Leveraging Machine Learning Technology for Efficient Business Processes

By StartUp City | Wednesday, April 03, 2019

Artificial intelligence (AI), machine learning (ML), deep learning, natural language processing, and so on have created a lot of buzz. These technologies have become a landmark in the creation of innovative and efficient products and services. Enterprises are leveraging these technologies for various business processes, which include customer service chatbots, speech pattern recognition, disease diagnosis, supply chain management, and many other processes.

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Companies need to plan before implementing intelligent technologies like machine learning. ML technology tools use powerful algorithms to analyze data sets. These tools enable machines to think like a human to accomplish the task. These solutions evolve and learn from their mistakes as the amount of data increases. Companies provide training data to the ML tools to teach them the required correlations. This allows the tools to create a mathematical model using an algorithm. Many companies are using ML technique for forecasting, real-time decision-making, optimizing operations, preventative maintenance, and more; hence companies need to provide a sufficient data set for the tools to learn and derive insights for optimum benefits. A one-size-fits-all approach cannot extract maximum benefits from the ML tools as these tools require collaborate efforts of data scientists and business leadership of a company with appropriate data and self-learning algorithms to fulfil the requirement a company. Few aspects to consider before ML implementation:

Expertise Scrutiny: Machine learning is a complex technique, which requires efficient professionals for proper functioning. ML professionals need to have a working knowledge of complex science and math to develop an effective algorithm for the tools.

Knowledge of Solution: The use of ML tools can differ based on the requirement of a specific company. Companies need to be clear about the subject matter expertise required for ML implementation.

Selection of the Right Tool: Many ML vendors provide ML solutions for various industries. Companies need to select the appropriate vendor who have expertise in their industry and who suits their requirement. An efficient ML vendor should be able to translate a problem into specific hypotheses and tests.

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