Synechron UK’s Business Consulting team attended “AI and Big Data Expo Global,” the leading Artificial Intelligence & Big Data conference. The conference saw over 4,000 attendees, including delegates from forward-thinking FinTechs & InsurTechs; multinational conglomerates such as Microsoft and Samsung; financial services heavyweights like Lloyds and NatWest; as well as AI & Big Data evangelists, to explore and debate the advancements in Artificial Intelligence & Big Data.
The conference brought together these companies to showcase next generation technologies and how these can improve businesses, with the aim of making work more human. Panel discussions included the impacts of AI & Data Science within the Enterprise & Consumer sectors, as well as Development platforms and Digital Transformation opportunities. A couple of key panelists included, Katie Baker, Head of Strategic Retail Innovation at Samsung, who discussed the importance of extracting data to help enhance consumer insights and experience; and Filippo Della Casa, Head of Analytics for the Data Science at Unipol Group, who presented on the growth of Data Science in the last five years at a large corporation and how far the technology has come.
A few main themes that arose from the panel discussions and conversations held, include:
- Consumer-centric Innovation – The utilisation of data in order to drive better customer insights and increase brand loyalty was a main driver of conversation amongst B2C firms. Not surprisingly, the saying, “data is richer than oil” is growing to be increasingly true to help develop more consumer-focused innovation. In our 2019 Digital Trends report, we reported how “data analytics, data mining, data lakes, and data visualisation tools are fundamental in order to assign value to the vast amount of data being created and to use it to develop a better understanding of customers.” Companies like Samsung have begun to note the increasingly large role of data to help better understand their customers, in order to provide consumer-centric online and offline experiences, all in an effort to increase brand loyalty.
- Enhanced Machine Learning Algorithms - The rise in popularity of Gradient Boosting Algorithms over the past few years has continued, with many companies starting to veer towards algorithms like XGBoost from traditional algorithms (ABA) in their products (including the use of XGBoostExplainer to help interpret results) due to its high scalability, effectiveness and unparalleled performance. The use of AI and Data Science is yet to be integrated completely into many businesses, but it was clear that these practices will become increasingly important to the core structure of most major global organisations.
- Automated Machine Learning - Whilst the popularity of languages such as Python and R for data science remains high, there was a strong presence from the field of Automated Machine Learning, including platforms from, My Data Models, Augur.ai and Firefly.ai. These platforms allow data scientists to automate the entire model building process and spend less time making decisions about code to allow them more time to focus on the data itself; in turn, drastically reducing the amount of time spent debugging and tuning model hyperparameters. These platforms also can provide a look into previous “black box models”, to help data scientists explain their results to stakeholders, without the required technical knowledge.
Data Science and AI will continue to play an important function in a company’s core business model and will play a key role within firms’ digital transformation journeys. To find out more about Synechron’s Data Science capabilities, click here.