How businesses can leverage data and analytics to understand their customers, increase efficiency, and generate growth opportunities
Big Data and Artificial Intelligence (AI) Technologies Are Fundamentally Transforming Businesses. By unlocking value from data to understand customers and markets better than ever before, Data-driven AI solutions provide businesses with unprecedented opportunities to optimize operations, delight customers and accelerate growth..
Big Data refers to very large and complex data sets containing high volume, variety, and velocity of data that traditional methods struggle to process. These data provide raw material for analysis.
Artificial intelligence or AI uses computer systems capable of performing tasks that typically require human intelligence, such as visual perception, speech recognition, and decision-making. AI systems can analyze big data to discover patterns and insights to drive predictive analytics, automated decisions, and process optimization..
Recent research reveals that AI alone should provide a A $15.7 trillion increase in global GDP by 2030 through productivity gains and personalized products and services. Associated with the explosion of big data resulting from digital transformation, the market opportunities are enormous.
However, as discussed below, businesses must strategically collect relevant data and apply AI and advanced analytics to unlock this value. Only with the right databases and analytical approach can they reap the customer, operational and financial benefits promised by these technologies.
