Rise Of Machines Is Good for Business
by Jonathan Shriftman , December 26, 2017
With the explosion of technology resources, from faster processing to unlimited cloud storage, businesses are able to analyze more data in more ways. The technology world is integrated into larger part of business strategies daily. Companies that recognize the value of automation will be the most successful.
What Are Artificial Intelligence and Machine Learning?
The first step in coming to grips with the coming revolution in technology is understanding the terminology. Artificial intelligence (AI) refers to machines that can perform tasks in ways that humans would recognize as intelligent.
It’s a broad field with many applications, but the key factor remains the advantaged in automation, speed, and precision.
Messenger chatbots can be integrated into any messenger platform and respond automatically to customer questions, concern, and general queries.
Though they haven’t been developed yet to the point of handling incredibly complex tasks, they are a great example of how AI is currently being leveraged for greater customer satisfaction and a better experience with businesses.
Machine Learning (ML) on the other hand, is a particular application of AI. It’s a digital process of giving machines data, directing them to analyze it in some way, and having them produce some kind of result.
Popular culture has provided all sorts of ideas about AIs, usually from a negative view with a tinge of dystopia. For example, robots that human jobs; AIs that will take over the internet and enslave humanity; androids that will evolve into killing machines.
That’s Hollywood fiction. Instead, businesses see AI and ML as the next wave of innovation. Traditional, non-technology companies have been busy acquiring AI tech that will improve workflow, amass customer data and create analytics that drive revenues.
How Businesses Can Exploit Machine Learning
Data and data analysis have become integral to doing business. Companies around the globe employ data scientists and software solutions to decipher insights about their customers and explore new ways to reach their markets.
Now, with the vast flow of information, sorting through the data has become more difficult.
Machine learning can process through data faster than humans and often discover overlooked areas of opportunity. Already, ML has improved online search and shopping without consumers even realizing it.
Google analyzes billions of online search requests and returns results that are more specific and optimal for the user. Netflix aggregates customer data to make recommendations that users will likely enjoy based on their – and other users’ – viewing habits.
Those decisions, recommendations and predictions are produced by machine-learning technology.
The goal to produce better customer experiences is largely driven by ML. Machine learning can take existing data and use techniques, such as pattern recognition, that can sort through millions bytes of data to produce the desired result.
New Technologies Create New Opportunities
Machine learning is still in its infancy. Whether it will replace people in jobs is unknown. But as with any other innovation, jobs tend to evolve rather than disappear. Corporate structures will change as administration and IT become more tightly bound: Managers will need to become tech analysts, and vice-versa.
Freed from the rote work of processing data, employees will be able to focus on customers and clients, not data. Even something as routine as a call to a bank will become faster and smoother with the introduction of Natural Language Processing. NLP refers to the ability of computers to understand and recognize human speech.
Instead of human verification for every step of a transaction, AI can take care of the verification in the background. while the service staff focuses on the customer need. Alexa and Siri are examples of just the beginning of the vast possibilities.
Machine learning already has had an impact in the financial, technology and manufacturing sectors. Major brands like Google, Toyota, BMW and Amazon have been busy investing billions on ML tech that improves everything from search to warehouse processing to driverless cars.
These companies are seeing demonstrable results in the form of higher revenues and profits as they introduce more AI and ML applications into their systems and processes.
The future of AI and ML is here. The smart companies are staying on the cutting edge of the technology, giving them a competitive advantage.