Where AI Meets Big Data, Innovation is Assured
When you work around the idea of the fourth industrial revolution, two technologies that make a quick flash into your brain are – Big Data and Artificial Intelligence. A lot has been said and done in this regard. The combination of both has driven numerous industries towards success. While data or big data is considered the lifeblood of modern businesses, AI on the other hand is the heart to fill life into it.
Speaking more technically, we can say, big data is at the core of every business and the technology to harness its true value, AI is extremely essential to extract true meaning from data.
From Machine Learning to Computer Vision to Natural Language Processing, all AI subsets play a great role in getting something meaningful from just voluminous data.
According to a New Vantage survey report, the percentage of firms investing greater than US$50 million is up to 64.8% in 2020 from just 39.7% in 2018, with a total of 98.8% of firms investing in Big Data and AI initiatives. However, the pace of investment is leveling off, as only 51.9% of firms are accelerating their rate of investment, in stark contrast to the 91.6% who were accelerating their pace of investment in 2019. This includes some of the biggest companies, including Google, JP Morgan Chase, Glaxo Smith Kline, and Bank of America, among others.
The rising stars and the tech giants all have developed mastery at the intersection where big data meets AI.
This convergence of big data and Artificial Intelligence is what the MIT Sloan Management Review called “the single most important development that is shaping the future of how firms drive business value from their data and analytics capabilities.” These organizations understand how to combine data-savvy and strong AI capabilities into strongly differentiated solutions with massive market value. Here are a few ways data and AI empower each other:
Big data, the massive data collections that we’re all contributing to every day, is only getting bigger. It’s estimated that by 2020, every person on earth will generate 1.7 MB of data every second, according to DOMO. Within that data, if we know how to unlock it, lies the potential to build amazing new businesses and solve some of the world’s greatest challenges.
Data is the fuel that powers AI, and large data sets make it possible for machine learning applications (machine learning is a branch of AI) to learn independently and rapidly.
