Software and web development companies these days, especially those in Australia, bring technology and innovation to customers wherever they may be located in the world. The two most popular technology innovations these days are Big data and AI. Service providers make use of these hottest technology trends to keep pace with the tough competition and to provide clients only with highly effective and dynamic solutions.
At the intersection of smart technology and analytics, companies are beginning to realize the long-awaited benefits of Artificial Intelligence. After years of promise and hope, this year may be the year when AI gains meaningful traction within Fortune 1000 organizations. An overwhelming 97.2 percent of executives report that their organizations are investing in creating or launching big data and AI initiatives. Among the executives surveyed, a rising consensus is emerging that big data and artificial intelligence initiatives are getting closely intertwined, with 76.5 percent of executives indicate that the greater availability of data and proliferation is empowering AI and cognitive initiatives within their enterprises.
Now, executives see a direct correlation between AI initiatives and big data capabilities. For the first time, huge corporations report that they have direct access to meaningful sources and volumes of data, which could feed AI algorithms to understand behaviors and detect patterns. Not dependent on data subsets to do analyses, these organizations combine big data, computing power and AI algorithms to produce an array of Business benefits form real-time consumer credit approval to new product offerings. Organizations like Morgan Stanley and American Express publicly shared their success stories within the past year.
In the big data world, where growing volumes of information, from a bigger variety of sources are created at ever growing velocities, the unenviable challenge to those collating information is to fully appreciate the bigger application of the sets of data they hold. Truly, the reality is that those making or collating data are not all the time bet-places in determining its widest apps.
It is perhaps not surprising that the marketing and sales director of BMW revealed to the North American International Auto Show that not only had the company received a considerable number of requests to use the collated data by its vehicle, but that these requests were declined ordinarily. This looks to have been prompted by privacy concerns and possible unintended consequences of making accessible customer data to third parties, where it could be vulnerable to unwanted exposure.
While privacy no doubt is an important consideration for large data analysis,any wholesale rejection to make data more available on the grounds of privacy risks, ignoring the intrinsic value for innovators. Of course, it should be remembered that privacy issues only arise to an extent that personal information is involved. Business must focus on the quality and nature of the data captured. Assessment should be made at the outset as to whether it’s strictly necessary for data that has a personal quality to it to be collated.
Executives indicate that investments in AI and big data are starting to yield meaningful results.
