How Machine Learning and AI can modernize an organization
How Machine Learning and AI can modernize an organization
Growing competition in every sector means that every business has to adapt just to survive, let alone succeed. Machine learning and AI (often used interchangeably) have emerged as modern ways for organizations to get ahead. Most businesses today prioritize analytics, data, and machine learning technologies to elevate new business models.
These new business models are used to improve service offerings, increase efficiency, increase overall revenue and deliver much-improved customer experiences.
Figures on implementation however can make for sobering reading. Less than a fifth of organizations will move AI-powered projects into production without significant delay due to a skills gap, lack of business process maturity, or underdeveloped collaboration within the organization.
For instance, these organizations could be lacking experience in data science and engineering, mathematics, or algorithm design. These failings create challenges, that didn’t need to be there, for any organization that wants to advance in their market and gain value from machine learning and artificial intelligence.
Given that all of this can overwhelm a business, why should a business take the jump?
What are AI and machine learning?
When a machine completes tasks, based on sets of rules that enable it to solve problems, we are stepping into the realm of AI. This can of course includes understanding and contextualizing natural language. From here it can provide “intelligent” answers to given questions.
Machine learning falls within the domain of AI. It allows machines to learn, by themselves, by making use of data. The machine then uses this newly learned knowledge to make increasingly accurate predictions to drive action.
This requires a model that is trained using data that already exists, then it can process new data and make predictions.
Some of the many use cases of machine learning and AI
How can the two disciplines of machine learning and AI benefit and modernize your business?
Speech recognition
This includes TTS (text-to-speech) and STT (speech-to-text) translation. This helps by allowing an organization to work with audio data more productively, as well as more widely through the business.
Documentation summary
Document summaries created through machine learning can more effectively extrapolate key data points, increasing document data use and productivity.
Image recognition
This can be used within the biotech industry, drone and satellite imagery, and facial recognition - this helps with response times in emergencies and helps to tackle crime.
Improved search
Improved search capabilities help customers to find what they want faster, whether that is a web page or a product/service recommendation.
We have only listed four ways that AI and machine learning can modernize a business, but there are many more examples - too many to list here.
Machine learning and AI use require skills and data but not how you think
If you or your organization are looking to integrate machine learning to create new business models or improve existing ones, you may have concerns regarding your existing data. You should know though that machine learning doesn’t always need large data sets.
Also, you may want to think differently about hiring for the delivery of these technologies. Existing employees can often be trained in a couple of weeks - though they may need coding experience.
All in all, you need to think about what machine learning and artificial intelligence can bring to your organization and what the best way to achieve that is. This approach, together with tools and knowledge, will set the stage for a greater generation of intelligent solutions that will revolutionize business for a long time to come.
