High Score Labs • Jan 23, 2020
Now days there is an ever-increasing interest and stream of information around machine learning and AI. One market research group, Motley Fool, stated that roughly 80% of executives believe that AI and machine learning boosts productivity (here) and according to anther article (here) , in 2017 Netflix saved 1 billion USD that year as a result of their recommendation system that uses machine learning. It is certainly a force to recon with. Just what is machine learning and AI and what are 3 ways that it can impact your business in 2020?
Automation of tedious processes
In business today, there are many needed functions that teams of people perform that are very tedious and time consuming in nature. Just consider some of the common things that might include:
– Reviewing resumes/CVs and selecting the right ones to interview
– Work done to manage finance
– Managing temperature within a facility or office
For example, Google gave over control of temperature management within their server facilities to an efficient AI algorithm and was able to save about 40% the first year (here). Automation of fraud detection is something that is criticle in the financial world, costing rough 5% of revenues each year (here). AI is able to sift through data looking for patterns in accounts and flagging suspicious activity that may be fraudulent. The benefit here is reduction in cost to support anti-fraud efforts and reduction of human error due to the tedious nature of the work and size of data.
Analyze data with a view to make predictions
With IoT, online commerce and many more data channels on how people use their devices and to do what, the ability to analyze data and make useful predictions is critical. The issue can be however, that when a team of people performs this work, it can require a lot of time which drives up cost and in addition it can be error prone. AI and machine learning can be used to process data and make predictions which overcomes this issue. In fact, Capgemini stated that one-year sales revenues increased on average of 10% for organizations that used AI tools in their sales.
Automate and improve interactions with people
Key to many businesses success is their ability to interact with their valued customer in a positive and efficient matter. Unfortunately, that can become costly and tedious to manage and ensure consistency across the board. Some areas that are covered and used: chat bots, voice recognition/digital assistants, facial recognition tech, personalization of online content and medical diagnosis. For example in medical diagnosis, Microsoft has many projects like InnerEye (here) who’s goal is to use AI for analysis of radiological data to make better medical predictions.
In future articles we will be taking a deeper dive into the different types of AI and machine learning, how it works and different applications in the modern world.
Interested to see how we can help you make the most of machine learning and ai in your organization? Let us know today!