13 November 2019 |
7 Insights to Maximize Big Data and Machine Learning Benefits
Are you looking for opportunities to utilize the power of big data and machine learning?
DataArt’s experts have interviewed dozens of Strata Data Conference speakers, to understand the latest trends in implementing big data and machine learning within businesses. Read on to discover the insights they shared!
Trend 1: In the Era of Platformization, Companies Need Help Solving their Unique Problems
Currently, businesses generate billions of terabytes of data, all of which is needed to help make informed decisions. To best utilize all this data, some companies are creating application programming interfaces (APIs) that can analyze the raw information and distill it into usable insights.
According to IDC, 70% of US organizations are already actively using APIs to build stronger customer relationships, based on rich user experiences. However, a lot of companies don’t exploit the full potential of APIs.
“There are many firms that still don’t know what tools exist and how to onboard them correctly. Open-source data often requires an enterprise servicing provider, such as Redhat or DataStax. In this case, the external help of a technology consulting company like DataArt is required. Otherwise, the potential of big data won’t be unleashed completely,” comments Matt Ambrogi, Business Developer at DataArt.
Trend 2: Privacy, Security, and Fraud Detection Remain Key Issues to be Tackled by Machine Learning
According to the PwC crime report, in 2018, 49% of companies globally experienced fraud, drastically more than 36% recorded in 2017.
Tools that make use of artificial intelligence (AI) and machine learning (ML) can help to prevent scams. This is intuitively true: compare the efficiency of human-based anomaly detection (even at midsize and small companies) with that of ML algorithms.
“As AI and ML technologies continue to expand, information security should be at the forefront of every organization’s “to-do list,” to protect the company’s and customer’s data,” affirms Peter Rakowsky, Business Developer at DataArt.
“To succeed with ML capabilities, firms need to have remotely cleaned, organized, and structured data,” asserts Mr. Ambrogi.
If you feel overwhelmed by the volume of your data, and need help analyzing it for security concerns, don’t delay. Teaming up with specialists to utilize their experience will safeguard your business.
Trend 3: Big Data Helps Companies to Understand Customers Needs
Research by Deloitte shows that 60% of companies could become more profitable than their counterparts because of their customer-centric approach. The key idea behind this approach is the delivery of positive client experiences, ensuring customer retention.
But what does this mean from a technical point of view?
Firstly, companies need to configure their data environment properly, to ensure they are collecting the right data. Then, they must systemize it for proper analysis, so they can identify areas to add value to interactions between firm and customer.
“A large asset management firm at Strata said they are in the midst of a plan to build an in-house system for:
- Ordering workflow
- Portfolio and account compliance
- Risk management
- Data research
- Trading operations
They plan to include in this system basically everything needed to integrate big data with daily operations,” explains Mr. Ambrogi.
DataArt’s experts have also noticed that the correct application of big data allows companies to make today’s “alternative” data tomorrow’s “standard” data.
Trend 4: AI is Becoming the Driving Force in Many Domains
The capabilities of AI open up a new reality for many industries. Virtual assistants, data-driven market insights, and revolutionary system automation are just the start.
According to Juniper Research, by 2023 banking chatbots alone will save businesses US$7.3 billion — twice the net profit of Ford in 2018. In the insurance sector, using chatbots to automate the claims process will save in excess of US$1.2 billion over the next 4 years.
All of these numbers sound very impressive, but what they really illustrate is the potential of AI. You shouldn’t underestimate it. Learn how to adopt this technology, how much it costs, and what benefits it brings to your business.
Trend 5: The Data Lake is a Secret Weapon for Businesses
Initially designed as a landing zone for raw data, data lakes have become a crucial component of data processing. This is because, by digging through this raw data, business analytics can source valuable insights they wouldn’t be able to get from anywhere else.
Trend 6: The Cloud is King
Cloud IT infrastructure is a huge market that is expected to reach US$9.8 billion in 2019. This means that the sooner you adopt this technology, the better placed you will be. Companies who don’t take advantage of a modern cloud-based approach will eventually become obsolete, bested by smaller, more nimble and more forward-thinking firms.
“Running your legacy systems onsite will quickly become more costly than the investment to build a modern data architecture in the cloud,” comments Neil Smullian, Business Developer at DataArt. “Moreover, a vast majority of breaches take place on-site. The cloud is way safer. Why am I sure about this? The security team at the 3 major cloud providers is most likely larger than your entire company”.
Trend 7: Data Analytics is the Life-Blood of Successful Companies
It’s one thing to collect data, but quite another to use it. The process of properly utilizing data for profit generation and cost-cutting can’t be minimized. With efficient, properly implemented data analytics you can:
- Make informed data-driven decisions
- Detect bottlenecks
- Find new opportunities for your business
- Understand the step-by-step efficiency of your actions
- Generate more profit
Companies fighting for a place at the table cannot afford to neglect the opportunities provided by big data. Collection, analysis, and scalability are all needed to stay relevant. It’s clear from the topics covered at the Strata Data Conference that ML and big data are only just getting started!
If you couldn’t participate at the Strata Data Conference but would like to discuss your company’s opportunities to use AI, ML, and big data, just drop us a line. DataArt’s experts can arrange a free consultation to help you understand your options.