#228 Real world examples of how big data and AI are transforming industries - a podcast by Manuj Aggarwal

from 2021-08-04T17:32:27

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(0:25)

Introduction:  Big data and AI are incorporated into almost every aspect of our lives. Self-driving cars, namely, are being produced. And AI assistants like Alexa and Siri can now help carry out more complex commands.


The seed technology that has enabled all these technologies is humongous amounts of data and pattern recognition machine learning algorithms.


When Coronavirus appeared, scientists from across the world raced to invent a vaccine. Within three months, the process that used to take decades was completed. The only reason for this was access to big data and AI algorithms. 


The market for big data was about $32 billion in 2017. And in 2025, it is projected to be $156 billion.


In this podcast, Manuj goes over five important ways that you can use big data and AI to improve your business.



(1:55)

  1. Personalization 


The first use of big data and AI is the ability to personalize products and services to an individual's preferences. Many of us come from different backgrounds and have different preferences, so we can all benefit from things that are more tailored towards us. Manuj discusses the case of Wimbledon, Spotify, and other OTT platforms like Netflix to explain the use of big data in personalization. 



(3:56)

  1. Security 


The second use of big data and AI is in the area of security. The internet is a global network of interconnected devices. Whenever data is sent from one device to another, it can be accessed by anyone who has the necessary equipment. Thanks to big data and AI, algorithms can monitor this traffic and detect any anomalies in the data. Manuj discusses how cybercrime grew during the pandemic and how the government is using AI and big data to prevent future attacks. 

(6:04)

  1. Healthcare 


The third big application of artificial intelligence and big data is in healthcare. Manuj talks about preventative healthcare. Until now, we've dealt with it after the fact. With AI and big data, we can take preventative action in advance to prevent you from getting sick. Much like in other areas of marketing, big data and AI technology can transform precision medicine by helping us to find out the most effective treatments for each individual. Manuj discusses how big data and AI is used in research and development.



(8:43)

  1. Education


The fourth application case of AI and big data is in the area of education and professional training. Education is fundamental to shaping society and the economy, so innovators are working hard to personalize it and prepare their students for the careers of tomorrow. To explain this case, Manuj discusses a project he was personally involved in, called degree compass. In that project, they used data from hundreds and 1000s of students to recommend the right courses for other students to reduce the number of students dropping out. 



(11:43)

  1. Retail


The fifth area where AI and big data are used is obviously retail. The retail sector is growing quickly, and it's one of the areas where big data and AI can be used for personalization and to automate package delivery. Manuj gives an example of Amazon and Alibaba, companies that have been able to change the way customers buy goods and services, such as: automating delivery, preventing credit card frauds, personalizing shopping experiences, and making recommendations based on what you've purchased in the past which was possible using AI and big data.




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