In today’s digital economy, both large and small organizations, as well as individuals, are relying on data for day-to-day functioning. Big data and AI are the two most popular and useful technologies today. These technologies help to create insights for business.
Artificial intelligence is in existence for more than a decade, whereas Big data came into existence just a few years ago. Artificial intelligence is used to analyze massive sets of Big data. On the other hand, Big Data generated on the internet every day to give businesses Vital information including trends and consumption patterns required for their success.
Both artificial intelligence and Big Data have a mutually beneficial relationship. Computers can be used to store million if records and data but the power to analyze this data are provided by the Big Data.
How Artificial Intelligence and big data analytics are related?
Kockpit Big data provides the raw material by which machine learning systems can derive insights. Many organizations are moving towards the new and advanced technologies of combing big data and machine learning. Big Data and Artificial intelligence are set of two amazing modern technologies that empower machine learning, continuously reiterate and update the data banks, and taking the help of human intervention and recursive experiments for the same.
Big Data and Artificial intelligence are two mechanical giants that will help in revolutionizing businesses. However, a reciprocal relationship exists between Big data and Artificial intelligence as Artificial Intelligence heavily depends on the success of big data while helping organizations to unlock their potential
Scientists have created AI algorithms through machine learning to imitate the human cognitive process as human intelligence cannot sift through the massive data to gain meaningful insight. The internet provides businesses with concrete information about their customer’s likes, preferences, and consumption trends. Social media accounts, social activity, online profiles, product reviews, and customer relationship management systems add potentially insightful data to the Big Data pool. With all this information, humans can’t analyze individual customer information, and this is where AI comes in. Using the data stored in the Big Data pool, AI builds a store of knowledge enabling accurate predictions about what your customers want.
How does Artificial Intelligence benefit big data analysis?
There are numerous advantages with Kockpit Big Data Solutions, some of the are as follows :
- 360-Degree View of the Customer.
These technologies are growing at an astounding rate and organizations are using this to their advantage to provide greater insights. In earlier times companies are used to move data into and out of data warehouses and create static reports that take a long time to generate and modify. But now with the help of artificial intelligence and big data techniques, smart organizations are utilizing distributed, automated, and intelligent analytics tools that sit on top of data lakes designed to collect and synthesize data from disparate sources at once.
- Improved Forecasting and Price Optimization.
Before these technologies companies base their estimate of the current year’s sales on data from the prior year. However, due to a variety of factors such as changing trends, global pandemics, or other hard-to-predict factors, forecasting and price optimization can be quite difficult with traditional approaches. Big data is giving companies the power to spot patterns and trends early and identify how those trends will impact future performance. These technologies helping companies make better decisions by giving organizations more information about what could potentially happen in the future with greater likelihood. Companies using big data and AI-based approaches, especially in retail, are able to improve seasonal forecasting, reducing errors by as much as 50 -60 percent.
- Improved Customer Acquisition and Retention.
With big data and Artificial Intelligence organizations can easily get to know what their customers are interested in, how products and services are being used and reasons why customers stop purchasing or using their offerings so that they can change themselves according to their customer’s needs. Through big data applications, companies can more accurately identify what customers are really looking for and easily observe their behavioral patterns. They can apply those patterns to improve products, generate better conversions, improve brand loyalty, spot trends earlier or find additional ways to improve overall customer satisfaction.
- Cyber-Security and Fraud Prevention.
Tackling these online frauds is a never-ending battle for businesses of all shapes and sizes. The companies using big data-powered analytics to identify different patterns of fraud are able to detect anomalies in system behavior and are also a threat to the company. Big data systems have the power to go through very large quantities of data from transactional or log data, databases, and files to identify, prevent, detect and mitigate potential fraudulent behavior. These systems can also combine a variety of data types including both internal and external data to alert companies from cyber-security threats that haven’t yet shown up in their own systems. Without big data processing and artificial intelligence, it would be difficult for a company to prevent its company from these online fraudsters.
- Identifying and Mitigating Potential Risks.
Anticipating, planning, and responding to constant changes and risks is critical to the longevity of any business. Big data is proving its value in the risk management arena by providing early visibility to potential risks, helping to quantify the exposure to risks and potential losses, and prompt changes. Big data also helps an organization identify and address customer and market risks as well as challenges emerging from unpredicted events such as natural disasters. Companies can digest information from disparate data sources and synthesize the information to provide greater situational awareness and understanding of how to allocate people or resources to deal with emerging threats.
Prior to the invention of Artificial Intelligence, data has always been viewed as a liability for organizations since it required space to store. But now with the merging trends, data is a vital asset for organizations. To keep pace with competitors and market trends, you will need to review existing strategies around data analysis and adopt the latest AI and data technologies.
At present, as the world continues to fight the spread of the Coronavirus, many data scientists are utilizing various Big Data and AI applications to assist in their fight against this deadly virus. Big Data analysis and AI are thus having a transformative effect on how authorities respond to and get a handle on the Coronavirus outbreak. Moreover, it can be foreseen that both applications will play a critical role in any future effort to prevent and respond to any similar epidemics.
In the future, there will be greater availability of intelligence enterprise software that can leverage big data to solve problems and this is where Kocipit Big Data Solutions come into play. New techniques will develop towards analyzing data for real-time insights. AI–created reports will provide more enhanced context with proposed solutions for organizational problems than was previously available. Consequently, organizations will begin to realize more significant ROI from all their stored data.AI and Big Data technologies can be used in an integrated manner to provide insights regarding your customers. By making data-driven decisions, you will provide seamless opportunities for your business to reach the heights it deserves.