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Many businesses take up artificial intelligence (AI) technology to try to reduce operational costs, increase efficiency, grow revenue and improve customer experience.
Big Data Analytics
The strategy of analyzing large volumes of data, or big data. This big data is gathered from a wide variety of sources, including social networks, videos, digital images, sensors, and sales transaction records. The aim in analyzing all this data is to uncover patterns and connections that might otherwise be invisible, and that might provide valuable insights about the users who created it. Through this insight, businesses may be able to gain an edge over their rivals and make superior business decisions.
Business intelligence can help companies make better decisions by showing present and historical data within their business context. Analysts can leverage BI to provide performance and competitor benchmarks to make the organization run smoother and more efficiently. Analysts can also more easily spot market trends to increase sales or revenue. Used effectively, the right data can help with anything from compliance to hiring efforts.
Data science is a multi-disciplinary field that uses scientific methods, processes, algorithms and systems to extract knowledge and insights from structured and unstructured data. Data science is related to data mining and big data. Data science is a “concept to unify statistics, data analysis, machine learning and their related methods” in order to “understand and analyze actual phenomena” with data. It employs techniques and theories drawn from many fields within the context of mathematics, statistics, computer science, and information science.
Machine learning is a method of data analysis that automates analytical model building. It is a branch of artificial intelligence based on the idea that systems can learn from data, identify patterns and make decisions with minimal human intervention.