An avalanche of data has ushered in an era that is being fueled by its power and influence. A growing number of businesses use big data to analyse patterns, extricate insights and establish links or associations to predict future trends and consumer behaviors. This results in better implementation of strategies and optimised use of corporate resources and assets. When value is rightly maximised and timely extracted from a large volume of structured and unstructured data sets, exponential advancement occurs.
More importantly, big data is now being leveraged to address and turn some of the world’s biggest and most complex problems into opportunities. Amidst its increased utilisation, the big data analytics market is expected to hit the $103 Billion mark by 2023.
Amidst its increased utilisation, the big data analytics market is expected to hit the $103 Billion mark by 2023
Big data fuels and enables AI, machine learning and deep learning which are tools necessary to equip organisations with high-level data analysis capability to function at their full potential.
More and more industries, including most financial and healthcare sector, are combining the power of big data, AI, and machine learning to plan, reason, learn and achieve future growth. As a result, AI-driven services such as virtual personal assistants, chatbots, marketing automation and speech-to-text, among others, elevate customer experience and journey.
Big data fuels and enables AI, machine learning and deep learning
AI applications, through machine learning and deep learning, are equipped to self-optimise and self-learn. By analysing a huge chunk of information from multiple sources and making changes accordingly with high accuracy level, AI can effectively deliver faster and more efficient services to customers.
In the financial sector, for instance, companies deploy AI and machine learning algorithms to optimise their portfolios and profitability prospects, as well as study market trends and developments. The technologies can also be utilised for asset price back-testing, high-frequency trading and loan application evaluation, among others.
Next to the financial industry, the healthcare sector is another industry that is already benefiting from these modern tools. During this pandemic, as pointed out by the Organisation for Economic Cooperation and Development, OECD, AI can assist in examining patient records, categorising risk groups, and recommending the best approaches to implement vaccination plans, to name a few. Moreover, hospitals and other healthcare providers can make use of data taken from wearables and other similar consumer devices to detect and diagnose diseases.
Data processing and storage
With the disruptive impact of data-powered AI combined with machine learning and deep learning, the possibilities to transform and reshape today’s digital world are endless especially upon the full implementation of the 5G network and the Internet of Things.
For this reason, there is a need to bolster processing power and data-storage technology. Such an infrastructure is critical to building a workplace of the future and establishing an AI-driven business able to drive innovation and gain a competitive edge in an ever-evolving world.
The powerful combination of big data, AI and machine learning can take growth and development to new levels
Specifically, investments in infrastructure aligned with the specifications of the latest CPU/GPUs, next-generation memory and NVMe SSDs are going to be instrumental in enterprises’ bid to keep up with the changes brought about by game-changing technological innovations such as AI.
The powerful combination of big data, AI and machine learning can take growth and development to new levels. To have a resilient strategy and approach concerning this, as a first step, it is important to build data protection and management strategies that work.
Antoine Harb of Kingston Technology writes about unleashing the combined power of Big Data and artificial intelligence and what it means to you.