It’s no surprise that enterprises are increasing their bets on machine learning to fast track decision-making and innovation. Progress has consistently brought the creation of new jobs, new business models and whole new industries.
Study related to Artificial Intelligence –
According to Gartner, AI technologies will be present in “almost every new software product” by 2020. Organisations that harness the power of machine learning will quickly leap ahead, due to the speed and efficiency of the improved decision-making it powers.
Integration with other technologies –
The algorithms that drive machine learning needs more and more integration. The more it feeds on that data the smarter it becomes and the greater its decision-making potential.
- Cloud computing – The seamless integration of cloud applications, platforms and infrastructure are crucial to the growth and effectiveness of machine learning as they open up machine learning to ever greater pools of data. Cloud is an integral part of almost every business’s IT strategy, driving their digital transformation and ability to exploit the value of their data.
- Big Data – If big data promised us there were riches to be found in digital transformation and cloud provided the fundamental building blocks for digital transformation then machine learning is the first truly industrialised tool for unlocking those riches at scale.
Application of technology –
- Strategic use – The key to getting the most from machine learning is to look for applications that deliver long term strategic value, which fundamentally transform functions or critical processes within the business.
- Reliability – Reducing the time taken to create accurate, reliable forecasts can have a significant impact not only on a business’s ability to plan, budget and resource effectively, but all those things combined will have a considerable financial upside for any company.
- Grievance redressal – In almost any customer facing industry a vast number of enquiries fall into a limited number of categories and many are simple to predict and respond to using chatbots. This reduces waiting time and frustration among customers and makes businesses more efficient. It also frees up customer service agents to handle the limited number of complaints that are more unique and require human intervention.
Machine learning isn’t going to replace people but it can certainly make people better at whatever they do. 2018 should be the year businesses commit to explore and unlock the value of machine learning if they are not doing so already. It will become the most important technology since the internet. If there is a risk with machine learning, it is in ignoring it.
Artificial Intelligence – Artificial Intelligence is a way of making a computer, a computer-controlled robot, or a software think intelligently, in the similar manner the intelligent humans think. AI is accomplished by studying how human brain thinks, and how humans learn, decide, and work while trying to solve a problem, and then using the outcomes of this study as a basis of developing intelligent software and systems.
Question: How machine learning (AI) can transform our businesses and address basic challenges that our people face today? Discuss its significance.