Kanupriya Gupta, TCS Financial Solutions
Artificial Intelligence (AI) technology becoming main stream is strongly dependent on the quality of data that is used to embed ‘intellect’ into algorithms. AI—as a tool that utilizes value-added data—is used to build smart programs that negate the need for human intervention, especially, in performing repetitive tasks.
The phrase “data is the new oil”, coined by Clive Humby, UK Mathematician and architect of Tesco’s Clubcard, has become a game changer in the prevailing technology scenario. Drawing a corollary to oil — although data is valuable, it cannot be used unless it is refined; oil goes through refinement and is converted into gas, plastic, chemicals, eventually creating a valuable entity that drives profitable activity. Just like oil, data must be broken down and analyzed for it to reap value.
If AI has to live up to its promise of driving transformative change in business, especially through digitization, there is a need to focus on the challenge of maintaining accurate and valuable data. Early adopters of AI are bound to gain a huge first mover advantage in the market because they know that the sooner these systems begin learning about the context in which they operate, the sooner they can mine data to make increasingly accurate predictions.
In today’s context, tech firms are investing considerably in AI platforms to help their clients increase bottom-line by cutting operational costs. Data driven insights not only enable strategic decisions for business leaders but also provide timely operational intelligence to automate business processes and provide more targeted and personalized service delivery for improved customer experience.
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