Reducing human error and collecting more precise details to make decisions is the highest priority driving businesses' Big Data strategy. The definition of Big Data is the process of collecting terabytes of information, compiling all that information into segments, and analyzing it for patterns or inconsistencies. However, deriving intelligence and meaning out of Big Data can be a challenge. Here is where the need for integration of Artificial Intelligence capabilities arises.
AI can deliver intelligence technology that requires no human work once trained providing meaningful extractions from large data sets. This way businesses can benefit from better strategic decisions and in turn lead to more efficient operations, cost reduction and even reduces the risk of failure. Let's explore how businesses can benefit from integrating Big Data with Artificial Intelligence capabilities.
59 percent of executives say Big Data would be improved through the use of AI"
-PwC
By incorporating AI and ML algorithms, businesses can study data streams within Big Data and obtain accurate and real-time analytics based on the business needs therefore providing structured data for the most accurate decision making. Compiling this data accurately will provide a wider view of your company and will give you a competitive edge against other businesses. Another benefit of understanding Big Data is you can uncover deviations in the business strategies to achieve business goals and adjust with corrective measures.
Most AI-integrated Big Data algorithms ensures faster ROI by providing extensive and agile analytics about the enterprise to enable business leaders to plan, measure, evaluate and restructure KPIs. This intelligent data provides business leaders with better visibility of the overall business process.
Imparting Artificial Intelligence capabilities extracts the intelligence out of the connected dots which means stakeholders or businesses can get substantial insights on all projects in a single dashboard. If you attempted to use this feature without AI, the organization would need a whole team of data analysts and data scientists to create dozens of spreadsheets and charts.
Big Data combined with AI capabilities like predictive intelligence enable businesses to precisely predict customer preferences based on data. This data can be the basis for businesses to explore and start designing new products and services based on the needs of the customer.
Optimizing resources can mean several things. It can be maintaining a proper level of stock in a warehouse, knowing when to ship out stock to other locations, or understanding the seasonal demands of your workforce. Big Data and analytics empower businesses with a massive amount of organized data to aid better decisions on how well resources positioning can extract maximum results.
A well-defined Big Data strategy using Artificial intelligence provides businesses in-depth analytics on resource utilization. For example, you can apply analytics to your workforce to understand working hours and time spent on each task. These reports allow businesses to manage their resources for better results.