Based on a 2017 marketing report from IBM, 90% of the data in the world today has been created in the last two years alone, at a rate of 2.5 quintillion bytes of data a day! The report adds that with new devices, sensors, and technologies emerging, the data growth rate will likely accelerate even more.
With so much data to analyze, a great number of organizations—large and small—have invested in building Big Data repositories that contain both internal and external data and are developing new processes and models to take advantage of this informative data.
Big Data has been an excellent topic of conversation in IT departments, executive meetings, and even boardrooms for some time now, and due to excellent results associated with Big Data, we expect the trend to continue for many years to come.
In addition, we are seeing a new approach that can and will raise Big Data to a new level—the use of Artificial Intelligence (AI) processes to analyze specific areas. You have heard a lot about AI in self-driving vehicles, drones, home cleaning robots, and other areas. The use of Big AI in finance, law, healthcare, insurance, and other industries would allow organizations to focus and customize their products and services to a specific client.
For example, in the financial industry, we’re seeing a trend of organizations replacing their stock analysts with AI agents to maximize the effectiveness of stocks for each of their clients. Black Rock, for example, has been a pioneer in this movement. In addition to stock selection, the financial sector will soon find a variety of AI agents and apps that would customize and manage wealth, savings, credit card selection, and purchase analysis as well as a lot of other functions for the consumer.
In law, an AI program called Robot Lawyer has successfully overturned more than 160,000 parking tickets in New York and London alone—and is expanding to other areas in the U.S.!
“You have heard a lot about AI in self-driving vehicles, drones, home cleaning robots, and other areas. The use of Big AI in finance, law, healthcare, insurance, and other industries would allow organizations to focus and customize their products and services to a specific client.””
In healthcare, the impact would be even more drastic. With all IoT and mobile devices available for use and the ability to analyze personal data, parental history, and other data sources, we could see a big impact in use of AI in healthcare, from establishing appointments, increasing throughput within hospitals, and even getting patients to and from clinics.
The insurance industry has started using AI for claims management and fraud detection as well as underwriting and loss prevention.
In retail, AI will be amazing! Logistics (just-in-time ordering and shelf management), sales improvement (more customized coupons and better shopping basket analysis), payment processing (evident from Amazon’s purchase of Whole Foods Market), and fraud detection and loss prevention (to catch a thief—on spot!), we will see a wholesale change in how retail will start to function.
It is important to reiterate that although I use the examples associated with larger organizations, smaller and midsize organizations can certainly take advantage of Big Data and Big AI without having to make multimillion dollar investments. Every company would be able to use the same set of data and processes and take advantage of its big results.