The business prophecy of 2021-How significant can unstructured data be for AI and Machine LearningBlog by Glorious Insight
Whether it is a government organization or a business, data has been the center of all of them. However, what data and to what extent is used to make critical decisions determines the performance and output. While deciding for a venue for a vacation, you need to visit multiple travel websites and check numerous reviews. Which makes it apparent that companies have to include and process huge datasets to make crucial decisions that lead to profitable results.
Often companies settle for structured data that is easily available and needs not much processing to derive information from. The result is the decisions that are intuitive and based on gut feeling rather than data-driven. Many companies are losing efficiency, suffering losses because of unforeseen circumstances, and losing a significant amount of business due to uninformed decisions and policymaking.
Modern markets are driven by data and technology. It is undeniable that companies have to implement high-end technologies such as AI and machine learning and exploit their data to its maximum potential. Businesses have to acknowledge the enormous unstructured data that, according to the experts, makes more than 80% of the entire data generated globally.
The introduction of AI and machine learning has made it possible to extract useful unstructured data from a wide range of sources in a variety of forms. Data is fetched from images, videos, logs, notifications from IoT devices, social media posts, etc, and can be processed in no time to derive meaningful information.
This huge amount of data can be beneficially used in various tasks. Most of the time, it is implemented to automate human-intensive repetitive tasks in various industries. For instance, to investigate an insurance claim that looks good on the surface or find detailed information that a job candidate might be hiding.
Glorious Insight is a prominent name among leading BI and data analytics solution providers in the market. The company provides advanced solutions to optimize all your key processes and utilize AI and machine learning to facilitate decision-making. We create efficient database architecture and provide a database management system that can churn big data from heterogeneous sources to yield valuable information. Our solutions are cost-effective and process structured, unstructured, and semistructured data in real-time that can put you ahead of your competitors.
√ Need for massive data feeding to AI
AI is heavily data-hungry which makes it suitable for efficiently carrying out data analytics using unstructured data. AI and machine learning are two technologies that work in close coupling. AI provides examples of good and bad transactions from constant experience to the machine learning models. Using these models, it learns to distinguish between the two on its own. This means the more data is processed by the machine learning models, the more accurate AI becomes by reinforcing these lessons. Over 60% of business professionals consider AI and machine learning as their most prominent data initiative, highlighting the power of the combined use of technologies.
As the AI and machine learning advances, organizations have to catch up to provide more and more data to them to enable accurate learning. Data is considered as a fuel that powers the technologies to derive meaningful and useful information to make precise decisions and predictions. This cannot be achieved by structured data alone.
Earlier, processing unstructured data used to be expensive and difficult. However, with modern technology, it can be processed easily and in a cost-effective way and has dramatically changed the market. Glorious Insight provides your customized efficient solutions that help you keep up with the pace of the market, make profitable decisions, and accurate predictions to be prepared for the future. Our affordable BI and data analytics systems and predictive analytics tools speed up your processes and enable real-time decisions and actions.
√ Putting AI at the front
Companies have realized the need for making the shift towards digital transformation. Businesses have already started feeling left out and accept that they are late in catching up with the pace of the changing world. This has initiated a surge in digitalization and is likely to rise exponentially in the next couple of years. The adaptation is enabling the companies to reduce risks, deliver more than customer expectations, and creating new opportunities for revenue generation.
Companies have to predict customer behavior and market trends and deliver more than the anticipation to stay afloat in the modern markets. It requires the processing of gigantic volumes of unstructured data that come from various channels such as shopping history, social media, website interactions, etc. Businesses must utilize this data to minimize the gap between information, system, and people.
This is where AI and machine learning must take precedence. Machine learning ingests all the data and derives valuable information that assists the AI tools to provide unprecedented interactions to the customers/users. With cognitive technologies like AI being involved in more than 35% of the digital transformation, most customers in the present day interact with AI systems rather than humans. Businesses have to understand the importance of this automation and let AI lead the businesses into the future.
√ Put your money in the right place
The transition towards AI and machine learning business operations is already pacing up. Companies that are utilizing the power of both structured and unstructured data are visibly ahead of their competitors who fail to implement such data analysis.
The amalgamation of AI and machine learning with big data has simplified the processing of information and its application to several more complex operations. For instance, it has become much easier for the BFSI industry to identify frauds, tax evasions, etc by mining into the data that used to be left unprocessed. This helps the companies to impede such incidences proactively.
Also, reliance only on structured data often leads to many false positives which can be reduced by incorporating data analytics with unstructured data as well.
AI and machine learning can dig deep into the customers’ information to empower companies with better KYC verification and help them to better understand their customers and their needs. Investing in these technologies and automated processes is a smart move that delivers definite ROI. Glorious Insight provides AI and machine learning solutions coupled with big data at the most honest pricing. Our solutions are specially tailored to meet your organizational and operational goals and deliver value for your money.
√ Gaining a competitive edge with AI and machine learning
With over 45% of digitally matured organizations having well-defined AI strategies, it is evident that the advancement in AI and machine learning needs to be fueled with the right amount and type of data from all the possible sources. According to the IDC prediction, 75% of the commercial enterprise apps will switch to AI by 2021.
It is high time for the companies to realize and utilize their most valuable asset, their unstructured data. Businesses have to focus and invest in ingestion, cleaning, processing, and analysis of unstructured data to draw maximum advantage of this digital gold.