Nowadays every business owner is exposed to an enormous amount of information: on his own business, competitors and the situation on the market. I am talking about zettabytes of information. How to make sense of it? Here is where Artificial Intelligence comes into play. In this article, you will learn about the power of AI and Big Data.
What Is Big Data?
Gartner defines Big Data as “high-volume and/or high-variety information assets that demand cost-effective, innovative forms of information processing that enable enhanced insight, decision-making, and process automation.”
To simply put it – Big Data is a term that includes every tool and process that helps to utilize and manage huge sets of data. The concept was created out of necessity to capture trends, preferences, user behavior into a single place so-called data lake when people interact with various systems and each other. Big Data can help companies to analyze and figure out motivations of the most important clients, while also providing ideas for the creation of new offerings.
Why Big Data Is So Important?
As we mentioned above, data is a crucial part of understanding the target demographics and motivation of the customers. When the customer interacts with the technology in an active or passive way, the data on his behavior could be created, describing his actions. Cameras, credit cards, smartphones, purchased products are all contributing to the expanding data profile. If done right, the analysis could tell a lot about personality, behavior, and events occurring in the customer’s life. Companies can use these insights to improve the product, adjust business strategy and boost marketing campaigns ultimately getting closer to the target client.
For years the experts have discussed big data and its business impacts, however only recently the technology evolved to the point, where it is actually achievable. Now the large datasets could be analyzed fast and efficient. 44 zettabytes in 2020? Well, the number of structured and unstructured data will increase in the coming years. Only collecting and processing it, companies could get the AI insight that will help to maintain high income and be ready for the future.
Even the smallest companies will adjust their operations to experience the benefits of big data. It will happen because data collection and interpretation is becoming more accessible than ever. Every day we find out about innovative technologies that are cheap and very easy to implement.
The Benefits of Big Data combined with the Artificial Intelligence
Artificial Intelligence and Machine Learning technologies breakthroughs are opening the possibilities for entirely new use cases with additional types of data. Those technologies now could easily handle processing pictures, voice and videos like never before. Big Data needs Artificial Intelligence to unlock its business value to the fullest. The more data AI receives the smarter it gets. We don’t need the concern about the storage space that much today, the bigger, the better!
3 Ways in which Big Data can benefit from AI
You probably heard that AI, and its most popular subdivision Machine Learning offers some kind of insight for business owners. Let’s find out exactly what AI/ML could bring to Big Data, resulting in business value.
The new methods for data analytics
Probably the biggest question that comes from implementing Big Data is to how actually handle this variety of information. For a long time, “SQL like” query languages where used by analytics to extract needed data, then they spent a lot of effort to achieve some useful insights using old fashioned approaches to deal with the data, but now AI and ML are the methods that could take care of this process.
Speeding up data analytics
People are still very important in managing data and its analysis, but Artificial Intelligence could make things a lot quicker and efficient. Letting AI technologies assist humans in the process of data analysis could ultimately result in faster decision-making for the company, with more insights.
Eliminating data problems
Every time people talk about Big Data the question on the quality of data pops up. The low quality of information means a little to no value. ML algorithms can definitely help with this because the secret of the ML projects is that 80% percent of the overall time is spent on cleaning or preparing information. ML algorithms are able to detect missing or outlier values, normalize data to common terminology and distinct the different records that describe the same thing with slightly different technology.
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