In today’s digital economy, both large and small organizations, as well as individuals, are relying on data for day-to-day functioning. Big Data and Artificial Intelligence are popular technologies used to create insight for businesses. Artificial intelligence analyzes the massive sets of data, big data generated on the internet every day to give businesses vital information, including trends and consumption patterns required for their success.
Data can provide insights into market trends, customer behavior, and opportunities for growth. However, companies need a reliable strategy for collecting and analyzing this data. Without the right people, tools, algorithms, and processes, a data collection strategy can become costly and ineffective. Collecting and storing large amounts of data comes along with governance and compliance considerations that if not addressed can result in fines.