AI and Big Data
Big data, whether fast or slow, unstructured or structured, as a one or in multiple contexts is quite hard to manage. Big data is growing fast because of the IoT environment and easy access to data to everyone without any bottlenecks at the gatekeeper. Most of the organizations use the data from where they know they can get the results and leave the rest of the data, keeping that outside to the decision-making and operational processes. On the other side, Artificial Intelligence is making a quick transition from theory to reality, which will improve our quality of life. As an engine of big data, AI is accelerating the deep data application services. We believe, the companies which are more focused on AI and big-data related technologies will excel in the current era of massive connections.
Become a data-driven company
From becoming a data newbie to data expert, there are certain stages that every company passes. Each stage includes a type of data-analytics starting from Descriptive Analytics to Diagnostic Analytics, Predictive Analytics, and Prescriptive Analytics. Descriptive Analytics is the basic one, whenever you upgrade the analytics becomes more powerful and hence the prescriptive analytics is the most advanced.
What happened? – Examines historical data to answer the questions.
Why did it happen? – Identifies patterns and discovers relationships in data.
What will happen? – Uses historical and current data for future activity prediction.
What do we do? – Applies rules and modeling for better decision-making.
Most of the companies use a combination of analytics types, companies like tech giants and unicorns have a firm grip of predictive and prescriptive analytics. When you add one advance analytics capability, your organization gains
- Greater capacity to learn, experiment, and improve.
- A better understanding of current, historical, and future performance.
- Improved knowledge of customer behaviors.
- KPIs for decision-making
- An actionable advantage over competitors.
Power-up your data with AI
The competitive advantage gained from advanced analytics can be even multiplied by simply building AI capability. The data is exploding and generating in a massive range, even more than humans can analyze in any meaningful way. Techniques like predictive analytics, machine learning, and data visualization can help us find meaning by deeper data evaluation and improving the accuracy of decision-making.
It is very important to leverage AI and advanced analytics to drive more value and future growth. It can create a difference between success and failure in your organization’s journey. Some of the practical applications of AI and analytics include:
- Tracking and forecasting relevant exponential technology trends. This will help you to make better decisions and stay ahead of the competition.
- The ability to benchmark and track the progress and speed of individual innovation projects through development phases, and predict future outcomes and revenues.
- The use of predictive analytics minimizes decisions based on outdated models or intuitions.
May 14, 2020