If anyone needs proof of the importance of data collection and processing in today’s world, they need look no further than Wall Street. Financial asset managers are using artificial intelligence (AI) to mine massive data sets, then developing portfolios based on that information. According to one report, corporate commentary, social media chatter, and credit card data hold patterns that can show the way to a prosperous future.
The problem is that a single human brain – or even a boardroom full of them – cannot see these patterns. Their value lies in their complexity and obscurity, and AI is brilliant at filtering through complexity to tease out the valuable information on which we mere humans can make our decisions. AI depends on machine learning – the process where current data analysis sets rules for future actions. For example, a person working in a port may know from experience that 80�� of deliveries are often a day late for a certain carrier coming from Hong ��ong during winter. But there’s not enough time or information available to do anything, other than advise the client of the delay when it happens.