By combining artificial intelligence (AI) and big data, organizations can see and predict upcoming trends in key sectors including business, technology, finance and healthcare.
AI is the simulation of human intelligence by computers. By applying machine learning algorithms, we can make ‘intelligent’ machines, which can employ cognitive reasoning to make decisions based on the data fed to them. Big Data, on the other hand, is a blanket term for computational strategies and techniques applied to large sets of data to mine information from them. Big data technology includes capturing and storing the data, and then analyzing data to make strategic decisions and improve business outcomes. Most companies deploy big data and AI in silos to structure their existing data sets and to develop machines which can think for themselves. But, big data is in reality the raw material for AI. So, when big data meets AI, they have the potential to transform both, the way data is structured and the way machines learn.
What is Artificial Intelligence and its Subets?
Artificial intelligence (AI) leverages computers and machines to mimic the problem-solving and decision-making capabilities of the human mind.
It is a constellation of many different technologies working together to enable machines to sense, comprehend, act, and learn with human-like levels of intelligence.
Here are the subsets of artificial intelligence:
- Machine Learning.
- Deep Learning.
- Natural Language processing.
- Expert System.
- Machine Vision.
- Speech Recognition.
What is Big Data and Its 3Vs?
Big data is data that contains greater variety, arriving in increasing volumes and with more velocity.
Although the concept of big data itself is relatively new, the origins of large data sets go back to the 1960s and ‘70s when the world of data was just getting started with the first data centers and the development of the relational database.
Benefits of Big Data and Artificial Intelligence in the Digital Era
Corporations analyze and manage extensive data sets every day. Client information, employee details, business statistics, all put together, can be a huge collection of unstructured data that can be sorted and studied for business optimization. Big data provides solutions to collect and store data in a robust manner, while AI, with its machine learning techniques, learns from the data sets to make better decisions in the future.
Here are the benefits of big data:
Big data cuts business costs.
Big data increases efficiency.
Big data improves pricing.
Big data provides more tools to compete with big businesses.
Big data allows organizations to focus on local preferences.
Big data helps increase sales and loyalty.
Big data ensures you hire the right employees.
The retail brand Walmart is already using big data with AI to revise their business structure. With over millions of customers accessing their online and offline stores every single day, Walmart collects customer data in the range of petabytes. Big data analysts work on the vast data set, helping their machine learning algorithms master the decision-making skills. Studying the trending products on the site, patterns in customer buying habits, and relations between the demand and supply of goods, helped Walmart remodel its website and inventory to suit the needs of their customers, thus boosting their business.
AI algorithms usually work on sample data sets to in the machine’s initial stages of learning. However, clubbing the algorithms with live data allows machines to learn from actual data sets rather than sample ones. Thus, we can efficiently train our machines to make better decisions right from the learning stage.
An excellent example of this comes from the meteorology department. Servers in weather observatories receive data in the form of text, images, and videos from satellites, weather stations, and relay boards from all over the world. Big data coupled with AI is used in these domains to efficiently store the data and then work on it using image and video processing techniques for weather predictions.
Here are the benefits of artificial intelligence:
1) Less Human Errors: There is less room for error with artificial intelligence.
2) Doing More Complex Tasks: Artificial intelligence can perform a more laborious task with extra hard work and with greater responsibility.
3) Available 24/7: Educational Institutes and Helpline centers are getting many queries and issues which can be handled effectively using AI.
4) Providing Digital Assistance: Virtual assistants inside smartphones, PCs, or connected home speakers, like Apple’s Siri, Microsoft’s Cortana, Google’s Google Now, Samsung’s Galaxy S8’s Bixby and Amazon’s Alexa, provide contextual information.
5) Assisting Humans in Repetitive Tasks: In banks, we often see many verifications of documents to get a loan which is a repetitive task for the owner of the bank. Using AI Cognitive Automation the owner can speed up the process of verifying the documents by which both the customers and the owner will be benefited.
