According to an IDC report, the world data is expected to rise from 33 zettabytes in 2018 to 175 zettabytes by 2025. With such a significant upsurge in data volume, experts have realized that sifting through it, restructuring it, and then analyzing it to enhance business outcomes is beyond the scope of a human mind. Therefore, enterprises are now moving towards advanced artificial intelligence algorithms to gain valuable business insights.
In this article, we will talk about how AI helps in gaining better insights into organizational data for better decision making and analytics followed by a peek into the scope of AI in the various Big Data industries.
AI-based analytics fueling business insights
A few decades ago, Big Data caused havoc in the IT industry. Now, even though the “dust has settled”, data size is still expanding. All this insurmountable amount of data is useless if we cannot process it to extract meaningful information.
In such a data-centric era, organizations mastering Artificial Intelligence techniques are sure to become the wave of times. AI results are directly dependent upon the size of the data. This means that Artificial Intelligence algorithms can deliver more accurate results if they are fed large datasets to train on. This, in turn, helps enterprises deliver on customer demands and expectations.
There are numerous benefits of adopting techniques which use both Big Data and AI like:
Advanced algorithms for data analytics
For decades, ‘SQL-like’ queries were used by enterprises to improve their business intelligence outcomes but with the advent of AI algorithms, more and more organizations are looking to explore these new, AI-based approaches for effective BI and analytics.
A quicker decision-making process
Allowing artificial intelligence tools to aid in designing and strategizing business plans instead of the traditional methodologies can enhance BI and analytics substantially. With the rising customer demands, it is only practical to resort to faster decision making processes so that enterprises can provide a pleasing consumer experience.
Enhancing data quality
Data quality problems have often been associated with Big Data processing which hinders its ability to provide reliable insights into businesses. AI-based data cleansing techniques can help detect outlier or missing data values, eliminating data duplication especially in situations where similar information is being provided through a diverse set of technologies. They can also normalize information into a single format which can make subsequent data analysis easier.
Implementing enhanced security with AI
With technology advancing at an ever-increasing pace, there is a considerable rise in the rate of fraudulent behaviors in the tech world. AI provides specialized tools that can help enterprises protect their businesses from such sharp practices.
Chatbots expand online business presence
Chatbots analytics are being increasingly used by businesses to utilize data from a diverse set of sources and then analyzing it using Big Data tools which generates answers to some generalized queries. This is then fed to the Chatbots to facilitate business sales and marketing online.
Big data analytics reduces business expenses
With so much data to train AI algorithms, businesses can track consumer reactions to products and services. This way, it is easier to maintain an inventory of products by predicting the required quantity which avoids unnecessary production and minimizes costs.
Artificial intelligence in Big Data Industries
Artificial Intelligence has established itself in almost all the technological innovations of this era. Let’s look at some of these industries briefly:
AI in healthcare industry
Numerous artificial intelligence algorithms are being implemented in various hospitals across the globe. Google Brain, for example, is trying to predict an estimated time of death for critical patients who are suffering from certain life-threatening diseases. This allows doctors and specialists to alter the existing treatment plans and provide quality life to such patients.
Moreover, in radiological diagnostics, cognitive computing is being used to perform repetitive procedures to form analysis. Similarly, surgical robots can be used to aid in high-precision surgeries in the future. With the way AI is currently evolving, the number of such robots is only expected to rise, resulting in a substantial expansion in the healthcare sector.
AI in the food industry
The rapidly flourishing food industry is one of the popular markets which can use Big Data and AI for improved business outcomes.
Some of the farm owners, for example, from Connecterra, are using AI to predict probable health issues with their cattle so that they can take timely measures to prevent them. Such predictive analysis can help farm owners produce good-quality beef and milk.
Big Data and Artificial Intelligence are also being used by an American startup Brigtseed to recognize some healthy plant compounds which will then be used to create bioactive compounds. This will help in enhancing the nutritional value of food, revolutionizing the health industry completely.
AI in the Construction Industry
The construction industry is one of the oldest professions which is trying to evolve to keep up with the latest technological trends, striving for a safe, healthy environment for its workers. It helps managers in scheduling tasks effectively, avoiding delays, conflicts, and resolving several other related issues. Moreover, construction managers are trying to use AI-based technologies to perform some mundane but critical tasks for their daily operations.
The way forward
AI is here to revolutionize the IT industry as we know it. According to a report by Gartner, in 2022, one in five workers will be replaced by Artificial Intelligence. Many sectors are trying to adopt AI-based tools to enhance enterprise decision-making and analytics. Moreover, data is not going anywhere in the foreseeable future. Big Data is just getting bigger. It’s high time that businesses strive to put it to good use, extracting meaningful information that can help in booming their business outcomes. Enterprises trying to adopt AI are sure to replace businesses still adopting a more conventional approach.