Emerging technology advancements such as artificial intelligence (AI) and machine learning (ML) are becoming widely accepted in our daily lives. Reports suggest that an estimated 12.5% of staff lose time through manually capturing data. Machine learning combines mathematics, statistical analysis, and AI to create an “intelligent” technology that can learn from its past interactions and experiences to develop solutions for future proactively.
Machine learning algorithms can be incorporated into business processes to extract beneficial insights from raw data to solve business challenges, whilst simultaneously finding hidden insights without explicit instruction to do so. The inclusion of AI and machine learning into management systems is giving organisations the ability to revolutionise their business practices through digital intelligence.
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Investing in the integration of AI and machine learning has many potential benefits for your business, including:
- The automation of financial procedures,
- Personalised customer service experiences,
- No downtime as AI can work 24-hour days, and
- Automating otherwise labour-intensive processes.
Machine learning can help businesses increase sales, productivity, and resource management, allowing for planning and optimisation of opportunities. The most significant advantage to the integration of machine learning into management systems is that it frees dedicated resources from routine tasks.
Forbes reports that most organisations have an overwhelming amount of unstructured raw data at their disposal. Machine learning uses advanced algorithms to assign structure and meaning to the data, with the final output being presented in an organised manner. This organisation of data will then aid in more informed and efficient decisions.
Adopting machine learning into your management system will give your business the tools to drive cost predictions, resource management, risk assessment and a range of tasks dependent on your company’s unique needs.