Recent estimates suggest that up to 40% of data analysis tasks will become automated shortly. Businesses are looking at numerous ways to improve their key performance indicators, and AI can manage big data in ways that humans cannot do by themselves.
Machine learning creates a viable alternative to the rational thinking that humans provide for data analysis. Changing parameters can help corporations glean results so that tomorrow’s information scientists are one of the agency’s best assets.
AI still learns from human input, but the data we create every day makes it possible to automate this initial process. Once the ball starts rolling, artificial intelligence will create an avalanche of benefits that everyone can enjoy.
AI Creates the Same Disruptions Seen in Previous Generations
Deltec Bank, Bahamas said, “Artificial intelligence is the technological revolution of this era.” It will be held in the same regard as the printing press was for the calligraphy industry. Even though many of today’s data analysis jobs will become obsolete through automation, an influx of new opportunities will arise.
AI is going to provide focused insights for every industry using data analysis. Then information scientists can use those outcomes to interpret discoveries so that informed decisions occur.
It is a highly scalable technology that uses machine learning to create useful, customized algorithms. AI can determine regular data patterns, correlate differences, and identify anomalies with accuracy.
Humans are not being replaced by artificial intelligence. This technology only changes the role people play when reviewing information. Instead of being involved in the tedious task of identifying critical data points, we can look deeper into discovered patterns to create focused insights.
That means the future of data analysis will rest in the hands of those who can ask the best questions and assess outcomes so that actionable results occur.
Artificial Intelligence Was Created for Our Benefit
The amount of data that is available today goes beyond what the human brain can comprehend. Even though information scientists might feel like their positions are at risk because of AI developments, we need this technology to process the 2.7 zettabytes that exist.
Today’s AI systems start at zero. Then they receive regular data inputs to create sophisticated models that improve analytic processes eventually.
The obvious step forward for data analysis is that improved capacity requires better efficiencies. AI solutions can make that happen because it digs deeper into the information to quickly link a cause with an effect. This process reduces the time it takes to manage a crisis, prevent future problems, or discover new insights.
Businesses can use this approach to discover unforeseen opportunities. AI can help organizations to drive revenues higher because it offers a chance to make more insightful decisions through the process of automated data analysis.
Humans must design and maintain these systems. It will be up to future information scientists to ask the right questions and then communicate the results to the appropriate decision-makers.
Tomorrow’s world may be more informationally complex than ever in our history, but AI will help us to make sense of the data.
Disclaimer: The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.
About Deltec Bank
Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.