How AI Enhances Data Science Solutions for Businesses
Artificial intelligence has grown significantly in the past few years and from the start of 2023, it has been the talk of the town. With many new tools coming into the market, from generating text to creating fully animated videos, AI is showing no signs of slowing down. When combined with data science, AI becomes applicable to various contexts. This is why data scientists are consuming this technology to positively change various aspects of society, from simple communications to large-scale business processes. According to Statista, more than 59.5% of businesses are driving innovation with data science and AI in 2023.
How are AI and Data Science Linked?
Data science is linked with AI (and its machine learning subset) in various ways. To understand the relation, first, learn how both processes work. Data science is the field of study in which scientists extract meaningful data to convert it into valuable insights. On the other hand, artificial intelligence is the technology that relies on data to derive patterns from it and forecast new results. So data is the common thing, and it is the primary aspect on which both fields depend. AI and data science are closely linked, in fact, data science is mostly seen as the foundation on which AI operates.
Top 5 AI and Data Science Solutions in Businesses
Data science and AI are starting to significantly impact the world with each passing day. As both technologies are linked together, businesses are exploring new possibilities in terms of growth, productivity, and profits by utilizing these technologies. Although data science is a broader term in which AI falls, it is evolving with the improvement of artificial intelligence. Here are the top five AI and data science solutions that revamp the business industry today:
Transaction Monitoring in Finance
The finance industry is one of the primary consumers of data science solutions that employ AI under the hood. In this era of digitization, every financial institution is transforming its operations. This is the reason the number of FinTech firms is increasing at a great pace. And with all these digital banking options, managing transactions for fraud detention can become difficult as the customer base grows. It is a major case for large-scale firms that have to track thousands of transactions daily. Here step AI and data science solutions, as they present a viable solution known as automation.
AI systems analyze large volumes of transaction data to learn about user behaviors and activity. Machine learning algorithms can detect any unusual attempt based on past financial transaction records and can notify the institution to verify the activity that can be a fraudulent attempt.
Image and Video Analysis for Fraud Detection
Online fraud is a prevalent issue. Fraudsters derive new tactics to breach various online systems to steal data. That detail can be financial records, personal information, patient data or any business history. The fraudsters mostly trick the companies by using forged identities to gain access to the business workspace. To defend these attempts, AI plays a crucial role by providing intelligent image and video analysis to evaluate the genuine identities of a customer. Machine learning models have become so advanced that they can map out every characteristic of a human face. This analysis is done on large business data sets that have records of each customer, stakeholder, and employee working in the organization.
New Treatment Discovery in Healthcare
AI is making headlines in the healthcare sector as well. It improves the processes that save human lives such as detecting disease and identifying a possible cure. The COVID-19 pandemic is a prominent example of when the medical sector utilized technology the most. Many data science solutions were implemented to learn about the virus and its severe impact on the human respiratory system. Artificial intelligence helped in diagnosing patients more effectively by learning from their past medical records and conditions. It will continue to grow as new applications of data science are being discovered with each passing year and it is likely that AI in data science will be the catalyst of the significant evolution of healthcare.
Machine Learning Advancement in Tech
As AI solutions are making data science a bright field, machine learning is the process behind all the major advancements in artificial intelligence itself. And for the tech sector, it is a game changer. Firms operating in the tech space consume data to create machine learning solutions that in return benefit other industries. Some trending names such as GPT-3 language model, and image-generating engines are all created by machine learning improvements. These tools aim to transform the business working model by improving its processing rate significantly. In the tech space, custom software development has seen a major improvement with ML models coming into play, taking a significant burden off the developers.
Understand Consumers in Sales and CX
Another primary use of AI and data science is to understand the customer experience. Businesses use AI in data science consulting operations to analyze past customer data and understand their preferences for various products and services. This allows them to provide advertisements and product recommendations that match the customer’s psychology and desire. Also, with these insights, organizations gain deeper insights to make better decisions for their existing customer base, ultimately improving the overall customer experience.
Data science consulting is continuously evolving with new technologies such as artificial intelligence and machine learning. Every data science consultant that implements AI solutions is taking modern approaches to fully leverage AI and its sub-processes. To summarize, AI in data science is a main driver as it enables organizations to operate in a completely different way. Different businesses discussed in this post are the main consumers of AI and data science solutions. With more advancements to come, these revolutionary fields will undergo several improvements and will continue to positively impact businesses and consumers.