We live in interesting times. It has been three whole years since I last wrote and the advancement in technology in that time has been breathtaking. We have had so many technological advances in the past three years but today, I shall talk about the 3 main trends and what it means for your business. I am talking big data, artificial intelligence and machine learning. In this article I will talk about each one briefly but be rest assured I will keep writing about each one in more detail in the coming weeks. So without further adieu, let’s get right into it.
We all know the way the Internet has changed the way we operate, both in the business and in the social sense. According to The Rise of Big Data (Kenneth Cukier et al.), a new and lesser visible trend is just as transformative and is on the rise. Big Data. He states that Big Data starts with the fact that there is a lot more information floating around these days than ever before, and is being put to extraordinary uses.
Big data is the combination of all the online and offline data that we have been responsible for since we all began fiddling around with technology. Think about all those documents you entered into the computer during that short data entry job you took during your vacation. Think about the millions of records stored by huge financial institutions each day. Also think about Social Media data, that makes up a huge part of big data today. Every like, tweet, share is a valuable piece of data that businesses today can make use of.
There are a number of ways big data can help businesses of all industries today. Some of these are:
- Customer Care
- Risk Analysis
- Data Safety
- Develop New Products
- Manage Marketing Campaigns
And so on! I will write something about Big Data in the next few weeks and dive deeper into understanding the different types and how each type of data can be used to provide interesting analysis to assist organizations of any size.
In the next section we will talk briefly about Artificial Intelligence and Machine Learning as they are closely liked to each other.
AI & Machine Learning
AI is a term for any computer program that achieves a function in a “smart” way. John McCarthy, widely recognized as one of the godfathers of AI, defined it as “the science and engineering of making intelligent machines.” It’s interesting to note that both terms crop up a lot when the topic is Big Data. That’s because combining Big Data with AI leads to infinite possibilities. But that’s a blog post for another day.
AI has been around for a pretty long time. As technology progressed, so did the whole concept of AI. There are two categories of AI; applied AI and General AI which is the more interesting of the two and which has brought the term Machine Learning. According to Wikipedia, machine learning is a field of computer science that uses statistical techniques to give programs the ability to learn or progressively improve performance on a particular set of tasks. Using both AI and machine learning, businesses can:
- Visualize data with Key Performance Indicators.
- Have better insights into customer behavior.
- Have a better effective consumer focus strategy (customer care)
By now you are beginning to have an idea of what Big Data, AI & Machine Learning can do for your business. In the next few weeks I will dive deeper into each category, telling you of the numerous benefits each can provide. I have also just started focusing on the fields and I can not wait to share the endless possibilities I feel we shall find along the way.
If you want to have a chat directly about this topic, do not hesitate to get in touch with me. Visit my contact page to find out how you can get in touch. I look forward to hearing from you.