Why Businesses Shouldn’t Miss Out On Big Data and AI
“The world’s most valuable resource is no longer oil, but data.”
That statement from The Economist in 2017 cannot be overstated. Businesses in all shapes and sizes must realize that adapting to an already data-driven world is the only way to survive, connect, and thrive.
Artificial Intelligence (AI) was introduced in the 1950s by a computer researcher named John McCarthy. He defined AI as “the science and engineering of making intelligent machines.”
Nowadays, innovation pioneers like Microsoft, Google, and IBM have made strides in AI advancement to back cloud analytics, client engagement, and more. AI has become a program outlined to complete tasks that would regularly require human capabilities or input. AI is considered an innovation that takes after or mirrors human insights and actions, including speech, reviewing pictures, or making a conversation. To a great extent, AI can do those things by recognizing designs inside the information and reacting based on pre-defined rationale.
On the other hand, big data is an extensive, fast, and diverse information resource that requires advanced forms of processing to improve decision making, knowledge generation, and process optimization.
Big data describes sets of information created in different formats and through different sources, such as software applications, IoT sensors, customer feedback surveys, videos, and images..
Big datasets are developed by collecting large amounts of information from real-time data streams, established databases, or legacy datasets. As the environment constantly changes and grows, we need powerful software to protect, classify, and explain information for both short-term and long-term use.
Organizations often use a combination of cloud-based applications and data warehousing tools to develop analytic architectures that collect, organize, and visualize data. AI-powered tools are central to tailoring many of these moving parts to consistent insights that support decision-making.
Linking Up Big Data and AI for Business
Implementing big data with AI has already been vital for many businesses that aim to have a competitive edge. It doesn’t really matter whether it is a new company or an established leader in the market. They use data-driven strategies to turn information into perceptible value. It is common to find big data in almost every industry, from IT and banking to agriculture and healthcare.
Business experts acknowledge that big data and AI can create new ideas for growth and expansion. There is even a possibility that a new type of business will become popular soon: data analysis and aggregation companies for particular industries. The purpose of those organizations is to process enormous flows of data and generate insights. Before this happens, businesses should empower their big data capabilities intensively. In the past, estimations were made based on the retroactive point of view. Leveraging real-time analysis, big data can empower predictions and allow strategists to test assumptions and theories faster.
Data and AI are typically applied to analytics and automation, helping businesses transform their operations in the process.
Analytics tools like Microsoft, Azure, and Synapse help organizations predict or identify trends that inform decision-making around product development, service delivery, workflows, and more. Additionally, your data will be organized into dashboard visualizations, reports, charts, and graphs for readability.
Big data and AI in Health
The global market for AI-driven health care is expected to register a CAGR of 40 percent through 2021 and to up from USD 600 million in 2014. Further advances in AI and big data provide developing countries with opportunities to solve existing challenges in the health care access of their populations. AI combined with robotics and IoMT could also help developing countries address healthcare problems and meet SDG 3 on good health and well-being. AI can be deployed in health training, keeping well, early disease detection, diagnosis, decision-making, treatment, end-of-life care, and health research. For instance, AI can outperform radiologists in cancer screening, particularly in patients with lung cancer. Results suggest that the use of AI can cut false positives by 11 percent.
Big data and AI in Agriculture
Today’s global population of 7.6 billion is expected to rise to 9.8 billion by 2050, with half of the world’s population growth concentrated in nine countries, such as India, Nigeria, the Democratic Republic of the Congo, Pakistan, Ethiopia, the United Republic of Tanzania, the United States of America, Uganda, and Indonesia.
The growing demand for food will put massive pressure on the use of water and soil. All of this will be exacerbated by climate change and global warming.
Big data and AI in Education
AI can reshape high-quality education and learning through precisely targeted and individually customized human capital investments. Incorporating AI into online courses enhances access to affordable education and improves learning and employment in emerging markets. Also, AI technologies can ensure equitable and inclusive access to education, providing marginalized people and communities, such as persons with disabilities, refugees, and those out of school or living in isolated communities, with access to appropriate learning opportunities.
Expected Economic Gains from AI Worldwide
AI could contribute up to USD 15.7 trillion to the global economy in 2030, more than the current GDP of China and India combined. Of this, USD 6.6 trillion will be derived from increased productivity and USD 9.1 trillion from the knock-on effects of consumption. The total projected impact for Africa and Asia-Pacific markets would be USD 1.2 trillion. For comparison, the combined 2019 GDP for all countries in sub-Saharan Africa was USD 1.8 trillion. Thus, the successful deployment of AI and big data would open up a world of opportunities for developing countries.
The big data market is expected to grow tremendously over the projected years. One of the important reasons is the rapid increase in the amount of structured and unstructured data. Factors include the increasing penetration of technology and the proliferation of smartphones in all areas of life. This leads to a large amount of data.
Other industries such as healthcare, utilities, and banking make extensive use of online platforms to provide enhanced services to their customers.
Intelligent use of big data in day-to-day operations enables you to make data-driven decisions and respond quickly to market trends that have a direct impact on business performance.
If you would like to learn more about the best practices for analyzing data, sign up for The KPI Institute’s Data Analysis Certification.