Gain a Competitive Edge by Harnessing Machine Learning
Hop on the machine learning (ML) train! While a few years ago it might have been something reserved for engineers and imaginative movies, this tech is now commonplace, meaning that you’d better get on board or get left behind – because the train is not waiting for you at the station.
One straightforward way to consider using this approach is harnessing the potential of machine learning (ML) to help you with enterprise-level decision-making to stay ahead of the competition. When harnessed to your business’s predictive analytics, this major game changer can increase your prediction accuracy, reduce errors, and increase confidence overall. Talk about not missing the train – be the first to hop on board before it leaves the platform!
In addition, ML’s insight into customer behavior, market shifts, and emerging trends not only can, but will help you gain a leg up over your competition and seize opportunities that would otherwise likely have gone unnoticed, as long as it is used correctly. Roman philosopher Seneca once sagely commented that “Luck is what happens when preparation meets opportunity.” ML creates this “luck” for businesses savvy enough to harness it. Scouring data from the present and past, ML helps companies make much more use of historical data to predict future trends.
Yet, the essential part in hopping on the tech train includes having a key route – mainly knowing when to get off to reach your optimal destination. A large part of this is focusing on what you want to get out of using the tech, and this means knowing how to harness ML’s potential so that you control it instead of ending up with an unimaginable amount of data at your feet. Mark Sheldon Villanueva, in his blog, How Artificial Intelligence (AI) Can Make Your Business More Efficient, warns that “Simply implementing AI doesn’t mean you get all the advantages. It’s crucial to approach AI integration thoughtfully and align its use with your unique business goals.”
Machine Learning is Gaining Traction
There has been a paradigm shift and the business landscape has been radically transformed. You can bet that many of your competitors are already riding full steam ahead, utilizing ML this very minute to discern patterns, correlations, and anomalies within massive datasets and extracting critical market insight, all at breakneck speed. If you allow ML to ride right past you without taking action, you and your business run the risk of being left in the dust.
ML is Mainstream
Not since the internet has there been such a rush to adopt shiny new tech as there has been with AI and ML. But, it is key to understand the difference between AI and ML, and which one matters most in your business decision-making endeavors. By analyzing mind-boggling amounts of customer data, ML algorithms can quickly identify behavioral patterns and preferences, and then custom-tailor personalized experiences for customers. ML is a branch of AI. The primary goal of any ML program is to analyze large amounts of data while AI, on the other hand, is software programmed to efficiently take over complex human tasks.
More about ML
ML is also extremely useful in improving operational efficiency, which is simply the ability of an organization to use its resources effectively and efficiently, the end goal being the production of goods and services that consumers actually need and want. Properly tailored to your unique business goals, ML can improve operational efficiency by helping with the following: process optimization, resource allocation, supply chain management, predictive maintenance, and data analysis. Bottom line? ML is of invaluable help in enterprise level decision-making if properly harnessed.
Challenges to Consider
Inevitably, with change come challenges. Here are several key ways to easily acclimate to the use of ML with minimal challenges: preprocess data to ensure data quality and reliability, make sure ML is understood by your employees, ensure privacy (especially when using ML to detect fraud), and continually monitor ML for biases to ensure fairness in predictions. By facing these challenges before you get tied to the train tracks, you can harness ML to help empower your enterprise to make efficient and successful decisions. ML harnessed properly in your company’s predictive analysis endeavors is the light in the tunnel leading from the present to the future. “Who knows what the future holds?,” comments Will Hillier, writer for CareerFoundry. “ One thing’s for sure, predictive analytics will play a big part in telling us,” Will continues.
Conclusion
Correctly using ML in enterprise decisions can be your jump aboard the AI and ML train on a spectacular journey towards improving your data-driven decisions, optimizing operations, and staying one stop (or more!) ahead of the competition. Be one of the savvy and forward-thinking SMBs who are harnessing the power of ML in their predictive analytics. All aboard!
Content created and provided by Extu.
