The Ministry of Transport & Communication (MOTC) recently organized a webinar on ‘Knowledge Mining & Artificial Intelligence’. It is anticipated that artificial intelligence (AI) will significantly contribute to the growth of businesses in different shapes and sizes from start-ups and scale-ups to multi-national corporations around the world.
The panel discussed how the advancement and enhancement of AI, machine learning, knowledge mining and integration will benefit the (business) ecosystems.
The most notable benefits of AI will be competitive advantages, more efficient work processes, improved compliance and more effective decision making.
AI allows a wide range of structured and unstructured data to be condensed, digitised and evaluated. Unstructured data includes without limitation or restriction PDFs, images, videos, audios, hard-copies and even handwritten notes. Systems can be programmed to recognize key data to extract it from different documents.
In addition, knowledge mining is a key emerging discipline in AI. It is a technology that turns data into knowledge using AI powered search. AI employs cognitive skills which are able to index selected data and to integrate with Optical Character Recognition (OCR).
The advantages of knowledge mining are wide. A Harvard Business Review report suggests that on average QAR 145 thousand (USD 40 thousand) is lost per company on information searches in unstructured data. With the introduction of knowledge mining, companies will no longer require data scientists to mine data because the documents have already been digitized.
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