By John Chan
Both Big Data and Artificial Intelligence applications (AI) have a mutually beneficial relationship. The success of AI applications is contingent on the big data input. AI is now assisting organizations towards utilizing their data as a means of influencing organizational decision-making with previously thought-to-be unfeasible methodologies. Glenn Gruber, a Senior Digital Strategist at Anexinet states “The more data we put through the machine learning models, the better they get. It’s a virtuous cycle.”
There are three key ways that AI can deliver better insights with big data:
1. AI is creating new and enhanced methods for analyzing data
Determining insight from data previously required much manual effort from an organization’s staff. Historically, engineers had to use a SQL query or a list of SQL queries to analyze data. With AI, an array of new and enhanced methods to obtain data insights have become available. Thus, AI and machine learning are now creating new and more efficient methods for analyzing an immense quantity of data.
2. AI can be used to alleviate common data problems
The value of big data sets is intricately tied to data quality. Data that is of deficient quality is of little or no worth for the organizational decision-making process. The dirty secret of many big data projects is that 80% of the effort is spent towards cleansing and preparing the data for analytics. Machine learning algorithms in AI applications can discover outlier and missing values, duplicate records and standardize data for big data analytics.
3. Analytics become more predictive and prescriptive
In the past, data analytics was primarily backward-looking with a post-analysis of what happened. Predictions and forecasts were essentially historical analyses. Big data decisions were therefore based on past and present data points with a linear ROI.
AI is now creating new opportunities for enhanced predictions and forecasts. An AI algorithm can be set up to make a decision or take an action based upon forward-looking insights. In essence, big data analytics can become more predictive and prescriptive.
The Future of Big Data and AI
In the future, there will be a greater availability of intelligence enterprise software that can leverage big data to solve problems. New techniques will develop towards analyzing data for real-time insights. AI – created reports will provide more enhanced context with proposed solutions for organizational problems than was previously available. Consequently, organizations will begin to realize more significant ROI from all their stored data.
At present, as the world continues to fight the spread of the Coronavirus, many data scientists are utilizing various Big Data and AI applications assist in their fight against this deadly virus. Big Data and AI are thus having a transformative effect on how authorities respond to and get a handle on the Coronavirus outbreak. Moreover, it can be foreseen that both applications will play a critical role in any future effort to prevent and respond to any similar epidemics.
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