Why Data Is The New Oil

#artificialintelligence 

The field of artificial intelligence is red hot thanks in part to big companies like Google, Facebook, and Microsoft using AI-related techniques to train computers to recognize objects in photos and understand human language. But these companies were only able to train their computers to perform these difficult feats because they have the enormous quantities of data that's required. Companies that want to use artificial intelligence techniques like machine learning algorithms to improve their businesses will need to either have or acquire copious amounts of data, which will only become more valuable as the field of AI advances. "Data is the new oil," Shivon Zilis, a partner with the venture capital firm Bloomberg Beta, said about data's increasing value. Although companies like Google (goog), Facebook (fb), and Amazon (amzn) have open sourced their own artificial intelligence software so any programmer can access the code and use it to build their own apps, they are not making the necessary data available, Zilis explained.

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