9 Ways How Big Data and AI Impacts the Business World | 7wData

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Nowadays, the digital era has managed to create a profuse amount of data, with the amount of information likely to increase to 44 zettabytes until 2020. Big Data and AI are already making a significant impact on the business front. According to a survey, more than 97% of executives affirmed the fact that their organizations are now investing in big data as well as in AI. In 2017, around 51% of enterprises implemented Artificial Intelligence (AI), and in 2018, the figure went up to 70%. Thus, these statistics indicate that big data and AI are currently playing a very crucial role in the business landscape.

Big Data is defined as exceptionally large sets of information that can be analyzed arithmetically to study patterns, associations, and trends mainly related to human conduct and interactions.

Artificial Intelligence involves the utilization of machines like computer systems to enable the stimulation of human Intelligence processes like learning, reasoning, and self-correction.

Big data and AI are helping companies to gain the real-time awareness of consumer conduct and business trends so that the companies can get an edge over their competitors with the help of rapid advancements of AI and subjective computing with big data posing as the feed.

The benefits of big data and AI in the business world

It is important to understand the ways in which big data and AI can confer, and as a result, transform the business world.

Big data is an extremely large set of data tools that functions to make Business Intelligence more feasible. With the advent of Business Intelligence, analyzing business has become easier and effective. Prior to the introduction of big data, business intelligence was pretty much limited but has now emerged into a legitimate career option. Earlier, before the introduction of IoT devices, businesses were much more dependent on Business Intelligence Software which generated static reports, but now, with the expansion of various big data sources such as smart devices, the AI has contributed towards changing the business intelligence from responsive to proactive and dynamic business solution.

Business intelligence has developed into three key areas: –

Descriptive Analytics It is basically the introductory stage of data processing that aims to create a synopsis of prior information to yield practical and helpful information so that the data can be prepared for further analysis.

predictive analytics Predictive modeling, machine learning, and data mining are a variety of statistical methods that predictive analytics holds within. The objective is to analyze the historical as well as the latest facts to predict the unknown events or future.

Prescriptive Analytics It is the final stage of business analytics, which also involves descriptive and predictive analytics. It helps to anticipate what will happen; when it will happen, and why it will happen. It provides the best possible course of action to be implemented in a given circumstance.

2. Comprehending and serving to the customer’s needs

Big data and AI work together to enhance the experience of customer service and also boosts up the manufacture of automated consumer responsive devices.