Data is ever-growing and expanding in all directions. Sometimes it can be daunting task for you to investigate all the data and get the desired results. But if you are obsessed with data, then you stay in the realm of data analysts. You can help your organization to use their data aggregated from disparate sources. The data can also include web traffic data and social media comments. The data can be unstructured, scattered, structured. This article explains how Big Data & AI can help to gather actionable insights, make data-driven decisions, cutdown costs, and much more with data.
Data Analytics to the rescue
Analyzing and forecasting the data is necessary to harness data explosion. Besides the current workforce need to be trained on data mining and data analytics. They need to understand that the data is not just limited to their business, but across different industries. This new thought can accelerate the decision-making process and yield new insights.
Big Data, AI, and their roles
Enter Big Data and Data Analytics goes to a new level. The emergence of modern disruptive technologies to understand the world better helps to make decisions better. Usage of mobile devices and sensors in automobile, machineries, and surveillance, has created the Internet of Things (IoT). Consequently, data has started to appear in new streams adding to the existing ones. Computers can process this big data, but it take a huge amount of time for the same. Sometimes the data processing results may not be what the user would expect. Nevertheless, most of the data could go rendered unprocessed.
Therefore, using Artificial Intelligence (AI) methods such as machine learning, natural language processing, pattern recognition, can leverage Big Data in different industries. First, it accelerates the speed of construing data from multiple sources. Second, it enables instantaneous decision making for business leaders. Third, it helps in innovating and designing better products and services for customers. For examples, big data coupled with AI helps to recommend drugs for patients, check which hotel fits a budget, predict the factors to become a market leader, recommend songs based on playlists, forecast weather and twitter trends, and so on. The potential of big data and AI is limitless!
Daily life examples of Big Data & AI
Retail stores like Walmart and Kroger uses big data & AI to analyze their sales, pricing, demographic, and weather data to alter their product selections according to the specific store locations and find the timing of price markdowns. Courier companies like UPS and FedEx mine the traffic patterns and data of truck delivery times to fine-tune the delivery routing. Dating services like Tinder constantly screen personal profiles to analyze characteristics, reactions, and comments to enhance their algorithms for matchmaking. Police departments use computerized mapping and analyze data such as historical arrest patterns, events, rainfall, holidays, and paydays to forecast the likely crime “hot spots” and station the personnel there in advance.
Big Data & COVID-19
COVID-19 is shaking the global health and economy day-by-day. And, Big Data helps in better management of the pandemic. For example, it can help analyze the hotspots in terms of the local consumer activities and previous transportation activities. The governments can forecast the epicenters of the next pandemic wave, based on this data. The big data is also used analyze the impact of COVID-19 on businesses, stock market, supply chain distribution routes, and job sectors. Thereby, it can help to build models to revive the global market.
So, it is important to use Big Data and AI as the data keeps expanding, putting forth new complexities and unseen business situations. Big Data and AI are necessary to guide us in analyzing all possible variables and making effective business decisions. So, get ready to leverage Big Data and AI to improve your business operations and take your organization to the next level. Check out our Big Data & Analytics services to know how we can help you with your Big Data – Request a FREE demo today.