Big Data: The Elements of Transformation for Industries
It started from computers. And, technology bursted out to laptops, wireless phones, mobiles, smartphones, laptabs, smartwatches and there are much more to go. To catch with the pace of amendments, we also started adopting it. Well, it was not only to keep in pace with the advancements, but somehow it was taking us to the easy lifestyle and assisting in transformation of industries, businesses and methodologies.
Now, if you are thinking that transformations are dependent on the technologies. Let us tell something, you got it right.
Here, we are going to talk about the most buzzing technologies; Artificial Intelligence, Machine Learning and Big Data. They are the drivers to the transformation in the industries. No doubt, it will not bring the revolution in all the industries, but there are a few that will enjoy the utmost.
Any guesses, what industries will bag the maximum benefits? No? Well, let us tell you. These are Finance, Healthcare and Insurance. Before you start scratching your head, let us reveal, how they are going to bring the transformation.
What Will Transform The Most?
- Finance Industries
The upgradations in the Artificial Intelligence has reached the next level. Yes!! It has burst out the perks beyond your imagination.
The finance industries are leveraged immensely by the Artificial Intelligence. It will sound bitter, but the truth is, it may extinct the human resources for executing the processes. With a single tap, it can sort out not hundreds but thousands of results for giving the recommendation.
Let us talk about your social media activities. Here, you must be thinking, AI could not rule this platform. A big NO. It can analyze your social media posts, sentiments, emails and other activities to suggest you the best companies that can align with your values minimizing the risk tolerance.
The story does not end here. There is a lot more it can do. It can monitor your personal profile and help you suggesting the changes, so that you can market more.
Do you think, human advisor can bequeath you so many benefits? Definitely not! Human advisor will not make stock market predictions, neither it can make transactions in seconds. Artificial Intelligence can do that all, even if it is hundreds or thousands.
Artificial Intelligence is not only about computing, instead it can also predict about the loan applicants that who own high and low risk investments. Ultimately, this will benefit banks and lenders. The platform is also ignited to playing around credit scores.
The customers can enjoy the benefits by getting the suggestions on, where to buy and when to pay.
- Healthcare Industries
Healthcare is a broken industry. It is just a myth. And many startup believes that putting the power back in the hand of patients is the key. That’s true at some extent. We are carrying the technology in the form of smartphones and smart devices integrated with AI and big data that sometime assist in self diagnosing.
Ranging from sequencing the genomes to comparing a huge data and predicting the possibility of getting a disease to its treatments, big data and AI are the platforms paving the path to success.
The above stated facts are not the stories, they exist for real. This is why, business giants including Apple, Samsung, Google and others have spent billions to develop their very own biometric sensors. Designed using big data, the sensors hold the capability of preventing diseased and extending lifespans.
Akin to finance industries, consumers will again celebrate the benefits. They can lead to a healthy life as AI bots will remind them to eat well, timings of medicines and make diagnostic tests, ultimately keeping out of hospital investments.
What is the most prominent thing, when you go for a personal loan? Is it the bank or amount or the type of loan that matter? NONE of them matters the most, except guarantor. How about AI giving the guarantee for you?
Not far are the days, when AI and big data will transform the insurance industries to this extent. In fact, insurance industries already entered the transformation zone. Let us give you an example, there exists the devices that will grade your driving skills. With such an amendment rate, we can have a device in future wearing which we can choose an appropriate insurance package. Tracking the blood pressure, heart rate, activity levels and other parameters, it can even aid you getting the discounts.
Now, let us talk about autonomous cars that rarely have any probability of crash. Once, again Artificial Intelligence helped in saving the insurance policy money as autonomous cars won’t go under any collision. The insurance claim will only be made in case of natural calamities.
It is also been expected, in the upcoming years, technology will aid people to decline auto ownership, but make them to buy 24/7 accessibility of the cars. In this scenario, auto insurance industries will lose million of customers.
This was all about automobiles and others; AI and big data also have the ability to sense the damage to home and crops. The satellite imaging and sensor data combined with weather data will instantly notify you, whether or not to have a claim. You no more have to run behind the claim agents.
In short, the more will be the insurance data, the more will be the probability of automating and the more one can rely on AI. Hence, the more industries will change. Being easy to implement and less expensive, AI can bring the huge transformation in the industries like finance, healthcare and insurance. However, there are many more industries that can also embrace with the trending technologies.
HytechPro, as a Partner
HytechPro is one of the leading Digital Transformation service provider firm serving varied enterprises including healthcare, insurance, banking and finance across the globe. We have built a series of custom frameworks to help enterprises with their digital transformation journeys. Our experts will let you identify where do you stand in the marketplace, what does your enterprise need and what will be your digital transformation journey map.
Our other expertise are:
- Business Intelligence
Come forward with your idea, if you have any or let us give an opportunity to develop a provoking solution for your enterprise.
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