Welcome to this blog about how artificial intelligence and big data can impact a business. I started this blog to share my experiences and knowledge that I have gained while working in this industry, as well as my views on the future of AI and big data.
There are already many blogs out there that focus on AI and big data. But most of these have been written by techies for techies. While there is a lot to be learned from these blogs, they don’t always provide much insight into the practical application of these technologies. And that is what this blog is all about: pure, actionable information on how AI and big data can benefit your business.
I pledge to keep my writing as concise as possible. You will not find any filler content or waffle here. Instead, you will find clear information on the specific ways in which AI and big data are being used by businesses to achieve their goals.
The business case for artificial intelligence (AI) is clear: it helps you save time, reduce errors and automate processes. AI’s ability to use big data and machine learning to improve itself over time means the benefits compound as time goes on. There isn’t a business in the world that couldn’t benefit from these characteristics.
Therefore, any business that has significant amounts of data should be looking at how AI can help them. And that includes small businesses. With the right technology, even a tiny business can play in the big leagues by using AI.
Artificial intelligence (AI) is the intelligence of machines and the branch of computer science that aims to create it. According to John McCarthy, who coined the term in 1956, “it is the science and engineering of making intelligent machines, especially intelligent computer programs.” Artificial intelligence today is properly known as narrow AI (or weak AI)
Big data benefits are business advantages big data provides to a company. Businesses are becoming more and more data-driven, which means that they need to collect and analyse data in order to make informed decisions. Big data makes decision-making much easier for organizations because it allows them to understand their customers better, develop new products faster, identify potential risks and opportunities more accurately, etc.
Artificial intelligence (AI) is being heralded as the next industrial revolution. Yet it’s not just big businesses that can benefit from its power.
Small and medium enterprises (SMEs) are in a prime position to use this technology to their advantage because they are often nimble, have a close relationship with their customers, and are quick to adapt.
Big data, too, is a valuable commodity that many SMEs already collect but don’t know how to use to their advantage. The key question for businesses is how can you gain insights from your data?
The answer is AI. The likes of Amazon, Google and Facebook have all used AI to great success by combining it with big data techniques such as machine learning (ML).
ML is an application of AI that provides systems the ability to automatically learn and improve from experience without being explicitly programmed. It focuses on the development of computer programs that can access data and use it learn for themselves.
However, while it is easy to see how a major corporation such as Google would benefit from this technology, what most people don’t realise is that smaller businesses can also benefit from the same techniques.
It’s one thing collecting all this data but another thing entirely analysing it and finding something meaningful within it.
In the world of corporate giants, artificial intelligence is a competitive advantage that drives strategic decisions. Amazon, Google, and Microsoft are among the top companies that use AI to improve their businesses. A recent report from McKinsey shows that the quick adoption of AI by leading companies has led them to outperform their competitors by more than 60%.
Many companies are still hesitant about adopting AI because they believe the technology is too expensive. The truth is that AI requires an initial investment, but in the long run, it will reap huge benefits for your business.
If you want to stay on top of your business game and compete with other industry leaders, then you should implement AI now. Here’s why:
The 3 most important Big Data opportunities for B2B companies are:
– 1. optimize the customer experience
– 2. drive product innovation and
– 3. accelerate sales by improving lead qualification.
This is according to a recent study by Accenture. Forrester did a similar study in 2013, which produced a similar result, although they identified 4 opportunities:
– 1. improve targeting and segmentation,
– 2. improve marketing ROI,
– 3. enhance customer insight and
– 4. improve product development and design.
Both studies show that companies want to use Big Data to understand their customers better, so that they can create more value for them, which can in turn be used to create new revenue streams for the company itself.
The CEO of a successful startup explained to me that his secret was that he had discovered “a completely new market.” By this he meant it was a market no one else knew about. It was not a new market in the sense of one that didn’t previously exist; rather, it was new to him, and by extension, to the people who went on to work for him.
His idea, like most good startup ideas, was originally considered insane. All the experts said so. Even his own board, which included one of the most successful entrepreneurs in Silicon Valley, voted against it. But he stuck to his guns and eventually won them over. They are now rich and happy and have been joined by many thousands of other people who feel the same way.
What all these people had in common was that they were convinced by something that initially seemed crazy but ended up being true. The thought process went something like this:
“Well, if I were wrong about this, I’d be crazy; but I’m not crazy; therefore I must be right.”
