The fourth industrial revolution which has made the fundamental change in the way we live and work encompasses the use of AI-driven technologies and big data. Both Artificial Intelligence and Big data has helped businesses to succeed. While Big data is considered as the lifeblood of businesses, AI is regarded as the heart to fill life in it. Thus data is the core of any business and AI to harness meaningful insights from the huge volume of data. All the AI-driven technologies from Machine learning, Cognitive Computing to Natural Language Processing play a significant role in deriving insights for businesses.
In the New Vantage survey report, 98.8% of the firms are investing in AI and Big data initiatives. The blending of Artificial Intelligence and Big data is regarded as the most important development that shapes the way for businesses to derive value from its data and analytical capabilities. Thus organizations are realizing the potential of integrating data and AI capabilities to offer differentiated solutions to its customers to gain a competitive edge in the marketplace. Data the fuel of Artificial Intelligence helps AI-driven applications like Machine learning to identify patterns, trends, and differences from the massive data sets which includes even unstructured data that don’t fit into the traditional databases. AI is enabling organizations to gain insights from data that was earlier locked in emails, images, videos, and presentations. Thus the convergence of AI and Big data, driving innovations in businesses are:
- Understanding consumer behavior: Consumer behavior is changing drastically in recent times. Deep learning, a subset of AI helps businesses predict their consumer behavior by analyzing their search patterns. Also, Big data along with machine learning algorithms are capable of providing a personalized experience to its customers. A typical example is that of the American coffee chain Starbucks which uses big data and AI to recommend different varieties of coffee based on the location of consumers, weather, and so on.
- Improving digital marketing trends: Big data in combination with AI is helping businesses to gain valuable insights and concentrate on those customers critical to digital marketing. This helps businesses to save a lot of money at the same time generate revenues. The live streaming giant, Netflix has incorporated AI into their digital marketing, which significantly raised their subscriptions and leads to increased revenues.
- Driving virtual assistants: Virtual Assistants like Siri, Alexa that changed human lives are more intelligent by the convergence of AI and Big data.
Thus the convergence of AI and Big data is regarded as a powerful combination fuelling future growth.
