It sounds like something from a 1980s sci-fi film. The idea of a machine helping to make your business decisions is something straight out of a blockbuster, but the way technology has evolved means that companies embracing Machine Learning for decision-making can actually get the edge over their competition.
AI & Machine Learning
Machine Learning is intrinsically linked with AI. It is the capacity that a machine has to learn and demonstrate intelligence and insight. The role of AI within a business largely depends on exactly what type of business is and what you are trying to achieve. More and more Machine Learning business apps that automate processes, analyzing data, arise every day.
Machine Learning Predictive Models & Machine Learning Text Classification
Predictive modeling is a process that uses data and statistics to predict outcomes with data models. It can study data and predict what is going to happen next, or what should happen next, which can be extremely useful in certain industries. The data thrown out can help tremendously with decision making.
Text classification is able to categorize and select texts based on Machine Learning in a smart way. The process becomes quicker and more efficient. This can be put into place for things like chat boxes.
Process Mining and Machine Learning
Process mining evaluates business processes and can give you new methods of improving your business, either by making it more efficient or saving money. There are ways that AI Machine Learning can be constantly involved in your process mining, giving you new insights and informing the business decisions you need to make next.
An example is using KPI’s. Process mining can explore data regarding where processes have gone wrong. For example, they could analyze data from your suppliers to tell you who is more likely to deliver on time, or they could analyze the data from previous sales to see whether or not you are likely to run out of stock. The key performance indicators are crucial or giving a number value, from which the process mining can be much more effectively carried out.
Almost every business can benefit from becoming more efficient in one way or another, and process mining could be the first port of call.
Artificial Intelligence and Machine Learning for Decision-making
AI can be put into practice when it comes to decision making, about almost any aspect of your business. For example, you can use it to analyze data on the money you are spending, staff responsibilities, even employee happiness. If you can feed it data then AI can show you new insights.
Decision-making process – The pros & cons of AI
The pros of including AI in your decision making are clear. Having these new insights can help you to spot new areas of improvement and make vast enhancements in the way you conduct your business. AI can often see things that other data analysts would not. It can also tick away in the background, so you don’t have to pay consultants to work with the data if a computer is interpreting it.
AI decision-making speeds up the process. AI can operate at incredible speeds and see data in ways that humans would take years to analyze in a matter of minutes. This should be utilized by big corporations when they are looking to make their business more efficient and even to make their processes more intelligent.
The cons of this include the fact that there are still some shortcomings. The human touch is sometimes still needed. For instance, seeing the potential of a new staff member needs human input. Statistics might tell you that they need to go, and AI might back this up, but you might see the potential in them, still.
AI doesn’t do creative thinking or coming up with ideas, so this will still fall on business employees and leaders.
How Machine Learning can be applied to business processes
Almost all business processes can be streamlined in some way. It could be that AI shows exactly how to do this. AI can also be put into practical uses relevant to your business.
How Machine Learning can determine a pricing strategy
Machine learning might also be used to dictate pricing. An algorithm can learn from consumer information and other seller data to help you to price goods and services in a way that is competitive and likely to convert.
AI decision-making – Developments for the near future
From consumer protection to intelligent process automation, there aren’t many ways in which Machine Learning can’t be applied in business. It is very hard to know exactly how it will pan out, but there is little denying that AI is here to stay. Practical uses and an understanding of exactly what your customer is looking for, or how customers and staff behave, will become more intertwined with how business is done.
The Future – Decision-Making For Your Business With AI
When it comes to making decisions about a business, data is always going to be vital, but with Machine learning, we have so many ways in which we can use them and find out more and more about customers, businesses, and the processes we use. Don’t worry, the robots aren’t taking over like an 80s sci-fi film, but we do have more tools and functions to use as part of our business strategies than ever before thanks to Machine Learning.
Author: Ben Hartwig