Big data plays a crucial role in our increasingly digitalised world. These large and complex datasets generated not only by people but also by Internet of Things (IoT) devices offer enormous opportunities for businesses. However, small and medium-sized enterprises (SMEs) in particular often face the challenge of dealing with this data flood as they lack the resources for specialised data analytics teams.

 

Understanding and using big data

Big data is characterised by its volume and diversity. These data sets are not only large but also structured in a complex way. The proper analysis and use of this data can form the basis for important business decisions. However, without the right tools, many valuable insights remain untapped, which can lead to sub-optimal decisions.

 

Artificial intelligence as a solution

Artificial intelligence (AI) comes into play here. An effective combination of AI and human decision-makers can help harness the full potential of big data. AI can help to efficiently collect, document and analyse information. This allows companies to make predictions and develop informed decision-making proposals.

 

For example: AI in financial analysis

Assuming that an AI searches handwritten invoices, collects expenditure and analyses this data to predict future financial flows. On this basis, AI can make suggestions on how a company should manage its expenditure in order to remain financially stable.

 

Benefits of AI integration

• Fast-track decision-making: AI can analyse existing information faster than human teams.
• Increase in efficiency: There is less human capacity to process data and take decisions. This frees up capacity for creative processes.
• Reliability and transparency: The processes carried out by AI are traceable and repeatable.
• Objectivity: AI minimises subjective and emotional influences in decision-making.

 

Limits of AI

For all benefits, AI cannot and should not make essential choices on its own. It is best placed to take on specific tasks or complement the work of people, especially in areas related to complex human values such as ethics.

 

Conclusion and contact

Would you like to know more about how you can successfully use AI in your company to make better use of your data and optimise your decision-making processes? Contact us today to make an appointment for a free speaking hour and find out how our solutions can help you achieve your business goals.