Big Data and AI: Empowering Business Innovation in 2019
With technologies like big data and AI evolving rapidly, businesses are competing to offer more personalized experiences to their customers. But many organizations seem to struggle when it comes to integrating data from multiple sources. Therefore, they look for big data and AI marketing solutions to process and analyze the large datasets to derive meaningful [...]
With technologies like big data and AI evolving rapidly, businesses are competing to offer more personalized experiences to their customers. But many organizations seem to struggle when it comes to integrating data from multiple sources. Therefore, they look for big data and AI marketing solutions to process and analyze the large datasets to derive meaningful patterns and trends that can help in better decision-making. Today, there is a need for organizations to combine the agility of big data processes with artificial intelligence capabilities to improve their decision-making processes. The convergence of big data with AI is a complete game changer that can guide companies to derive optimum business value from their data and analytics capabilities. In this article, our team of big data experts have highlighted the relationship between big data and AI and the ways through these technologies are transforming the business world.
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What is Big Data and Artificial Intelligence?
Big data refers to the huge volumes of datasets that can be analyzed to unveil market trends, understand patterns in customer behaviour, and predict customer needs. These datasets are collected from multiple sources, some of which are available publicly. Big data comprises structured data, such as transactional data in a relational database, and unstructured data, such as email data, images, sensor data, and much more.
Artificial intelligence refers to the form of computing that makes it possible for machines to perform cognitive functions, adjust to new inputs, learn from experiences, and perform complex tasks. Artificial intelligence performs frequent, computerized, high-volume tasks reliably and without fatigue. It adds intelligence to existing products and adapts through progressive learning algorithms.
How AI is used in Big Data?
Today the internet provides concrete information about interests, habits, activities, and personal preferences of consumers that was not possible a decade ago. Social media platforms, social activity, tagged interests, product reviews, shared content, and customer relationship management systems all help in adding potentially insightful data to the pool of big data. Artificial intelligence uses data from multiple sources to build a store of knowledge that can help make accurate predictions about consumers’ buying and spending patterns. The impact of combining AI with big data can be understood by AI’s ability to work so well with data analytics. With the proliferation of big data and AI technologies, devices and machines are getting smarter and are acquiring the ability to perform in a better manner. Consequently, this is resulting in consistent improvements in big data solutions that will further boost the market adoption of these solutions.
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How big data and AI is transforming the business world?
Improving targeted marketing
Big data and AI have improved targeted marketing immensely. Big data and AI help companies to understand their customer behaviours and preferences. By leveraging big data and AI marketing solutions, companies can now combine the insights obtained from their traditional data sets with social media data, text analytics, and browser logs. Furthermore, this can help in predicting future demand for products or services. This way organizations can market the products or services that they knew their customers needed.
Changing the way social media is used
One of the most important ways in which big data and AI has impacted the business world is through social media. It has resulted in a remarkable increase in personalized content targeting which, in turn, is leading to an increase in sales opportunities. Big data and AI marketing solutions are making use of effective behavioural targeting methodologies. This is also helping businesses to effectively respond to customer’s demand and improve customer experience.
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Enhancing fraud prevention abilities
The modern digital world has undoubtedly elevated the game of professional fraudsters. But the capabilities of fraud detection tools powered by big data and artificial intelligence models can protect businesses against these sophisticated fraud schemes. By leveraging natural language processing, video recognition, machine learning engines, speech recognition, and automation, companies can easily track the unusual activity at all the levels of business operations.
Introducing customer responsive products
Big data and artificial intelligence marketing solutions are not only improving customer service by making it proactive but are also allowing companies to develop customer responsive products. Today product design is focused on fulfilling customers’ needs in ways never possible before. Big data and AI technologies have improved the capabilities of a business to analyze the customer’s need through data analysis. Also, companies can determine how a future product should serve customers by gathering information via buying habits, surveys, and even case scenarios from customers.
Big data and AI solutions have the potential to reduce business costs by helping companies find trends and predict future events accurately. Inventory management is always expensive for businesses. But with big data analysis, companies can predict when production is necessary. This can further help in improving inventory planning and optimization and reduces cost significantly.
Are you wondering how to manage the sheer volumes of continuous data? Artificial intelligence based business models can help. Get in touch with our experts to gain better insights.