Big data analytics, powered by artificial intelligence (AI), is revolutionising the way governments, organisations and individuals make decisions. The ability to process, analyse and gain insights from vast amounts of data has the potential to bring significant benefits across a wide range of sectors and applications. The Middle East has witnessed rapid adoption of technology and modern infrastructure and has surpassed developed markets in tandem with a regulatory sandbox environment, which will enable the region to emerge as a global springboard for innovation.
One of the most significant benefits of big data analytics is the ability to collect and synthesize large and diverse sets of data to enhance the decision-making process, enabling the rapid delivery of actionable insights to create precise forecasts. This process enables organisations to make more informed decisions and act accordingly in response to changes in their ecosystem, from confronting significant economic headwinds to solving crises and issues affecting the public at large.
One of the most significant benefits of big data analytics is the ability to collect and synthesize large and diverse sets of data to enhance the decision-making process, enabling the rapid delivery of actionable insights to create precise forecasts.
One key area where big data analytics and AI are playing a significant role is in the public services sector, from enhancing citizen safety practices and protocols to developing strategic priorities that form part of national-level digital transformation initiatives. By equipping law enforcement and security agencies with all-source data analytics and digital forensics solutions, big data and AI can sharply reduce investigation periods, identify potential threats to security and create actionable insights for operational teams to act on. AI can also enable agencies to verify users on the go using all-source biodata to help secure processes related to biometrics and ultimately secure individual digital ID for citizens. At the government level, AI and big data can empower agencies to improve citizen services that pave the way for the smart cities for tomorrow. And in healthcare, the analysis of current and historical data allows healthcare professionals find opportunities to make more effective and more efficient operational and clinical decisions, predict trends, and even manage the spread of diseases.
Another area where big data analytics and AI are creating a major impact is in the field of finance. Traditional financial analysis and audits are laborious, with large swathes of data often taking considerable time to complete. AI holds the power to intelligently automate processes, such as auditing, while detecting anomalies and simultaneously apply risk-scoring practices.
Applications for AI-powered big data analysis in finance go beyond the balance sheet and can accurately identify conflicts of interest, HR-related party conflicts, and enhance identify theft protection and fake account identification practices. In utilising large-scale multi-platform end-to-end financial data analysis, organisations can significantly cut the resources required for time-intensive tasks and take proactive measure to mitigate risks while protecting their customers’ assets.
In sports, big data analytics and AI are helping teams and businesses better understand their fans, augment the performance of their athletes, and identify the best talent around. Big data analytics powered by AI have the potential to improve all aspects of the individual fan experience, from crowd control and security to sentiment analysis, integrating large quantifiable data sets to create real-time insights and present even more meaningful engagement with their sport of choice. AI also holds the key to unlocking athlete potential by helping teams and coaches efficiently analyse player performance in greater detail. By leveraging wearable technology, patterns can be identified to make informed decisions all the way down to recommended nutritional programmes, team composition and even predicting potential risk and injury to athletes so that teams can mitigate factors and take preventive measures. The talent acquisition process can even be automated using AI pattern recognition to scout the most optimal individuals that ensures new talent complements existing skills, play styles and weaknesses of existing teammates that even the most discerning talent scout might miss. These are but a few of the wide-ranging benefits that big data and AI have yet to truly be tapped into in the global sporting ecosystem.
In addition to these sector-specific benefits, big data analytics and AI are driving innovation and improving efficiencies across the board with few industries not set to immediately benefit from integrating these principles. Big data analytics can help organisations identify, manage and predict environmental impact of their activities, improve city resource management, and optimise educational programmes to enhance student learning successes. By enabling businesses and organisations to interrogate seemingly insurmountable data points, these technologies are unlocking new insights and opportunities that were previously unavailable.
At Presight where we see these challenges, we also see an opportunity to help shape tomorrow’s world for the better. Presight was born of the cumulation of the most advanced technology, the brightest and most creative people around, and a mission to create meaningful change by leading the charge of digital transformation. As the Covid-19 pandemic emerged as a global crisis, our solutions supported the UAE’s government with analytics-driven data to keep its borders open, and also used our world-class video analytics to provide a smart and sustainable technological system to welcome 24 million visitors safely at Expo 2020 Dubai. We approach problem-solving and decision-making through a 360-degree lens that enables our business to empower organisations to adopt these technologies and create a positive, tangible and immediate impact with a long-term view. Presight is helping to identify new solutions, services and even business models that are driving economic growth and we are fuelled by our desire to build a better tomorrow, today.
The writer is the Chief Executive Officer of Presight AI
