media channels. Thus allowing you to provide them with products that are relevant to their search history. All these actions combined will increase the chances of knowing your customer better, offering them what they need, and reaching the sales goal.
• Enhanced Ability for Fraud Prevention
Fraudsters are now on the verge of extinction as AI is doing a wonderful job in protecting the valuable data of the customers from the reach of the fraudsters. The AI has inbuilt fraud detection tools, which eventually helps the businesses to act and protect their data from the fraud schemes. The natural language processing and video recognition along with speech recognition as well as automation and machine learning engines are making it possible for the business entities to prevent fraud.
• Endless Customer Support
Chatbots have become an integral part of every business as they help deliver efficient 24X7 customer support. With the help of the chatbots, businesses can have a better insight into the problems and issues raised by their customers and offer easy and quick solutions at hand. However, not all chatbots are AI-driven some follow the rules-based processing as the human customer support.
The Bottom Line
Combination of AI and Big data has remarkably increased the way organizations deal with their data and customers. The AI and Big data have biggest impacts on Business Intelligence, Analytics and Data Predictions. Happy customers are a key to success for any business and that’s why each and every organization has started implementing AI into their Big data in order to stay competitive. The future definitely will reveal the AI and Big data potentials that we can’t even think of. The breadth of potential of AI and Big Data is undefined and so is their impact. We hope that a better future awaits for us, which will be a right amalgamation of AI and Big data. What do you think?