Home > Blogs > Insights into the Role of Cognitive Technologies by Ram Mohan Rao
Ever wondered what Facebook is doing with your data? Or what exactly is artificial intelligence handling the data?
Well the answers are all here.
In an hour-long webinar, Ram Mohan Rao, a reputed data scientist with Microsoft, spoke about the impact of cognitive technologies such as robots, AI, machine learning, automation and how they have the potential to replace 7% of US jobs by 2025. So, despite the sector laying off 56,000 employees in 2017, there has been a constant rise in jobs which includes AI, machine learning and big data analytics. As more and more companies are relying on these new technologies, it is expected that 180,000-200,000 jobs will be added in 2018.
Mr. Ram Mohan also talked about the strides taken by humans during the recent times and the emerging technologies like Biometrics, Cloud Computing, Cognitive Computing, Robotics etc. which are defining how we interact with businesses to achieve our organisational goals.
So if you are going through a data science training course, you can benefit Let’s have a look into the amazing insights he shared with us!
Artifical Intelligence - The brains behind Industry 4.0
Have you wondered how expansive the use of AI has become?
Well, Artificial Intelligence is the real power behind the industrial revolution which has evolved over the years to cyber-physical systems and machine learning. It has positively affected all four stages of the Industrial Revolution, i.e. Industry 4.0, Smart factory, Industrial Internet and Industrial Internet Of Things. AI is constantly helping big businesses to manage complex supply chains and to adjust to demand shifts. Companies collect complex data which is then analysed by big data scientists using new AI technologies to find useful patterns. No wonder that world’s most valuable resource is no longer oil, but data.
How big companies use data to make a profit
While talking about the importance of data, he pointed out that companies like Facebook, Amazon and Google use consumer analytics to make a profit. Taking Facebook as an example, he explained that in every 60 seconds, 1,36,000 photos are uploaded, 5,10,000 comments are posted and 2,93,000 statuses are updated. If you think about it, it is a lot of data. Facebook’s business model is based on determining user behaviour; for which they tract cookies, use textual analysis, facial recognition, tag suggestions, analyse the likes and target ads for specific users. This is the reason why some researchers say that Facebook has enough data to know us better than our therapists.
Uses for analytics for recommendations
Companies have been using analytics for providing user recommendations. Taxi-hailing apps, food apps, fitness app etc. focus on analytics to run their business. Several other companies have also emerged which track customer data and solve various business problems.
Ever wondered how your favorite IPL team picks its squad? Well Mr. Ram Mohan described how analytics is being applied in sports and sports events like IPL are using Big Data to analyze players’ performance and help them improve their game!
Apart from sports, analytics is being used in every aspect of the business and fused together with AI; it is a match made in heaven. For instance, farmers in India are using AI to increase crop yield by way of digital agriculture which has improved the efficiency of our agriculture process.
Future of Data Analytics
With increasing investment in AI all over the world, future of data analytics seems to be bright. There is no doubt that it will enable digital transformation by empowering employees, engaging customers, optimizing operations and transforming products. In market terms, data analytics is expected to create a huge amount of jobs in the coming years. Analytics opportunities in the automotive industry, sales industry and manufacturing industry will surely rise with some researchers expecting the Manufacturing Analytics Market to be worth USD 8.45 Billion by 2021. All in all, data science enthusiasts are in for a joy-ride in the upcoming future! If you too would like to be a part of this exciting field, try taking up a big data analytics certification course, as it will help you understand the dynamics of the industry much better.