Businesses now understand the critical importance of big data in bringing in insightful data analysis. Its importance comes from big data holding large chunks of data, often from multiple sources, which a traditional data management system cannot process. In addition, the three V’s of big data (volume, velocity and variety) add complexity to it. Another problem includes the requirement for a proper system to analyze and store data. It is where Artificial Intelligence (AI) comes in to make it easier to process big data efficiently.
The Relationship Between Big Data and AI
The relationship between the two is that of synergy; both help each other. Big data uses AI for better data analysis. On the other hand, AI uses the data available to it to learn and further improve its decision-making processes. Therefore, they complement each other to bring the required information for businesses and other enterprises. With big data, it is easier to improve AI. Similarly, the raw data proves to be unusable without AI in big data.
The reciprocal relationship between AI and big data allows users to combine them to unlock the full potential of the data available to them. To summarize, a virtuous cycle exists between big data and AI. Let us see how big data and AI work together for better data analysis.
Anomaly Detection
AI can quickly identify anomalies in the extensive database and bring out the information to the users. Anomaly often breaks a pattern and trend, and identifying the anomaly becomes crucial to know the disruption in the business process and any future trend. AI relies on big data for pattern recognition. While recognizing the pattern, it becomes easier for AI to identify any unusual data.
Custom Behavior Prediction
One of the most common problems which distributors face is predicting customer behavior. An accurate forecast in this aspect is crucial to managing the inventory of the system. As a result, many companies now collect different information in connection to it, like demographic details and product information. For example, analyzing the demographic details of previous Lottery Sambad events will help the organizers to distribute the tickets in a way that produces maximum ROI for them. Irrespective of the business size, analyzing this data is an arduous task; however, at the same time very necessary. With the right tools using AI, it is now possible to get the required insights for predicting customer behavior.
Data Cleansing
Only some of the data is necessary or important for a business. The data which are helpful to a company are good data, while the rest of the data which plays no role in the decision-making processes is bad data. Therefore, the first step to analyzing big data is to clean it and ensure that only useful data are considered for analytics. AI helps cleanse the data by finding the missing values and outliers along with the duplicate records. Thus, it standardizes the data and prepares it for a proper analysis.
Data Management
Apart from data processing, data management includes acquiring, storing and processing the data to increase its reliability and accessibility. Because of its velocity (real-time data) and complexity (multiple formats), big data often requires massive capability. AI comes with the capacity to manage the data. A powerful AI tool can identify and interpret static and real-time data to create the knowledge needed. Furthermore, AI helps in data management and ensures that it takes place instantly.
Less Labor-Intensive Data Analysis
Previously, data analysis took days; however, with AI’s introduction to big data, the time required to analyze the data has significantly reduced. Both AI and Machine Learning ensure quick analysis of the data efficiently. Moreover, the chances of error are almost negligible when AI analyzes big data, unlike human error. On the whole, it has made the data analysis process significantly less labor-intensive.
For example, it is possible to use AI to know how someone who won Kerala State Lottery will use the money based on the prepopulated questions which customers fill out while buying the tickets.
The Endless Opportunities Of AI And Big Data
AI and Big Data can also help businesses in context management, decision management and risk mitigation. Companies can benefit from their amalgam because it helps them identify opportunities, increase efficiency, understand custom behavior, gain necessary insights to improve strategy and predict future trends. All industries collect data, and therefore, the application of big data and AI are endless and implementing it is required to gain competitive advantages in the populated market.