Nitin Garg is the CEO and Co-founder of BR Softech.
The emergence of technology is playing an inevitable role in business. It’s drastically transforming the way people work together in an organization. Both these technologies are revolutionizing every aspect of our life. These technologies are creating a culture where the collaboration of IT leaders and businesses results in realizing values from all generated data.
Artificial Intelligence and Big Data work hand in hand following the futuristic approach. In this progressive era, these technologies are a major part of our digital future ensuring rapid growth. These technologies are introducing a variety of tech innovations and exploring ways to overcome industry challenges by changing the landscape of how industries work.
According to Satista, AI will grow into a $118.6 billion industry by 2025.
The global big data and business analytics market was valued at 168.8 billion U.S. dollars in 2018 and is forecast to grow to 274.3 billion U.S. dollars by 2022, with a five-year compound annual growth rate (CAGR) of 13.2 percent.
These growing technologies hold the potential of constant growth. Its contribution is expanding with its growing requirement in the business. Every organization holds a vast amount of data available of all types. To maintain this vast amount of data one must invest in these technologies.
Big data provides with an outstanding way to increase business revenue. It analyses data and extracts important information from data sets. Using traditional data processing application software to manage data sets can be a bit complicated. Therefore, big data is used in multiple industries and largely focuses on financial analysis Clinical analysis, fraud analysis, Supply chain analysis, and HR analysis.
According to IBM, Over 80% of data is dark data, and it is expected to rise 93 % by the year 2020.
Big data is something beyond its characterstics. It’s one of the modern-day technology which helps you manage any data structured or unstructured.
Big data is transforming an extensive variety arriving in increasing the volume and ever-growing velocity. It's three associated characterstics are;
It allows you to take a strategic decision and improves the overall decision-making process whether it's managing finance and planning business strategies.
Artificial intelligence is designed to process human intelligence by machines. It helps the businesses to grow and operate with industries seamlessly. For effecient data analysis and data scanning, analytics using artificial intelligence software and providing with advanced solutions. AI helps organizational leaders discover patterns by user consumption, history records, and uses the data for providing customers with lucrative offers. It offers creative, more responsive, straightforward, and efficient assistance by analyzing clients behaviour.
Artificial Intelligence Definition
Artificial Intelligence (AI) assists businesses to find an enormous way to enhance their business. It encourages organizations to analyze steadily changing user conduct, reduce inaccuracy, and deliver exquisite user experiences. Establish your brand in the market using AI-based solutions and gain a higher profit at minimum investment.
Modern implementation of Artificial Intelligence helps top-notch companies to grow and do their job better. It offers a personalized experience for consumers while identifying the potential buyer and re-target the existing buyers.
How Artificial Intelligence Help Industries?
Artificial Intelligence is the wider umbrella of Machine Learning used with Big data for the rapid expansion of businesses. AI and big data are contributing to various business verticals while managing data with the utmost ease. It is enlarging its boundary in technology and knowledge with machine learning. Its been in action for decades, managing an enormous amount of data available of all types.
It’s estimated that by 2020, every person on earth will generate 1.7 MB of data every second, according to DOMO.
With the explosion of technology advancement, these technologies are growing at an astonishing rate. These technologies provide business with the ability to access and act on data bringing effective results.
Data helps you introduce innovation while offering outstanding transformation that can result in accelerating your business at a rapid rate.
Data holds the power to specialize in any field. It helps you utilize the data in the most effective way and offers an exceptional way to increase business revenue by analyzing data and extracting information from data sets.
Artificial intelligence and Big data allow the business to consider and analyze data to improve the entire business process. These technologies are trending and providing with accurate results while forecasting and predicting buyers behaviour for better results. Adopt these modern technologies and expect visible growth in the business.
(Image Credit Source: VectorStock)
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