What can Artificial Intelligence do to help you best utilise your data?

Since the era of big data dawned most businesses have been playing catch up. No one really understood quite how much potential all that information really contained. And few – if any – enterprises were ready to start managing it. As the volume of data available to businesses has expanded we have seen rather a desperate race to try and catch up.

This has only been made more pressurised by changes in regulation, such as the GDPR, which has introduced new consequences for poor data management. However, we are now entering an era of Artificial Intelligence (AI) and machine learning. It’s this new technology that should finally give most businesses the opportunity to start organising, and using, the data that they have.

The issues with data today

Data management systems are often built in layers, with additions made as a new need becomes apparent. The result is that data management today is not particularly effective or well organised. It’s often difficult to get oversight on data and it may be poorly organised with duplicates everywhere and a general lack of security in terms of access and backing up.

Research has found that organisations that have attempted to apply analytics applications often struggle. More than a third said that the quality of the data involved was an issue. Over half said that they just weren’t confident in what these applications were producing.

What can AI do to solve the problems?

The full extent of how AI can change the way that businesses handle and utilise data is yet to become apparent. In fact, it’s likely to be an ongoing process because the way that machine learning operates is to continue to evolve and improve, the more data it is exposed to.

Data management software

Being able to automate the management of huge volumes of data, whether on premise or in the cloud, is currently the goal for the myriad of vendors trying to perfect their AI algorithms. This would make it much faster and simpler to access data.

Data storage systems

AI can also have an impact on how data is stored, in particular improving security on an ongoing basis as threats evolve and making unwieldy data sets safer.

Cleansing data

Issues with data quality often arise as a result of data that hasn’t been through a cleansing process. Starting with small data sets, AI can help to refine and cleanse the data being managed, learning as it goes, to ensure that the data is of better quality so that analytics applications can produce better results.

Making sure data is constantly available

This is another challenge for data management and storage system vendors using AI to improve the way that businesses utilise the data that they have.

Artificial intelligence is very new to every industry, including the world of data management and storage. However, it has the ability to be totally transformative and the potential of what it could achieve is just simply not yet known.

Get in touch with Mandon Software today for all your Insurance Software requirements or to find out how our mPACS software could improve your data management.

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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.