The value of Artificial Intelligence & Data Science in today's world

The world, as we see it, is digitizing itself from its peripheral edges to its very core as technology evolves leap by leap. And in this technologically advanced world, concepts such as 'artificial intelligence,' 'machine learning,' or 'data science' are no longer a figment of the imagination of sci-fi authors like Asimov but a reality that is very much here. The new-age tech is now paving its way to not only establishing itself subtly and not-so-subtly in our everyday lives but also leading the world to its fourth industrial revolution.

AI vs Data Science

The amount of data generated by both humans and machines far outpaces humans' ability to absorb, interpret, and make complex decisions based on that data. But a chunk of unstructured data is meaningless until it is converted to generate valuable, meaningful information.

Data science involves mining large datasets, identifying hidden patterns, and extracting actionable insights by using a combination of programming skills and algorithms for predictions. Artificial Intelligence (AI) forms the basis for computer learning and the future of all complex decision making - often used by data scientists to generate predictions while transforming data for analysis. AI is a branch of computer science concerned with the intelligent behaviour of machines - a machine's inventive ability to simulate human behaviour and their day-to-day response patterns. Various activities can take place seamlessly with programmed machine technology enabled through specific algorithm codes. In today's world, both Data Science and AI are the two most vital technologies where AI is a tool or a procedure for a data scientist.

The New Industrial Revolution

Bringing about the fourth industrial revolution to everyone's doorstep globally, Data Science and AI are currently reigning technologies that have conquered industries around the world due to the massive explosion in data and the increasing need for businesses to rely on data for decision-making.

According to International Data Corporation (IDC), by 2025, global data will grow to 175 zettabytes. In a data-driven society such as ours, data science has bridged fiction and technology, empowering businesses. Industries are opening their doors to data science and AI to unlock their true potential for making data-driven decisions. Data scientists facilitate companies to comprehend gigantic data efficiently from multiple sources, aid in assessing their performance and suggest essential changes to boost it. Alongside, they assist the product development team in tailoring products and services to appeal to customers by analyzing their behaviour.

Extensively used in diverse industry domains including - marketing, healthcare, finance, banking, policy work, law enforcement, airline planning, logistics, gaming, recruitment, designing images, music composition and more - data is a valuable organizational asset. And supporting the enhancement of processes through data science and AI saves time and money - while its wastage can deplete resources and severely impact a business.

Role of Data Science and AI in everyday life

The changing face of technology has now made it all-pervasive. It is a common misconception that only big tech giants and industries are focused on artificial intelligence and data science. In reality, AI and data science impact our everyday lives from behind the scenes. We encounter the influence of these technologies throughout the day - from aiding in weather forecasts, filtering spam emails, enabling search predictions in Google, personalizing social media feeds, and voice recognition, such as Apple's Siri, Google Now, Microsoft's Cortana or Amazon's Alexa.

With data science technologies, OTT and other streaming platforms like Netflix and Spotify extract customer preferences and behaviour patterns/viewing habits to develop and curate highly targeted shows and watchlists or customize weekly playlists for its users. Search engines such as Google, Bing, Yahoo, and many more leverage data science algorithms to flash the best results for the searched query within mere seconds. And before customizing shopping recommendations, e-commerce giants such as Amazon deep-dive into pools of customer data such as buying patterns, tastes and preferences.

Apart from making our commute to work easy by monitoring real-time traffic and weather conditions, AI and data science tech has also given rise to 'predictive purchasing' and 'smart' home devices. Predictive purchasing utilizes a user's record of spending habits regarding regular items and ships them to the user before they run out. While 'smart' thermostats learn about the heating/cooling preferences to adjust the temperature to the user's liking, 'smart' refrigerators create lists for what a user needs based on what is no longer in the fridge. It doesn't stop there, as it can also offer wine recommendations that would go with dinner - making 'smart' appliances a norm in the future.

By powering chatbots, 'smart replies' in Gmail, personalized health monitoring via smartwatches, and Digital Assistants like Siri to help users perform tasks such as scheduling and sending commands to other apps, AI and data science has penetrated most aspects of daily lives.

David Coplin had said of AI, "It will change how we relate to each other. I would argue that it will even change how we perceive what it means to be human." Truly, data science has reimagined every industry and how humankind goes about their lives with its complexity, scale and scope. And having its footprint in practically every industry, data literacy is becoming one of the biggest priorities in the country. Although data science techniques are maturing and becoming more openly used by the average user as its tools continue evolving, the expertise of professionals who transform data into insights is invaluable in today's day and age.

(The author is a Founder & CEO of SmartBridge Educational Services Pvt. Ltd)