As technology has developed, businesses have access to more data than ever before. Although the advent of big data has created a multitude of opportunities for companies, it’s presented them with logistical issues.
The sheer volume of data created means it can be impossible for businesses to actually use it. Despite the potential sales and business growth lying dormant in unused data, companies have been unable to realize the value of it.
As a result, the volume of information sitting idle in data silos has increased and businesses have been forced to effectively ignore the possibilities it offers. However, the latest technological evolution is enabling companies to delve into their historical data and use it to enhance their operations.
Accessing historical data with AI
Until recently, the large amounts of data produced in-house have been unusable. Companies didn’t have the resources to examine, sort and collate the information, simply due to how much of it there was. When you factor in the variables in terms of how data was saved and what format is was stored in, the task becomes even more overwhelming.
However, this wasn’t a problem suffered only by small businesses or new enterprises. Even larger organizations were unable to tap into their historical data because technology simply hadn’t caught up with the vast amounts of data it was capable of creating.
As artificial intelligence, or AI, has evolved, however, we now have the resources we need to attach meaningful value to the reams of data we produce. A subset of AI known as machine learning allows us to analytical model building, with minimal human input.
This essentially means that your data can be assessed, sorted and collated by machines. With no need to assign staff to the task of making your historical data usable, companies can effectively access endless amounts of valuable data using AI and machine learning alone.
Can machine learning analyze data?
Absolutely. Although sorting untapped data is inherently useful, this would still leave a vast amount of data that would need to be analyzed by humans. Realistically, the manpower and time this would take renders it impossible.
By using machine learning, however, companies can rely solely on computers to sort and analyze their data. Furthermore, machine learning is based on the premise that systems can learn from data, as well as identify patterns and make decisions regarding that data.
This means that AI and machine learning can carry out data analytics and adapt to varying types of data. Regardless of what’s stored in your data silos, what formats it’s in or how it’s been saved, machine learning will successfully analyze it on your behalf.
Of course, the speed at which data analytics can be carried out by AI is far superior to what we could ever achieve as humans. In fact, machine learning can analyze more information in minutes than we could successfully assess in years. In addition to this, the use of AI ensures that businesses aren’t marred by the inevitable human errors which occur when humans perform these tasks.
What does AI mean for businesses?
Artificial intelligence is already changing numerous elements of business operations. In terms of data analytics, however, it is having a profound effect on how much data businesses can use and what they can do with it.
Perhaps most crucially, machine learning and AI doesn’t only bring benefits to large corporations. All types of organizations and enterprises are actively using machine learning for analytics. Appropriate for use by a small business, local government department or non-profits, machine learning is enabling everyone to analyze big data more effectively.
Widely used across the pharmaceutical and medical industries, as well as in the business world, AI is already having a tremendous impact on our health. By using machine learning to analyze endless amounts of data, medical organizations and companies can access useable information relating to drug formulations, trial results, sample studies, patient history, imaging analysis, personalized medication and much, much more.
Could machine learning help your company?
All organizations can benefit from machine learning and AI. Whilst businesses are now recognizing the importance and value of data, they have been unable to really utilize the historical data they have stored.
With machine learning, companies can successfully analyze this data and use it to engage with their clients more effectively. As a result, AI and machine learning can help businesses to better understand client behavior and enable them to respond accordingly.