Big data and machine learning came to the forefront of emerging technologies only a few years ago. Yet their innovative and fast-paced nature has meant they are quickly becoming a part of our everyday lives. Tech like Alexa or Google Home can now order shopping for us, turn our lights on and off and answer questions at a simple "hello". But, are there any other industries and sectors that are heavily benefitting from these emerging and exciting technological advances?
The energy sector
With the costs of extracting oil and gas on the rise, and the state of politics facing many of the countries that are integral in the process, there's no wonder the energy sector are looking for new and improved ways to achieve their goals. Royal Dutch Shell, have been developing a "data-driven oilfield" in an attempt to bring the cost of drilling for oil down.
Similarly, data has been playing a huge part of our lives at home for longer than we think. With the Internet of Things (IoT), smart homes including technology like Google's Nest thermostat and Hive, have been making homes an ambient temperature and cutting down our energy wastage by using data.
The finance sector
Let's face it, artificial intelligence (AI) and finance go hand-in-hand. Having AI work seamlessly with your financial systems can help manage investments, move money, collect real-time data, predict and make decisions and so much more! There are so many ways in which these technological advancements can help within trading and forex, working to make decisions more accurate and timelier. No matter your level of trading experience, thanks to AI you could be investing your way to the top before you know it.
The transportation sector
By using big data analytics, the transportation sector can benefit in a big way. Governments of countries are using big data to control traffic (smart motorways), for intelligent transport systems and congestion management. This is said to help reduce carbon emissions too, helping us towards a brighter, greener future.
The retail sector
Retail has come along way since the conception of shop fronts. Big data has meant that many traditional establishments can take their products online and make the most of the flourishing e-commerce market. The retail sector has gathered data for longer than you think. Through POS scanners, customer loyalty cards, stock inventory and local demographics - big data has meant this particular industry has been able to gradually move forward without us really knowing!
Nowadays retail uses these emerging technologies in a different kind of way. With customised shopping experiences, personalised advertisements and even virtual try-on sessions; we fully expect the traditional retail environment to be a thing of the past before long.
The marketing sector
Marketing is continuing to do its best to keep up with all things AI and Big Data. Having a much more intelligent marketing strategy that derives from data, will help campaigns be more efficient, productive and cost-effective. For example, if AI can create a list of consumers based on past purchases, you'll be able to remarket them and hopefully drive more sales for your business.
With so many ways that AI and Big Data can refine an industry, it's crucial that businesses from all walks of life use this time to move with these advancements and not against them. If they don't, they run the risk of getting left behind.
