The change in how companies use AI to manage their big data has been particularly prominent over the past few years. A comprehensive list of 32 companies that use AI to help manage their core business data passed the $1billion valuation mark, CB Insights reported in 2018. Since then, of course, things have escalated ten-found in the AI big data world.
These huge players fully understand ways in which to integrate strong AI capabilities into a variety of different solutions. The result? A staggering market value. Here, we look at some of the ways big data and AI empower one another.
Big Data Gets Bigger
Research revealed that last year that one average the typical consumer generated 1.7 MB of data every second, according to DOMO. Business leaders are now scrambling to unlock all that data on offer, and as a result are building brand new enterprises. The history of big data all comes down to one thing – humans lack the ability to process it. This, of course, is where AI comes in, in managing such an extraordinary about of information consumers are contributing to every day.
But both AI and the big data compliment one another. Think of data as the fuel that essentially powers AI. It allows it to learn on a fast and independent basis and in doing so, AI is able to recognise the patterns and trends to really benefit the business.
Seeing the Wood Through the Trees
AI also assists big businesses in making sense of big data sets. This can be in the form of sifting through namely unstructured data that perhaps may not always easily fit into database specifics. New insights is then created from that data, with information that may well have been formerly locked away in emails, videos and even pictures.
Aiding the Fundamentals
Businesses are now firmly using AI or similar solutions that support the all-important implementation in healthcare, cybersecurity, robotics and more. Databases are becoming powerful in driving businesses and brands in comparison to the more traditional databases. Today’s are more capable of connecting certain data points and uncovering relationships between brands and their consumer base.
To summarise, this incredible shift in the partnership between AI and big data is what the MIT Sloan Management Review dubbed “the single most important development that is shaping the future of how firms drive business value from their data and analytics capabilities”. In the current climate we find ourselves in battling the COVID-19 pandemic -both customers and businesses alike – this statement could not be more accurate.
