Today, many tech-savvy CIOs around the world are focusing on artificial intelligence (AI) and machine learning to transform business operations and work for the goals of their customers. But, while implementing these technologies, they face several hindrances such as making real-time decisions and analyzing the most relevant information. With real-time actionable insights, CIOs are making smarter decisions for better understanding of customers and delivering optimal experiences to them.
For example- telecommunication companies leverage this new data technology to improve cybersecurity defense. Compared to other markets, telcos are often targeted by cybercriminals owing to their critical infrastructure. Therefore, deploying platforms that enable continuous analytics, companies can find the hidden threat promptly and mitigate the vulnerability in their network. Similarly, banks leveraging AI and machine learning can improve their security networks by detecting a credit card transaction in a better way. These improvements aid banks to reduce the time and cost of finding forgery incidents and maintain their reputations.
In recent times, Asia-Pacific is driving global growth in big data, and business analytics and the region suffered close to $81 billion lost in business revenues due to cyber attacks. Also, Singapore became nine times more vulnerable to cyber attacks compared to other Asian countries owing to its high digital currency. Albeit AI and machine learning had profound growth, a recent report from Forrester mentions that 55 percent of businesses who invested in AI are yet to attain desired results. In 2018, making data technology more accessible and generating faster and accurate insights are primary factors that will drive the AI and machine learning market.