Data Strategy is seen as the next big wave of a technological shift that is sweeping through the world right now. With large Asian economies of China and India taking the privilege of humungous data for their strong R&D capabilities, it has emerged as a necessity to foster an environment of Growth and push businesses from that reactive analytics to proactive ones.
This mainstream element of business has highlighted Artificial Intelligence (AI), Internet of Things (IoT) and Machine Learning (ML) in the first place so significantly that those products or corporates that are impuissant to utilize data intelligence will possibly die a natural death very soon in the highly fluid environment.
AI & ML has been around us since the very early European computers were conceived as “logical machines” and Greek myths of mechanical men having mechanical brains. But we realized their importance very late.
The first realization credited to Arthur Samuel in 1959 and the second one was the emergence of an Internet that generated a huge amount of digital information. In order to sort the large chunks of information in a very refined form, companies took the privilege of ‘Data Intelligence’ to build future competencies and get that perfect hold over speed, accuracy, and lack of biases.
Here is where the role of ML and AI becomes crucial for business success. To cope up with a fundamental shift, companies applied a consolidated approach of :
- Machine Learning that discovers all kinds of patterns buried in the data. It explores pattern recognition and computational learning theory that can be utilized by machines to access big data.
- Artificial Intelligence which is one of the hottest buzzwords bringing much of the digital transformation as a broader concept of machines. It helps organizations to carry out tasks smartly by automating repetitive and high-volume tasks.
Using AI tools and techniques also streamline the complex process of quantitative research, data mining, and cleansing dirty dumping piles of data.
As a classic approach to diagnose many big problems with precision and perfection, both of these breakthroughs play a major role in expanding human intelligence through predictive algorithms and data tools.
They mutate product design, services, businesses, organizational structure and our very existence in order to keep a constant pace with the latest technology upgradations. At almost every stage, AI and ML empower companies to optimize their valuable resources while saving both time and cost of the organization.
How AI & ML fit into your business process?
To succeed in an era of rapid innovation, it has become imperative for the organizations to plug the yawning gaps that lie between a clear NO and a clear YES. Usually, this gap comes due to conventional ‘rule-based’ analytics which has ‘if’ and ‘else’ kind of algorithms. Artificial Intelligence and Machine Learning trigger a radical shift in product design or business process at several aspects like
- How defensible is Big Data?
- How repeatable is Data?
- How transformational is that Data Intelligence?
Also, they fully address the growing demand for automation and data-driven concepts by pushing beyond basic business intelligence to more comprehensive solutions. Many forward-thinking corporates significantly recognize AL & ML values as an important decision-making factor to access real-time data streams and leverage the power of big data to spot potential problems (that can cost billions) before they occur.
Also, this cuts down the valuable time spent on data analysis and allow organizations to utilize actionable insights to become AGILE which is a key to become successful.
“If 'Big Data is the new soil for business survival, so, AI and ML are the fertilizers that you will need to grow and thrive the competitive marketplace.”