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Machine Learning Transforming Enterprises
Machine learning is a game changer for modern world software and applications. There are applications aplenty – more than you could count, which track our everyday rituals of living. By integrating data from machine learning and artificial intelligence, applications become smarter. Enterprises are acknowledging the power of technology as they leverage machine learning for greater efficiency and improved customer services.
Machine learning is now a mainstream business tool and not just a subject for nerds. However, for intelligent application of machine learning, the focus should be on specific areas of the business like its objectives and problems. A few areas can be highlighted as they are the most common focus of enterprises.
By Faraz Mohamed, Director, Head Of Innovation, NISUM
1. Sales Optimization: Sales offers the best data for machine learning as the latter is capable of discovering useful patterns in popular segments, lead probabilities, past records of sales and customer information. Companies will be able to improve conversion rates by prioritizing products that are selling better. There no longer has to be the hassle of maintaining manual sale records. As the customer base increases, machine learning will only get smarter and evolve with time.
2. Process Automation: A great example for this area would be chatbots, which are conversational interfaces, intended to engage customers and provide them support. Most actions and decisions that are handled by chatbots fall into a common spectrum of human thinking. As such, intelligent bots can learn from conversations with customers and automate decisions on their own. Support teams are relieved of a load of menial actions this way. Such a diverse technique of machine learning alludes to high scalability options as automation can eventually become smart enough to almost run an entire organization. This will allow employees to move to issues of higher value in the organization.
3. AI-Powered Products or Features: Fiction is truly making its way into reality with businesses creating AI products that are already replicating human behavior to an extent. Most of these products have been in our daily lives for some time. Digital assistants like Siri, Google Now and Watson process information in seconds and help us out regularly with our tasks. Using these assistants enable us to work smarter and much more efficiently than before. Since these have machine learning embedded within, they are constantly improving and reducing human labor.
The future of enterprises now depends on the best way that they can leverage machine learning with artificial intelligence for an increase in efficiency and effectiveness.
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By Barry Barlow, Senior VP & CTO, Vencore