"India's Geospatial Revolution and AI's Impact on Business: A Deep Dive"
Published: 2024-08-02Welcome to today’s edition of the Daily Open Data Digest. We bring you the latest news and stats on open data. Today, we will talk about maps, artificial intelligence (AI), financial transparency, and how open data is used in businesses. Let’s get started.
India’s map industry is changing a lot. The government has made new rules for geospatial data. Now, private companies can join the market. This means more competition. Local companies like Ola and MapMyIndia are now competing with big names like Google. This has led to lower prices and better technology in mapping services.
The new National Geospatial Policy is helping Indian companies grow. This policy is creating many jobs and boosting the economy. By 2030, the market is expected to grow a lot. Accurate and easily available mapping data is becoming very important for many industries in India.
AI is changing industries all over the world. For example, Canva’s AI tool ‘Magic Write’ and the AI platform Leonardo are making waves. Unique data sets are key for AI companies to stay ahead.
Australian AI companies like Canva and Sapia.ai are important for the local economy. They help with productivity and new ideas. But, the AI sector can be expensive and unpredictable. Opinions differ on how ready and valuable current AI technology is. Despite the challenges, AI in products can make things more efficient and creative.
The Federal Deposit Insurance Corporation (FDIC) wants to replace CUSIP numbers with Financial Instrument Global Identifiers (FIGIs) for the municipal bond market. This change aims to make financial data easier to read by machines. It aligns with the Financial Data Transparency Act from the Securities and Exchange Commission (SEC).
Some experts worry about the costs and challenges of this change. But, regulators point to successful examples in other areas. Switching to FIGIs could change how the municipal bond market works, making financial records clearer and easier to access.
Keeping up with AI advancements is important for all businesses. Attending AI conferences can provide valuable insights and networking opportunities. Some top U.S. conferences include AI Summit New York, Ai4, ReWork AI in Healthcare and Pharma Summit, AI & Big Data Expo North America, and Open Data Science Conference. Internationally, events like NeurIPS, IJCAI, ECAI, World Summit AI, and AI Expo Europe offer a global view on AI trends.
To get the most out of these events, plan well, take part actively, and follow up afterward. This will help you understand AI’s impact on different industries better.
AI is also influencing how businesses choose compute engines like Databricks and Snowflake. Open table formats and the right compute engines are important for efficient data use and smart applications.
AI is reshaping data products and governance structures. Open data formats are key in this process. This trend shows how important accessible and well-structured data is for innovation and good decisions in businesses.
As we look at the changes in open data, advancements in maps, AI, financial transparency, and data governance are connecting us more. By staying informed, we can help create a future where data-driven insights lead to better decisions and a brighter future for everyone.
Thank you for joining us in today’s Daily Open Data Digest. Stay tuned for more updates and insights on the ever-changing world of open data.
https://economictimes.indiatimes.com/news/company/corporate-trends/location-wars-how-a-newly-liberalised-sector-in-india-is-hotting-up/articleshow/112221800.cmsRelated news on 2024-08-02
- theage.com.au: Artificial intelligence : Is the AI bubble about to burst ?
- siliconangle.com: Compute engines for AI : Key trends in data platforms
- bondbuyer.com: CUSIP returns fire over plan to use FIGI as identifier
- economictimes.indiatimes.com: Location wars : How a newly liberalised sector in India is hotting up
- eweek.com: Top AI Conferences ( 2024 ): Global Gatherings of Leading AI Innovators