Our world is becoming an
increasingly digital space, with an almost inconceivable amount of data being
created and stored every minute. Big Data is the all-pervading buzzword used to
describe this immense volume of data which has intrinsic value and can yield invaluable
insights to organizations, regardless of their industry, to optimize
performance. For instance, because of big data, mangers can potentially measure
and hence know drastically more about their organization and translate that
knowledge into enhanced decision making and performance. There is already
evidence of the use of Big Data in our everyday lives, from Google’s spelling
change suggestions and credit card companies calling customers about suspected
fraudulent activity, that are the result of the analysis of billions of
patterns from past trends.
While appreciably awe-inspiring
in its scale and scope, this unprecedented reservoir of data, that is constantly
increasing, is futile unless it can be unravelled to find the knowledge within.
A key feature of Big Data is, as the name implies, its size, which cannot be efficiently
processed by traditional tools and techniques. Big Data analytics has thus
become the hot trend, with an increasing need for advanced analytics techniques
which incorporates complex applications with elements such as predictive
models, statistical algorithms powered by high-performance analytics systems.
Understandably, the need for quicker
and smarter decisions and the governing of big data is driving the trend of the
growing need for Artificial Intelligence (AI). The confluence of Big Data with
AI is inescapable as the automation of smarter decision-making is the next phase
in the advancement of Big Data. Thus, the need for human intervention is
predicted to reduce drastically. Today the manipulation of data, be it in
market research projects or the results of medical examinations, is moot if it
cannot be crafted into a uniquely moulded strategy that is applicable to the
client. It goes without saying that data manipulation in the absence of
business acumen is voided in our competitive corporate world. A two-pronged
approach involving both complex data analytics and business intelligence will
be imperative for the foreseeable future.
While Big Data offers tremendous
potential to gain knowledge that can be turned into actionable solutions, the
fear of automation is inevitable but rather than being threatened by it, we
must find a way to have a symbiotic relationship with it.