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5 Ways Machine Learning, Artificial Intelligence, and Big Data Are Changing the Rules of Business

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With data generation constantly increasing across the business and social worlds, artificial intelligence (AI) and machine learning (ML) are working to enhance our everyday tasks, both personal and professional, one step at a time. There are a number of themes emerging within the world that CIOs should consider for future planning:

Skillsets for data scientists are ever-changing

The demand for data science professionals continues to rise as more companies seek to collect, manage, and analyze data in order to draw business decisions from that complex, but valuable information. Data scientist job postings have increased by 256% since December 2013, and median base salary has reached $130,000, according to Indeed. Skills that data scientists should work to really showcase when looking to advance their careers are machine learning, python, SQL, Hadoop, to name a few.

Internal data platforms are essential for growth & innovation

Organizations are putting data platforms at the center of product development and business process management to drive innovation. Whether companies are technologically advanced or lagging behind, every industry will be forced to level up with data management and analytics to remain competitive. Organizations must be able to manage their data on an ongoing basis while constantly making improvements to stay up to date—otherwise, they risk losing market share.

Sustaining and managing real-life data in real time is a “need to have” not a “nice to have”

While real-time or near real-time data insight is not always required of AI and ML projects, the ability to build systems that can support rapid ingestion and analytics can be a true competitive advantage. As data-driven decision making becomes more implanted in organizations, the competitive edge will often go to organizations that can respond in real-time. We all want data on demand, and that drive isn’t slowing down any time soon.

Legal and ethical issues are influencing firms’ technological evolutions

Businesses are now acutely aware of compliance obligations for data governance initiatives now that General Data Protection Regulation (GDPR), California Consumer Privacy Act (CCPA), and Family Educational Rights and Privacy Act (FERPA) have come into play. Stakes are high as failure to abide by these new laws and regulations could result in major fines. A less discussed issue, however, and one that regulators are still grappling with, is that of legal inference and the decisions that are being made by embedded algorithms based on the data they are processing. For more information on how technology is impacting the legal industry read this eBook.

AI is the key to success in any industry

With the implementation of AI, we can now observe that there is an increased adoption of automation in many data-driven industries—and what organization isn’t data driven today? Machine intelligence applied by AI has enhanced the processes of industries like life sciences, healthcare, and finance by providing mission-critical, often never-before-seen data analytics. Organizations use this technology to measure more accurate and faster results, delivering better customer outcomes.

The future impact of big data, AI, and ML seem limitless. It’s clear that businesses resistant to adopting these emerging technologies will fail to meet customers increasingly time-sensitive demands, and ultimately, quickly losing valuable market share. To learn more about how your organization can manage data in real-time or transform your legal processes request a consultation today.

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