Big Data and AI are two of the most well-known and valuable technologies today in the IT industry. According to MIT Sloan Management Review, Big Data and Artificial Intelligence together can shape the future by driving business value from data and analytics.

It is to be noted that we live in a world full of data, which is expanding at an astonishing rate. According to an article recently published by Forbes, “over 2.5 quintillion bytes of data are created each day, and in 2020 alone, every person on earth will generate 1.7 MB of data every second.”

AI enables us to make sense of massive data sets and helps organizations create new insights from massive chunks of data. They have continued to reach and expand across a variety of sectors and businesses while causing disruption. Some of the verticals are:

Healthcare

Today, analytics is becoming a major game-changer in the financial sectors. Following the tradition, the banking, financial services, and insurance (BFSI) organizations are putting their full potential to widen their business opportunities and enhance the services that they provide their customers.

According to an article recently published by Forbes, "over 2.5 quintillion bytes of data created each day." This is a massive number and therefore the significant increase in the customer volume, is placing a humongous pressure on the levels of the services offered by these organizations.

Stake holders are now looking for new ways to not just organize their data but to also use this data to track their customer’s behaviors. In this way these organizations will be able to use their data to provide their customers with the exact type of resources needed at a given time.

If you are reading this blog, you are probably already aware of Internet of Things (IoT). If not, then read on and if yes, then jump straight to the next paragraph to know how IoT can help you save millions of dollar. IoT is the technology that provides inter-connection between the things enabling them to communicate without physical interaction.

How IoT Can Help Save Millions?

Companies are on a continuous hunt for technologies that would save cost and time and IoT provides both. According to the Globe and Mail, “Accenture recently reported that Internet of Things technology can trim average repair costs by 12%, maintenance by 30% and downtime by as much as 70%.”

Let’s discuss in detail what IoT can offer:

Connected devices are changing the way people all around the world lead their lives. Connected devices are bringing revolutionary changes to all industries and providing to be a significant disrupting force. The Internet of Things (IoT) is introducing innovation and new opportunities in the market by bringing every object, customer, and action into the digital kingdom. While the Internet of things may seem a little absurd or like a science fiction, it is fast becoming a reality.

How Does IoT Affect Retailers?

A year back when I was exploring marketing automation tool for my website, was surprised to see a picture of visitor who downloaded collateral from my website. Marketing and sales stacks available in the market are evolving everyday but they aren’t yet completely integrated at the data and process level. Cloud based Big Data Analytics platforms are building a foundation for creating scalable Systems of Insight to help marketing and sales team to target right audience, improve conversions, increase customer acquisition & revenue per customer, reduce churn rate and improve existing products.

Organizations today have differentiated their digital brands by reaching customers and prospects through different channels yet delivering tailored, relevant messages that speak to the requirements & aspirations of their target audiences. With Big Data, organizations can get a single view of their customers/prospects, which can later be micro-segmented, targeted and proposed with personalized messages, ads, products or services.

You must have felt exceptionally well personalized digital experience on expedia.com. It offers exclusive travel offers to users in real time by using their online interaction data, tracking search history and comparisons across its site.

The landscape of the recruitment and talent acquisition process has changed drastically in recent years. The recruiters search for the right candidates’ resume lying within the company, online job portals or from the recruitment agencies. However, both organizations and candidates often face dissatisfaction with the hiring process as these data sources are not updated and consistent. In future, this will no longer be the case as recruiters will have access to Big Data Analytics platforms which will provide real-time collective talent intelligence.