The concept of big data and AI is being hailed as a game-changer in revolutionising the way we live our lives. The simple idea of big data is collecting colossal data sets, while that of AI implies systems that can make intelligent decisions on their own based on available data. While these two concepts may differ from each other, they have a symbiotic relationship. AI depends on big data to get better at automating and making decisions for various aspects of our lives.
How AI and big data work
The vast amount of data collected contains a large number of variables that are hard to analyse. This is the reason why they are fed into intelligent AI systems that analyse the data, look at its patterns, and become better at dealing with similar types of data. For example, an AI system may be fed with business data to analyse the prices of various goods. It will discover patterns within the data and factors that influence prices. The intelligent system will then become proficient in predicting future trends. It means AI can help in understanding and offering helpful insights into all the data collected. The vast data collected usually contain a large number of variables, some of which may be useful, while some may not. AI sorts the data and recognises which variables are valuable, and discards the rest. The many benefits of automation mean that big data and AI will continue to evolve and shape up the future.
The top industries embracing big data and AI
One of the areas where big data and AI is being used successfully in the healthcare industry. With the enormous amounts of data collected, there is a need to make sense of it and improve on the services offered. It is being used for medical research, exploring better treatment methods, and offering personalised services to patients, among other uses. Another industry that is benefitting hugely from this concept is the finance industry, especially in preventing fraud. It is mainly used to analyse and recognise patterns in customer spending habits.
When some activities in a customer’s account deviates from the pattern, AI flags it as suspicious and alerts the bank and customer for further action. Most of the legit online platforms that accept payments such as online slots at Leovegas use AI and big data to detect fraudulent activities early on. It results in customers feeling more safe and secure, especially when there are strong cybersecurity measures also in place. AI and big data can also be used by investors to analyse data to make sound financial decisions. The insurance industry is also significantly benefitting from AI and big data to provide better-personalized services to customers.
Trends and challenges
With all the advantages they offer, the future trend will be that of exponential growth. It will primarily be fuelled by the large amount of data collected due to the increase in the number of internet users, and the increasing use of internet of things (IoT) devices. This massive amount of data will be impossible to handle, thereby requiring the use of big data and AI. Improvements in machine learning algorithms will also contribute to the exponential rise of big data and AI. One of the significant challenges that big data and AI face is resistance as many fear losing their jobs due to automation. Another challenge is privacy and security. There are concerns that the data being collected may be used unethically, especially if it falls into the wrong hands.