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A surge in interest in big data has given rise to two popular buzzwords, data science, and data analytics. But, do you know the difference between data scientist and data analyst?
Data science-primarily refers to a field of study that employs a scientific approach to get insight into a data set. Comparatively, data analysts perform a similar task but at a lower level of intensity.
Nevertheless, both professionals play an essential role in the development of the bigger picture-machine learning and artificial intelligence. The application of this technology is limitless.
Statistics
Recent reports indicate that by 2021, nearly 75% of enterprise businesses will be using AI, with cognitive technologies and AI creating 9% of new jobs in the US by 2025. Currently, the technology continues to enjoy rampant adoption across various sectors, including:
- Security
Artificial intelligence – AI offers unparalleled insight into the thousands of daily security alerts. This makes it ideal for cybersecurity. In AI, neural networks are used to perform supervised learning to categorize them efficiently.
- Finance
There is an unlimited application potential of AI in the financial sector. An excellent example of this is in the automation of processes, including understanding changes in the rules and regulations. AI is also widely used in reporting and analysis.
The technology can be used to analyze clients’ accounts data to see what they have, how they’ve performed, and, where possible, make necessary recommendations.
- Marketing
When it comes to marketing, AI can be used in predictive analysis, thereby improving targeted advertising. Marketing involves collecting and breakdown of data. In most cases, this data is in large volumes.
Manually sifting through this data and making sense out of it doesn’t make sense. It’s nearly humanly impossible, and results tend to be unreliable. With AI, marketing executives will be able to predict customer behavior, allowing them to act accordingly.
- Insurance
Undoubtedly, insurance firms stand to benefit significantly from the application of AI. It enables service agents to make the right decisions and irrefutable judgments, ultimately improving customer satisfaction.
Other than this, AI can also be used to reach out to prospective clients at the opportune moment. Match the right products and customers by analyzing the customer’s data, and provide faster claim support to loyal patrons.
- Healthcare
Like with most industries, AI is revolutionizing how patients receive medical treatment, helping save lives. AI helps reduce cases of human error, which may otherwise negatively impact a patient’s treatment and recovery.
Tying in together with the first point is helping reduce cases of doctor burnout. As much as doctors seem like super-human, they are not. Being a doctor is hard work: Not only do they have to contend with handling challenging operations, but also have to carry out menial tasks.
Automating repetitive, mindless tasks will offer them leeway to relax, hence making them more effective at their work.
Artificial intelligence is considered to be one of the most disruptive technologies since the invention of the internet. As a business, if you want to grow and outperform your competitors, it’s time to bring air onboard.
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