AI, Machine Learning and Big Data: What Do They Have in Common?
AI and big data are the buzzwords of the day. It’s all around us. So, by now most of us have some sort of grasp on what artificial intelligence and machine learning is about. For the most part the tremendous impact is geared toward a remarkably interesting future. But what exactly is Big Data and how does that work?
The difference between our typical concept of “data” and “big data”, simply refers to the sheer volume. Generally speaking analytics and storage tools have become too small to manage copious amounts of learning and behavior analytics. Thus the term big data was born.
This is how AI and big data go hand in hand. Whether your business is already avidly investing in machine learning and big data, or if your interest has just peaked, we have compiled a list of the top 5 trends to look out for in 2018.
1. AI and the Rise in Enterprise
Predictions show that between 2016 and 2017 there has already been a 40% increase in the use of artificial intelligence. Statistically in order to help make imperative business decisions (Think CRM and Stock, and Marketing). In 2017, that number shot to 51%. In 2018 it is said that number will increase to a whopping 70% of enterprise investment. This rate of exponential advance has some tech giants and gurus predicting that the advancements at this rate have already shattered the concept of Moore’s Law. Moore’s Law suggested (way back in the 70’s) that given the need for advanced technology and computing, processing and the need for computer components would double exponentially, every two years, and we tend to agree.
2. Offline VS Online Activities
We consider any form of artificial intelligence and machine learning to function primarily online. Using the Internet of things to do massive online searches to correlate and analyse information. Siri and other virtual assistants are prime examples of early adaptation of online learning and analytics. Your existing CRM software and applications and Social Media tools are all examples of Online Analytics. So how does offline big data technology work?
Amazon Go is a splendid example of how offline tech changed the game in the retail sector. Implementing offline tech to trace influx of customers through motion sensors and hundreds of cameras to address customers’ needs for a more fast paced and interactive retail experience.
3. Marketing Embraces Technology for an Improved Customer Experience
Of course, Offline and Online do go hand in hand as they plug into one another to provide feedback for your brand, your customer engagement and ROI. Embracing AI and big data is not only about automation, it’s about creating a unique engaging experience for your customers. Many examples exist of companies employing technology and chatbots to connect with customers more intuitively. Our very own AI and consciousness: seeing through the eyes of a robot. (remember to link!) explores the depth of humans assisting machines today.
4. Assistants Employee Relationships Also Improves Your Business
So, you’ve analysed the trends and have wowed your customers with your new interactive digital marketing campaign, and as more and more people engage with your business, the harder it becomes to keep up with communicating with your customers demand for real time response.
With customer engagement comes employee engagement. Employee engagement and satisfaction are key to managing your customer’s needs, which is why developments in AI to communicate in business with both employees and customers, cognitively and naturally is booming.
5. The Future Drivers of AI
Across all industry sectors, there is a drive for the next best thing. We know artificial intelligence companies and tech giants are all furiously working at changing the game and creating the latest tech trend. However as even smaller businesses and enterprises consider their own needs, coming up with creative concepts of their own to provide unique tailor made solutions, it’s easy to see how there is a huge opportunity for even a small business to drive the future of AI and tech with the next best thing.
And if we have artificial intelligence and big data on our side, to speed things up, we could see this happening at a quicker rate than we ever imagined.