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AI Growth, Machine Learning, and Data Analysis

by | Jan 11, 2019 | Business, MyTek Blog

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In the 21st century, AI has revolutionized business functioning vis-à-vis human interaction. For example, research shows that during 2018-2024, the ML (machine learning) market is set to grow at a staggering rate of 42% CAGR.

Machine learning is a subset of artificial intelligence that aims to emulate human learning and behavior. With the help of complex algorithms and data, machines can spot patterns, make predictions, and take difficult organizational decisions.

Businesses these days are increasingly making use of ML to offer quality services to their clients or customers. By using computing devices that can analyze complex data in a shorter time, businesses are looking to increase their efficiency and profit margin.

In addition, artificial intelligence-powered ML also boosts predictive analysis, fraud recognition, product recommendations, speech recommendations, and more.

Machine Learning For Small Businesses

There are huge costs involved in developing A.I. and machine learning powered technologies. Until now only larger organizations could afford the research and deployment costs. For example, Google’s massive search engine uses it to dig through an enormous list of data. Similarly, Amazon collates product recommendations from across the world and offers you the best ones.

However, before coming out with a ML strategy for your small business, you need to brainstorm crucial questions, like:

  1. It best automate which aspect of your organization?
  2. What aspects of your organization are you planning to improve with it?
  3. What is the initial investment in capital and operational costs?
  4. Can you use it as a competitive advantage?
  5. If you plan to delay investment in ML technology, what could be the potential disadvantages in terms of efficiency and competitiveness?

What Are the Benefits of Machine Learning?

Machine learning comes with numerous benefits like business prediction, prompt customer support, efficient e-commerce process, and more.

Let’s explore in detail:

  1. Business Prediction: With machine learning, you can forecast how a business grows in the future. It can easily predict if a company is headed for a profit or loss in a particular quarter based on its goals and strategies.
  2. Prompt Customer Support: With the advent of A.I. powered chatbot; handling customer queries is smooth and effective. This advancement reduces the need for a workforce and helps companies with cost-cutting.
  3. Understand Brand Reputation: It can easily search multiple customer opinions online to know what they talk about your business. Accordingly, a company can be well prepared to deal with both positive and negative feedback.
  4. Enhance E-Commerce Process: With machine learning, customers can easily find their favorite products or services. This also simplifies the checkout processes in digital stores.

Will Machines Rule the Future?

With the advancement in machine learning technology, one may think that machines will dethrone the human race in the future. But, don’t worry, that’s not going to happen at all.

The major challenge that machine learning poses is that you need to validate the vast raw data. It is a tedious task that requires human intervention. Unless you feed accurate data into a computer, you cannot be assured of error-free decision-making. Hence, we cannot rule out human interference even with advanced technology like machine learning.

While some businesses have started using ML technology, others are still skeptical of taking the giant leap. If you are an organization that wants to use machine learning to increase your business efficiency, you can talk to experts here at MyTek.

Feel free to reach out to us at 623-312-2440.

ABOUT THE AUTHOR

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Tim Tiller, LMSW

 
Tim Tiller, MSW brings a deep service background to his role at Mytek, having graduated from McDonald’s management training program, fresh out of high school, and working his way up through the ranks in the hospitality industry. He has led two prior companies – Multi-Systems Inc., an IT-focused organization providing technology to hospitality companies (where he was named President at age 36), and most recently, as Chief Operating Officer for Jewish Voice Ministries International.

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