How can Artificial Intelligence help businesses to utilise Big Data?

Big data represents a huge opportunity for businesses that are looking to drive up revenue and increase growth. However, it can frequently be challenging to handle, especially analysis and processing in large volumes. Artificial intelligence and machine learning offer a unique solution to the issues that many businesses face with big data today. So, how can this type of advanced tech enable enterprises to utilise big data?

Science fact, not fiction

Artificial Intelligence (AI) has an analysis and processing capacity that far outstrips anything that humans can achieve. As a result of that, and the fact that it learns as it goes in terms of the way data is handled and optimised, it is the ideal tool for dealing with big data. In fact, just over 12% of small and medium sized businesses are already using AI and machine learning fuelled by big data. And around 20% of those who are not already using it are planning to do so in the next two years.

How can businesses use AI and big data?

This powerful combination provides a unique opportunity to gain in depth insights into the business and to use AI to improve efficiency, accuracy and increase growth. In particular, it can be applied to time consuming manual processes to improve them, not just in terms of reducing the time that they take but also increasing quality of outcome and reducing the potential for error.

One example might be a business creating written content. AI algorithms can be used to track and measure the number and types of alterations that are made to documents by human editors. As a result, a scoring system for documents can be established that acts as a yardstick against future content, highlighting documents that score too high or too low to improve consistency and quality.

Is AI + big data right for you?

Working with AI and big data may be quite a leap for some businesses, especially those currently used to a less tech-driven approach. The first essential question is whether your business has the infrastructure in place to handle this appropriately. This is particularly important when it comes to data – can you collect and store it safely and in compliance with legal requirements such as the GDPR?

It’s also crucial to work out whether you’re going to handle big data in-house or look for an external third party to process it for you. And finally, are you ready to use the insights that big data can provide for your business? This type of technology is a fantastic investment if you’re ready to start using it. Do you have the systems in place and people on your workforce who can help you to optimise the results?

If you’re looking for a way to improve the performance of your business, to better understand your customer and to minimise reliance on time consuming manual processes, the combination of AI and big data could be transformative. This technology has the potential to support any business to the next level of growth.

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Mandon Software is a UK-based company founded in 1999. We work with customers in a wide range of insurance lines, from marine to healthcare. We are experienced in working in the Lloyd's market and pride ourselves on delivering excellent customer services at all times.