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By Daniel Newman, CEO, Broadsuite Media Group
This article is by Featured Blogger Daniel Newman from his LinkedIn page. Republished with the author’s permission.
Decades ago, artificial intelligence was a distant concept meant for future generations. Now, it’s a forerunner of modern technology and digital transformation. We’re seeing advancements every day that will make our lives easier and more efficient. And as a way to make big data useful, AI might be a game changer.
Understand Why Big Data Is A Challenge
Data collection has always been an important facet of business, but never before have we been able to access it in such a responsive and useful manner. The collection is easy, and with digital storage, we can mine that data for real value.
There are limitations to what a company can do with big data, however, even with virtually unlimited sources. The most precise figures won’t offer any real insight if managers and executives don’t understand them. In fact, no amount of research will improve a company without proper strategies in place and adaptable personnel at the ready.
There are several reasons why big data is difficult to fully comprehend. The primary factor is that information like this is still relatively new. As humans, we’ve seen written information for at least 7,000 years. The internet and technology, on the other hand, have been available for less than a century. Big data as we know it? Less than 20 years.
On a timeline of human presence, the modern information era is a tiny blip. Will technology continue to reroute our lives? Undoubtedly. Is big data the most powerful tool available for many businesses? Yes. But progress and understanding take time, and we haven’t tapped into the full potential of big data yet.
The other difficulties that accompany big data are perfectly reasonable. In fact, they demonstrate why we haven’t had access to such vast figures until now—our technology couldn’t keep up. We have problems dissecting big data because of the:
• Sheer volume. Facts and figures are gathered from a nearly-infinite number of sources. Organizations collect it from social media, business transactions, and machine-to-machine data, which is dependent on the use of sensors. There was nothing powerful or practical enough to store this much information in the past.
• Incredible velocity. Big data is delivered in real time. Every tap, swipe, or click is hurling information into the collection systems. Technological advances are necessary to deal with the unmatched speed of such analytics.
• Wide variety. Some people don’t understand exactly what big data means. It isn’t neatly structured statistics or ready-to-use graphs (although it can be translated into both). Raw information includes all types of formats. You see structured numbers next to text documents, emails, audio, financial transaction records, video, and more.
Studies show that only 61% of the C-suite are taking advantage of big data. This number has been on the rise in recent years, but it’s still not enough. Everyone can reap benefits from information. What’s even more worrisome: 75% of companies struggle to utilize big data—due to the reasons mentioned above—even when it’s available to them. So what’s the solution?
Look To Artificial Intelligence As A Solution
As it turns out, AI just might be the break companies need. Computers of today are faster and more efficient than ever. A program with artificial intelligence could do a month’s worth of work in just moments. Big processors and lightning-fast internet mean AI units can handle the variety, velocity, and volume of big data and translate it into something useful.
BRiN is a recent advancement from Dale Beaumont. He recognized that there simply aren’t enough resources for every company to get the individualized coaching and advice they need. He developed his program with that in mind, and with collaboration from more than 250 business experts. The app offers free, on-demand advice and massive libraries of information. The fact that BRiN can understand business problems, however, elevates the program.
According to Beaumont, BRiN pinpoints issues better than people and offers advice within milliseconds. She also responds to moods. The AI interface can provide inspiration, tell jokes, and crack down with a stern attitude when needed. In essence, she’s a personal financial advisor…only better.
Explore Other AI Opportunities
While BRiN is the first software of her kind, she certainly won’t be the last. The program is experiencing marked success and had more than 3,000 new users within the first seven days it was released. Consider what the future could be like for business advisors and then ask yourself whether AI could steer your company in the right direction.
Originally published on Forbes.com