What Is The Future of Big Data And Artificial Intelligence?
Big data is not precisely the de rigueur term it was a few years ago, but that does not mean it has fallen into disuse. If anything, it has gotten bigger.
What might once have been considered a significant challenge is now increasingly seen as a desired state, specifically in organizations that are experimenting and implementing machine learning and other AI (Artificial Intelligence) disciplines.
We now have much more usable data in the form of images, video, and voice (for example). In the past, we may have tried to minimize the amount of this type of data we captured because we couldn’t do as much with it, but it would incur significant costs to store it.
What advantages does the use of Big Data provide?
Below, we collect some of the advantages provided by the use of Big Data:
- Helps make better decisions
Currently, the amount of data generated in recent years exceeds that generated in the entire history of humanity. Therefore, it is essential to approach them intelligently and do things that were not within your reach before. Big Data technologies enable you to make informed decisions by allowing you to examine your products, analyze customer behavior, and observe with fresh eyes.
More information enables us to view the world holistically and devise solutions for the problems facing the increasingly interconnected world. We can even integrate various forms of data to conduct customer segmentation and marketing and advertising campaigns targeted at potential customers. Businesses that fail to capitalize on this unique perspective risk losing their competitive edge.
- Allows you to opt for different solutions
By analyzing different and varied data, we can arrive at other solutions that we could not consider at first.
An excellent example of this is Artificial Intelligence, specifically a branch of this area: Machine Learning. The goal is to teach a computer to answer questions on its own using the data we feed it, which will enable us to determine the underlying cause of a problem or identify the best course of action.
- Create fresh commercial prospects
Clearly, having a competitive advantage comes from basing business decisions on the available information. An excellent example of this information is the data posted on social networks. With them, opportunities can be identified to generate business and sell advertisements based on the interests of each user. This allows them to redirect their strategy to specific groups of users who embody the ideal or potential customer.
In the tourism and hospitality sectors, the Big Data phenomenon has had an enormous impact and must be continually updated to revolutionize the customer experience every day. This type of intelligence applied to the business can anticipate what is going to happen in the future and specific changes or results through predictive analytics to assess, for example, whether to expand the business or diversify it.
- Cost savings
Managing the high volume of data that Big Data represents can pose a storage infrastructure problem. Because of this, it’s a good idea to think about working with them in a setting without boundaries, such as the cloud, which also represents hardware cost savings. In addition, it improves the accessibility and fluidity of information for the company’s employees, thereby gaining effectiveness, speed, and efficiency.
We already saw one of big data’s most significant advantages at the beginning of this post, and it is part of its definition: the ability to interpret a large amount of data at great speed. This means that we can obtain answers to highly complex questions in a short space of time.
Another benefit of big data is its ability to analyze unstructured information. It is estimated that 90% of the data is in an unstructured format, such as emails, text documents, social media, etc. In practice, the ability to process that data gives big data a gigantic scope of analysis.
Forecasting the future can be very useful for a company, giving it the power to anticipate significant events in its path. With big data, you cannot predict the future, but you can do predictive analysis based on event trends.