6) More Productive: Emotions are not associated with artificial intelligence robots and therefore the mood doesn’t hamper the efficiency. Thus they are always productive.
7) Educating The Next Generation: Nowadays, medical professionals are trained with artificial surgery simulators. It uses applications which help in detecting and monitoring neurological disorders and stimulate the brain functions.
8) Right Decision Making: The integration of AI tools in the business world has improved the efficiency of organizations.
Although computers cannot match human brains on a cognitive level, they are essential to sort and organize the vast data sets we deal with in the modern world. By merging AI and big data, we can obtain a structured real-time database, which can further be used in a variety of applications. Though the merger of these two domains is still in progress, we can expect rapid breakthroughs in the way we handle extensive data sets in businesses and in everyday lives.
$250m Wasabi Technologies funding will ‘usher in the future of cloud storage’
Wasabi Technologies, a cloud storage company, has achieved unicorn status following $250 million in new funding.
Wasabi raised $125 million in Series D equity led by L2 Point Management with participation from Cedar Pine; an affiliate of Cerberus Capital Management; and returning investors including Fidelity Management & Research Company and Forestay Capital, bringing the company’s valuation to over $1.1 billion. Wasabi also expanded its existing debt facility with MGG Investment Group to $125 million. Barclays acted as sole placement agent on the transaction.
Wasabi provides fast, affordable, and highly reliable cloud data storage for businesses all over the world at 1/5th the cost of large hyperscale providers or on-premises storage, with no charges for egress or API requests and no complex tiering. The company’s revenues more than doubled from 2020-2021, and Wasabi now has more than 40,000 customers in over 100 countries, 13,000 partners, 250+ global employees and 13 storage regions across North America, Europe, and Asia Pacific.
The new equity will drive expansion into additional vertical markets and geographies, enhance Wasabi’s channel partnerships, and scale the company’s go-to-market team and global brand strategies. Meanwhile, the debt will be used to finance capital equipment and infrastructure in Wasabi’s storage regions around the world, and to invest in Wasabi’s technology capabilities to lay the groundwork for a new generation of cloud storage architecture.
David Friend, co-founder and CEO of Wasabi Technologies, said: “Closing a large up round in this environment speaks to the spectacular growth of Wasabi, the magnitude of the cloud storage opportunity, and our leadership as the industry’s largest pure-play cloud storage vendor. At Wasabi, we focus on just one thing: cloud storage. We do it better than anyone else in the industry. Because of this singular focus, our team has achieved best-in-class performance and security at the lowest prices in the industry.”
Kerstin Dittmar, managing partner of lead investor L2 Point, will join Wasabi’s Board of Directors, said: “Wasabi provides a game-changing product that offers customers a simpler, faster, and significantly more economical solution to their cloud data storage needs. We believe this capital raise will allow Wasabi to continue to expand its offering across additional services and geographies to meet their global customers’ needs.”
Sam Barnett, executive chairman of Cedar Pine, said: “We are proud to partner with Wasabi to provide innovative solutions in cloud storage and security. The importance of Wasabi’s technology is increasing in every industry.”
Kevin Griffin, CEO of MGG Investment Group, said: “We seek to partner with best in class entrepreneurs and companies and are excited to continue supporting Wasabi Technologies and their global expansion.”
In addition to the industry-leading performance of Wasabi hot cloud storage, the company partners with over 350 technology companies, including most of the world’s leading backup, disaster recovery, and surveillance companies. Wasabi is used to store data across a wide range of industries, including professional sports, energy and natural resources, finance, surveillance, education, manufacturing, consumer technology, healthcare, scientific research, and media and entertainment.
Brian Shield, senior VP and CTO of the Boston Red Sox, said: “As our data needs continue to evolve, from player analytics, IoT, digital assets and even security, this presents an enormous learning opportunity for the organisation.
“Wasabi provides a cost-effective cloud-based solution that enables us to retrieve content quickly and improve the level of video analysis and production we do here at the Red Sox.”
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