image source: Pixabay
If there’s anything that’s become popular over the past few years, it’s Artificial Intelligence. Blockchain still remains a mystery to many, but I challenge you to meet a person who doesn’t know what Artificial Intelligence is and who hasn’t at least considered the implications it could have on our future. Despite the fast pace of the tech world, AI has stood the test of time and remains one of tech’s hottest buzzwords.
The Rise of Artificial Intelligence
With the rise of Artificial Intelligence, we have witnessed a large surge in the number of people panicking that AI will take over the world, or that all of our jobs will be wiped out. However, research firm Gartner has predicted that by 2020, Artificial Intelligence will create more jobs than it eliminates.
While it is predicted to wipe out a total of 1.8 million jobs, it’s also predicted to create 2.3 million jobs to replace them. Right now, the main challenge is figuring how we can make Artificial Intelligence accessible to those outside of large tech companies.
Why We Need to Make Artificial Intelligence More Accessible to All
Artificial Intelligence is undoubtedly going to play a huge role in the future of our society. Therefore, it’s extremely important that it is made more accessible to the general public, and that more people understand its wider uses.
Right now, the accessibility of Artificial Intelligence is limited mainly to large corporations with extremely large budgets. There are several reasons why today’s Machine Learning technology makes predictive AI so complex, slow, and expensive. To name a few, consider that data science PhDs are scarce and expensive, there is limited access to data, a model is required per prediction (this can take approximately two months), and scale is very limited as well.
As it stands, it is only the largest tech companies who can afford to spend the millions required to maximize the power of predicting the future to increase their revenues. As a result, the rich companies get richer, and the other companies, well…don’t. However, as the technology progresses, it will become increasingly accessible to smaller businesses. Over the next few years, Google plans to make Artificial Intelligence accessible to every business.
Blockchain Predictive Analytics Solutions
With the rise of blockchain technology, companies are finding new ways to make technology more accessible. Endor and Augur are only a couple of examples of the new companies that are popping up within the industry in the effort to make predictive analytics more useful and accessible for all.
The Augur platform provides users with predictions based on crowd wisdom. It rewards users by allowing them to earn money for accurately predicting the outcome of real world events.
Endor, on the other hand, is working to utilize this technology in order to introduce a new dimension to predictive analytics using science. It aims to provide more automated, accurate, and affordable Artificial Intelligence predictions for both businesses and individuals alike. The platform allows its users to ask predictive questions and get accurate results quickly, and without the need for a third-party. It can be thought of as “the Google for predictive analytics.”
The application will be accessible to everyone — from individual crypto holders who want to find out which altcoins they should invest in, to businesses who are looking to increase their click-through rate. It will also provide new opportunities to public data providers to upload high quality data to the platform, to engine providers who are interested in integrating the predictive engine, to app developers who can build predictive apps.
Predictive analytics is becoming an ever-more important part of our lives — and for good reason. It can be used by virtually all businesses in some capacity. Large corporations have been using it to gain leverage for a good few years now, so it’s about time it became more accessible to smaller companies.
Why Are Predictive Analytics So Important?
Predictive analytics is a hugely important field that can be used within any industry. However, it is particularly important to the tech industry. Predicting and analyzing future trends effectively is vital when making future business plans. Making the wrong decision can have catastrophic repercussions for organizations.
It’s no surprise that huge Fortune 500 companies and tech giants and investing millions into the sector.
Some examples of how predictive analytics can be utilized in industry include:
- Providing in-depth customer insights
- Improving customer relationships
- Identifying issues in current business processes
- Improving supply chain management
Ultimately, predictive analytics can be thought of as a ‘roadmap’ to improved business. And this is only the beginning. As it becomes more accessible over the next few years, it is very likely that we will see a large increase in the number of companies utilizing the power of predictive analytics to make better business decisions.