What is Big Data?
By now we have all seen the substantial impact of Big Data in helping organizations enhance their performance by converting raw or unstructured data into insightful data. This technology gathers and analyzes customer requirements and then predicts the right product for the customer, which helps a business to acquire customers and also retain them by perfect product placement. Massive amounts of data are being generated daily from various digital sources.
According to IDC, the volume of data generated will grow to 44 zettabytes by 2020. Only a fraction of this generated data is useful for business organizations. So to stay in the marketing game new methods of managing massive amounts of data must be adopted. This is where Artificial Intelligence or AI and its predictive application come in.
What is Artificial Intelligence?
Search and optimization are the two most important features of Artificial Intelligence. This technology uses graph traversing, logic, reasoning to process data and establishes a complex relationship based on this data. The incorporation of this technology into Big Data adds an extra layer of intelligence in data analysis. This means complex analytical problems can be solved much faster than we ever imagined. Since artificial intelligence is not bound by any established perception, it can develop and test an infinite number of hypotheses and variables.
Big Data enables predictive applications, which in turn increases the computing power needed for data analysis, and also strengthens the resulting infrastructure. To put it simply, artificial intelligence enables systems to consider the context. The convergence of this modern technology with Big Data will enable automated business decision making.
Applications: Though we are far from using this rapidly growing technology to its full potential, it has already entered our lives in many ways. The suggested products or ads we see while browsing through our favorite websites are generated by artificial intelligence algorithms after analyzing our digital footprints. Apart from marketing, it has also made major breakthroughs in the health and travel sector. The combination of big data with artificial intelligence has allowed Canadian researches to detect potentially life-threatening infections in the vitals of newborn babies. Thus this technology can be used to detect the warning signs earlier and save someone's life.
Also, airlines and other travel providers have benefitted a lot from advances in artificial intelligence. It evaluates contextual data and provides custom recommendations based on a traveler's requirement at a specific time. Although technology is artificial it allows brands to make an emotional connection with their customers, which is the key to becoming a lifestyle brand.