The world of business and technology is constantly changing and evolving. The current intersection of Big Data and AI is one such convergence. With data, there are two forms of Big Data understood today:
- Structured Big Data - here information is organized in a database or similar tool. It is easy to analyze and understand.
- Unstructured Big Data - unstructured data is more challenging to analyze. It can require the use of significant resources in tools and manpower. Traditional data processes and models find it hard to interpret this type of data.
Artificial Intelligence (AI) can work with Big Data. You can use AI to analyze and make sense out of massive chunks of data. This includes both structured and unstructured data. Organizations are embracing AI to create fresh insights from data that is hidden in presentations, videos, images, and emails.
Companies that can successfully navigate this convergence are in an enviable position. Data is growing at an ever-increasing rate. It is estimated that by 2020, each person on earth will generate 1.7MB of data/second. This pool of data will provide AI with more insights and information that it can further learn from.
As the amount of data increases, the linked power of AI will only become more critical. Big Data and Artificial Intelligence are a powerful pair. They become even more powerful when you consider how they can be complemented through the use of custom software solutions.
Big Data Defined
Many enterprises are making extraordinary use of Big Data. This development provides a goldmine of substantial beneficial opportunities that make the initiative worth the cost to invest in. So what are the multiple benefits?
Big Data Increases Productivity
Big Data tools help to increase productivity in a business. By analyzing patterns of behavior across a team, department or business, organizations can search for patterns. This information can be used to improve efficiencies and remove roadblocks on service. Efficiency is therefore enhanced throughout the company based on the insights developed from the analytics.
Helps to Reduce Expenses
Information overload is something that many businesses suffer from. Businesses can harness data differently by utilizing the right Big Data tools. Big Data analysis can help businesses better optimize supply chain and performance. It can also help cut costs on logistics and even help make marketing more profitable.
Improved Customer Service
Companies experience success when customer services are exemplary. Excellent customer services mean that the clientele would be satisfied at their point of contact with a service provider. Their satisfaction would, in turn, reflect on their responses to particular services.
Companies around the world have invested in survey tools and resources built around improving customer experience. Using Big Data, companies are better able to review the data and look for patterns of inefficiencies. Product improvements and the removal of roadblocks help ensure customers receive better service.
Helps Detect Fraud
Fraud detection is another common use of Big Data. Its remarkable effect is felt, particularly in the financial services sector. The system relies on Machine Learning to establish and track patterns and mishaps in monetary systems.
Systems exist that review and analyze expense claims, for instance, looking for common mistakes. It is estimated that expense claim fraud cost US businesses close to $2 billion in 2018. Big Data analysis linked with AI helps businesses detect and avoid this.
AI integrates with custom software to provide solutions to solve complex problems and automate repetitive functions in a company. It builds custom solutions to provide financial and operational benefits to improve a company’s efficiency.
Several aspects make artificial intelligence a vital development tool in this era. Regardless of why a company uses AI, it has the potential to change the way a business operates. Below are some of the reasons why AI is a crucial tool behind new technology:
Businesses require production all-round to achieve high profits. In this case, AI utilizes machines. Unlike humans, machines do not require breaks or refreshments after long hours of hard work. They deliver effectively depending on how they have been programmed to accomplish a particular task.
AI can help organizations looking to make the leap into true 24/7 service.
Reduced Human Error
Artificial Intelligence makes it possible to work with the utmost precision. This ensures that common human errors are minimized which helps to avoid and minimize business impact. Common and repetitive tasks with simple answers can be sourced to an AI tool.
Implementation of an automated AI system lets activities run more efficiently in a business. It increases production, which enables a business to develop proactive strategies to focus on innovation. AI, when complemented with human operators, is a powerful force.
Automates Customer Interactions
Many customer interactions, such as online chats, conversations on social media, and other communications entail human involvement. These interactions are made easier with Artificial Intelligence. It provides accurate offers to individual customers by establishing patterns in the purchasing behavior and browsing habits of customers.
AI and Big Data are a partnership that companies cannot afford to ignore. When this combination is paired with the power of custom software, business efficiencies, and productivity only increase.
Konverge offers custom software solutions to businesses around the world. With a range of custom software services and a team of experts available, we can help elevate your business. We also provide solution integration and technology consulting services. We use and employ the latest tools and technology to help you realize success in your organization.
As an agile software developer, we work closely with you to ensure that your project will achieve your objectives. With regular touchpoints throughout the course of any project, we can pivot based on changing demands. We understand how business and technology work together and can help you navigate this process.