In a recent Accenture report on AI, 84% of C-suite executives are investigating the integration of artificial intelligence (AI) to foster business growth and achieve their objectives. The rapid adoption of AI and big data for solving business problems and gaining valuable insights is changing industries. Similarly, an IBM survey found that 77% of companies are exploring the use of AI, with 35% already using AI in their operations and 42% planning to do so in their work systems.
AI and big data are transforming the business landscape by enhancing productivity, creating new revenue opportunities, and improving cost savings and decision-making processes. As an organization, there are several ways you can benefit from leveraging artificial intelligence and big data. This article breaks down the basic concepts and shows the various ways AI and big data can help solve your business problems.
What is Artificial Intelligence (AI)?
Artificial Intelligence (AI) refers to technology that can perform tasks similar to those of humans. John McCarthy first coined the term "Artificial Intelligence" in 1955, describing it as the science behind creating intelligent machines. Examples of AI for businesses include process automation, sales, business forecasting, and virtual assistants.
Simply put, AI is an algorithm programmed to complete tasks and actions in a human-like fashion. AI identifies patterns within datasets and responds based on pre-defined logic. There are two main elements within AI: machine learning and deep learning.
Machine learning uses algorithms to process vast amounts of data and make informed decisions based on the results while learning from the data without relying on rules-based programming.
Deep learning, a subset of machine learning, creates neural networks that make decisions independently. Similar to the human brain network, deep learning allows computer algorithms to perform specific tasks on complex data. For instance, chatbots that answer human questions and respond to inquiries are powered by deep learning.
Based on these explanations, it is evident that data is a significant part of AI. Therefore, Big Data is the driving force of artificial intelligence. Without data, AI is merely a technology framework.
What is Big Data?
Big Data refers to the vast amount of information generated from multiple sources in various formats. This data is characterized by its volume, variety, velocity, and veracity, often challenging to analyze or process using traditional methods.
Big Data sets are created by collecting large volumes of information from various sources, including real-time data streams, legacy datasets, software applications, IoT sensors, customer feedback surveys, videos, images, and more.
In simpler terms, Big Data describes the processing and storage of enormous amounts of structured, semi-structured, and unstructured data. The goal is to organize and extract valuable insights to help businesses and organizations make informed decisions and gain a competitive edge.
How Businesses Can Leverage Artificial Intelligence (AI) & Big Data
Understand Customer Trends & Patterns
AI and Big Data can help businesses identify trends and patterns in large data sets. Instead of creating complex reports and transferring data between data warehouses, AI & Big Data can help companies collect, process, and analyze customer information. Insights gathered from this data can keep businesses updated on customer trends, preferences, habits, and behaviors. Companies can also use data generated from AI and Big Data to implement new strategies that increase customer retention and tailor offerings to meet customer expectations.
Improve Customer Service
The importance of AI & Big Data in driving improved customer service cannot be overstated. Using chatbots, in-app communication APIs, and virtual assistants can enhance the customer experience by reducing wait times. With these technologies, customers can easily receive answers to common questions. In this case, Devsu's chatbot intelligence solution can help your business save time and create a great customer experience.
Predictive Analytics
By leveraging AI and Big Data technologies, businesses can predict future outcomes by identifying trends and patterns, such as product and service demand and supply chain disruptions. This enables demand forecasting, where companies can anticipate customer needs based on historical data sets. Additionally, utilizing AI and Big Data helps companies enhance HR workforce planning by understanding demand levels and improving efficiency and productivity by addressing specific issues rather than managing supply chain problems.
Detecting Theft & Fraudulent Practices
AI and Big Data can assist businesses in detecting fraud, including fake invoices, fraudulent payments, identity theft, ID falsification, email phishing, and much more. Computer algorithms can quickly identify and respond to fraud threats, stopping the transaction or activity while alerting the responsible parties. For instance, machine learning can prevent the submission of a false ID by scanning the ID photos using a pre-trained neural network, investigating patterns in other fake documents, and highlighting any suspicious aspects of the ID document.
Supply Chain Optimization
AI and Big Data technologies can help businesses optimize their supply chain operations. Companies can identify shortcomings, reduce costs, and improve delivery times by analyzing data from suppliers, warehouses, and transportation systems. As a result, AI and Big Data solutions can help companies predict the price of raw materials and shipping and estimate the speed at which products can move through the supply chain.
Talent Management
AI and Big Data technologies can enhance talent management by reducing employee workload by shifting data collection and analysis from time-consuming to streamlined processes. Also, by analyzing data on employee performance, businesses can identify skill gaps, improve training programs, and make better hiring decisions.
Explore the Possibilities of Artificial Intelligence & Big Data for Your Organization
Are you ready to elevate your business? Devsu's artificial intelligence solutions can help develop chatbot systems, voice recognition, machine learning, computer vision, and customized AI solutions tailored to your business needs. Get started today!
Conclusion
In today's world, it is essential to integrate AI and Big Data to achieve optimal results and gain valuable insights that can drive business growth and address various challenges. Combining both technologies will facilitate data collection and analysis while giving you a competitive edge in the industry.