Machine learning, when combined with Big Data can enhance the value of the already existent data letting you enjoy a competitive edge over your competitors in business. Today’s entrepreneurs need to constantly reorganize themselves according to the changing market conditions since machine learning and AI are creating greater opportunities for them when it comes to labor-intensive research and cloud analysis.
Powerful Machine learning algorithms can be of great help if implemented in your business in the following three ways in the year 2018.
Automation of Processes
Machine learning allows automation in business processes. A large amount of high-quality data is required for machine learning, so this is easily available and stored in business applications like finance, sales, and logistics.
Machine learning works perfectly when difficult decisions need to be made using a few variables several times every day.
Machine learning works perfectly when difficult decisions need to be made using a few variables several times every day.
It is easy to implement machine learning when automated decisions have to be made for the already existing business processes instead of new cultural changes and new processes.
Instinctive Interfaces
Recent developments in machine learning have enhanced the capability of computers to understand and interpret speech and commands of humans. Chatbots allow customers to derive the required information easily through voice and chat interfaces. With machine learning algorithms it is possible to scan technical documents and create instant answers to questions that are frequently asked. It has been observed that when chatbots answer questions it results in more customer questions along with increased customer satisfaction and of course lower costs. The new enterprise digital assistant using machine learning also help out in organizations in all business processes, be it HR, procurement and budgeting. Digital assistants in our work environment have access to a large amount of context. With machine learning, you will be able to identify all procedures thereby alerting you to unusual or some unforeseen circumstances without actually having to search for the information.
Identify and Develop Processes
Machine learning can identify and process complex data as well as data that is too costly to analyze. This way processes are optimized in different ways like:
Prognostic Maintenance – Algorithms and detailed sensors can automatically detect any problems in machinery thereby saving money on regularly scheduled maintenance. This technology is also used in human assets like athletes to track the player’s vital signs. This can assist the coach to train them for optimum performance and minimizing injuries if any.
Image Analysis –Since machine learning can detect complex images, it is possible to identify new business opportunities that can be simultaneously opened up. A good example would be a sporting event sponsor can get a detailed analysis of the number of times its logo appears on the screen during the event’s video coverage.
Autonomous Vehicles – The future of transportation is self-driven vehicles. Using machine learning algorithms software developers will be able to provide computer vision allowing vehicles to make decisions similar to humans.
Writing and Text Analysis –With machine learning text and images can be extracted from electronic documents that can be analyzed and used when required. Similarly, school teachers can assess the written work of students providing meaningful feedback with machine learning automated writing assessment software.
