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Decoding the Future: How AI and Big Data are Revolutionising Industries

Published by MEXEM Technical Analysis

September 1, 2023 4:32 PM
(GMT+2)

Published - September 1st, 2023 @ 4:30 PM (GMT+2)

Exploring the Different Types of Artificial Intelligence:

Artificial Intelligence (AI) is the technology that enables computers, robots, or software to think and make decisions like human cognition. It is achieved by studying human brain patterns and cognitive processes, which are then used to develop intelligent systems and software.


Types of AI:

  • Weak AI (ANI): These AI systems are designed for specific tasks and cannot operate beyond those boundaries. Examples include voice assistants like Siri and Alexa and recommendation algorithms.
  • Strong AI (AGI): This form of AI aims to achieve human-level intelligence, capable of understanding, reasoning, and solving complex problems. However, it remains theoretical mainly at this point.
  • Purely Reactive: These machines specialize in a single field and do not possess memory. For instance, a chess-playing AI observes moves and decides to win the game.


Types of AI Based on Functionality:

  • Reactive Machines: Basic AI that can respond to immediate tasks but cannot store memory or learn from past experiences.
  • Limited Memory: These machines have minimal memory and use past data to make decisions. For example, they can suggest restaurants based on past location data.
  • Theory of Mind: This AI type would understand emotions and social interactions but has yet to be developed.
  • Self-Aware: These would be sentient, conscious machines, representing future developments in AI technology.


Understanding Big Data and Its Transformative Power:

Big data refers to large, complex data sets that are constantly growing. It includes the amount of data, the speed at which it is collected, and the variety of sources from which it comes. Traditional data processing methods are often unable to handle such large datasets. Big data analytics involves analyzing this data to gain insights into real-time customer behavior and engagement. This type of analysis requires specialized tools and techniques. In simpler terms, big data is a term used to describe large, complex datasets that come from various sources and need special tools to analyze.


By combining big data with high-performance analytics, businesses can identify the root causes of failures, detect anomalies, improve patient outcomes, recalculate risk portfolios, optimize deep learning models, and prevent fraudulent behavior. Big data has revolutionized the way businesses utilize information and has paved the way for data-driven innovation.


How Big Data & AI work together:

Big Data and AI have a mutually beneficial relationship where AI relies on Big Data to improve decision-making, and Big Data analytics leverages AI for better data analysis. They work collaboratively to produce valuable insights from large, complex datasets and automate tasks. Advanced forms of big data analytics, such as machine learning, employ statistical models to identify patterns and draw meaningful insights from data.
The combination of AI and Big Data offers several benefits across industries, including an enhanced understanding of customers, improved forecasting and optimization, and identifying and mitigating potential risks.

Organizations that resist integrating these two fields may need help to meet their digital transformation goals. The relationship between Big Data and AI fuels technological innovation, and as AI continues to automate processes, Big Data will continue to expand.

How AI is used in Big Data:

Big data and AI enable businesses to gain valuable insights into emerging trends across industries. Organizations can derive meaningful insights from large and complex datasets by using advanced forms of big data analytics, such as machine learning. Machine learning algorithms employ statistical models to identify patterns and draw inferences from data. Many companies now realize the benefits of combining big data and machine learning, allowing them to improve decision-making, business intelligence, and predictive analysis over time.

Some benefits of AI and big data integration include an enhanced understanding of customers, improved forecasting and price optimization, enhanced customer acquisition and retention, cybersecurity, fraud prevention, and identification and mitigation of potential risks. This collaborative approach allows organizations to leverage advanced analytics, automate tasks, personalize marketing campaigns, and make data-driven decisions.

AI enhances data insight by learning from big data and generating valuable insights to optimize business operations. Powerful examples of AI and big data include companies like Netflix, Google, and Starbucks. Without big data, none of these more personalized experiences would be possible, and as AI continues to automate processes, big data will only continue to expand.

Companies that use AI: 

For investors, these companies represent a diversified portfolio of AI applications, from e-commerce and self-driving cars to financial services and healthcare.
The integration of AI into these companies' operations not only enhances efficiency but also offers a competitive edge, making them compelling investment options.

  1. Amazon: Uses AI for image and video analysis to improve product recommendations and optimize its supply chain.
  2. Meta Platforms: Utilizes AI for recommendation algorithms on Facebook and Instagram and content recognition.
  3. Tesla: Heavily invested in AI for autonomous driving and data analytics.
  4. Upstart: Uses an AI-based model to assess borrowers' creditworthiness.
  5. Netflix: Employs AI to analyze user preferences for show recommendations.
  6. Alphabet: Uses AI in search algorithms, ad targeting, and Google Cloud services.
  7. JPMorgan Chase: Leverages AI for fraud detection and algorithmic trading.
  8. Boeing: Collaborates with Shield AI for autonomous capabilities in aircraft.
  9. Johnson & Johnson: Uses AI for skincare analysis and drug discovery.
  10. ExxonMobil: Utilizes AI for equipment failure prediction and data management.

Conclusion:

The symbiotic relationship between Artificial Intelligence (AI) and Big Data is revolutionizing various industries, from e-commerce and healthcare to financial services. With its different types and functionalities, AI is becoming increasingly sophisticated, while Big Data provides the essential fuel for AI's advanced analytics. Together, they offer unprecedented opportunities for businesses to gain actionable insights, optimize operations, and achieve a competitive edge.

For investors looking to capitalize on this transformative wave, platforms like Mexem.com offer a valuable gateway. Mexem.com provides robust tools for analyzing Big Data and AI trends, helping investors make informed decisions. Its high-performance analytics can benefit those interested in companies leading the charge in AI and Big Data integration. Whether you're looking to invest in Amazon's supply chain optimization or Tesla's autonomous driving technology, Mexem.com equips you with the data-driven insights you need to invest wisely in the future of technology.


The information on mexem.com is for general informational purposes only. It should not be regarded as investment advice. Investing in stocks involves risk. A stock's past performance is not a reliable indicator of its future performance. Always consult a financial advisor or trusted sources before making any investment decisions.



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