The wonders of Big Data and Machine Learning are already dazzling the world. Whether it is driverless cars, quick-wit from robots, or Facebook chatbots that had to be shut down, it is safe to say that no aspect of our life stays untouched from AI and Machine Learning. Having said that, there are several fields that are making key progress in leveraging Big Data to revolutionize the way they function, conduct business, and more importantly the way they envision the future. Here is a glimpse of each:
Manufacturing – For a long time, the manufacturing industry was associated with a slew of problems – health risks, worker unions, poor optimization methods, and what not! However, technology and Big Data Analytics (BDA) to be precise emerged as a game changer and is now taking the factories and production units to the next level. Big Data Analytics and Machine Learning are making factories smarter with computerization of manufacturing processes, optimizing quality checks, improving accuracy and quantity of production, and promoting 3D printer factories and MaaS (Manufacturing-as-a-Service) with better collaboration. Read more
Healthcare – Apart from helping hospitals and companies to cut down on costs and increasing profits, analytics has been instrumental in improving the quality of life by helping to diagnose diseases, determining the most effective course of treatments, and decreasing the overall mortality rate. As Charles Doarn, director of the Telemedicine and e-Health Program at the University of Cincinnati puts it, “Our healthcare system is in desperate need of reform, and technology is one of the tools that can help. It can be a paradigm shift in how we practice medicine.” Read more
Government Initiatives – Thanks to the Union budget 2018, the NITI Aayog will initiate a national program to direct efforts in Artificial Intelligence, and the Department of Science and Technology will launch a Mission on Cyber-Physical Systems to support the establishment of centers of excellence for research, training, and skilling in robotics, artificial intelligence, digital manufacturing, big data analysis, quantum communication, internet of things, etc. Find out how government initiatives will help the government revamp manufacturing and commerce, banking, healthcare, cybersecurity, and even town planning. Read more
Finance and Banking – How do machine learning and artificial intelligence impact the financial industry? The financial industry in India or the Banking, Financial Services and Insurance (BFSI) sector in India is a fast-evolving one. How then, do banks and associated organizations save time, costs and yet add value to their operations for smooth functioning? In India, Artificial Intelligence (AI) has begun to play a major role in solving some of the most vital problems faced by both companies as well as customers. Not just banks, but nearly every company whether public or private in BFSI has started using AI for Robo-advisory, risk management and fraud detection, sophisticated high-end trading, and providing superlative customer experiences, etc. Read More
Delivery of Public Services – The nation is on a massive-path digitalization. It is, currently, being realized through the Digital India mission. Today, more than 980 million Indians have AADHAR cards, 700 million own mobile phones, and more than 300 million have access to broadband internet connection. This transforms into a massive data set that has the potential to actively transform the public services delivery system. Find out the top 3 to-dos for the Indian government to transform its public delivery system.
Supply Chain Management – Supply chain is a natural choice when it comes to Big Data finding its applications. From improving delivery times by synchronizing shipments to identifying better ways to reduce the communication gap between manufacturers and suppliers, today, Big Data Analytics is working as an evolutionary catalyst for the supply chain management to analyze consumer behaviors and habits, improve customer experience by personalizing it, streamlining e-commerce, and managing and distributing inventories exceptionally. Read more
E-Commerce – While many industries are still at the nascent stages of figuring out what to do with the huge amount of data at their disposal, e-Commerce is one industry that is already reaping the rewards of their Big Data initiatives. Major players in this industry rely heavily on their team of data scientists to compete in this fiercely dynamic space. The key ways e-Commerce companies are deriving value from Big Data analytics are by personalizing offers, running promotions or big discount days, inventory management, and optimizing pricing by introducing real-time pricing. Read more0