Machine learning is certainly drawing attention to itself in business – in a good way, of course! Moreover, machine learning is often used interchangeably with artificial intelligence because their design is often so similar. This must be why so many companies welcome the disruption of machine learning/artificial intelligence in their workflows because they see what it can do for their business’s growth. Here’s why you should, too.
This article is one of several great pieces of content you can find on the Investment Capital Growth blog.
What exactly is machine learning?
While machine learning may sound like something that’s out of sci-fi books, it is, in fact, something that many of us are familiar with and use nowadays already. In essence, machine learning involves the programs computers use to execute many of the basic tasks humans would ordinarily be responsible for.
For example, the use of software bots is a commonality these days when it comes to promptly attending to basic customer queries online. Other more complex tasks that machine learning might be responsible for include speech and pattern recognition, image recognition, etc. But there are other, more inherent benefits that come from using machine learning in the digital age.
It enhances teamwork and workplace culture
With machine learning, there is no room for misinterpretation. This is where teamwork can be enhanced by using the sophisticated methods of artificial intelligence to alleviate the pressures associated with repetitive and menial tasks so that teams can put their best efforts into areas where their skills and expertise really lie. Moreover, when machine learning is combined with automated systems like Business Process management, workflows and processes tend to work even more efficiently than they already do because they are programmed to function better and deliver even better results. Furthermore, BPM is an operations management framework that is designed to improve efficiency in business processes, reducing the likelihood of human errors, which has a positive impact on your balance sheet and bottom line at the end of the day. However, as efficient as a Business Process Management is, there will always be room for improvement, which is why you will need to be cognizant of the fact that the system may need to be monitored closely to ensure it achieves the output for which it was designed.
It improves learning opportunities
Machine learning can be used to improve learning opportunities in the workplace, as far as matching employees with options that will best suit their talents and abilities. Machine learning can also be used to develop training opportunities and plans for further growth.
It can be used to predict more accurate forecasts
Machine learning and artificial intelligence can also be used to predict future outcomes of current projects more accurately. Moreover, because the predictive methods are more advanced, there are more in-depth insights into what will work or not, which can also give your business the edge it needs to succeed in an age where digital technology reigns supreme.
It enhances customer interactions
Customer interactions can be improved and simplified. And because maintaining customer service standards is so crucial, artificial intelligence and machine learning can automate many of the ways in which we interact with customers, whether by text, email, social media, or phone so customers are attended to promptly – all the time.
All in all, machine learning is showing no signs of slowing. Rather, its rapid advancement is set to take over the ways things are traditionally done in business for streamlining and simplifying business processes for the better.
Contributor: Cliff Locks, Investment Capital Growth, Executive Consultant | Board of Director | Corporate Governance | Host – Private Equity Profits Podcast | CEO/Entrepreneur with 3 Exits | Reverse Logistics/Supply Chain | SaaS | Clean Tech | Med Tech | AI | ESG | DEI
