Business is a major driver of the world economy. It is basically what makes the world go round today. After all, we are living in a capitalist world that feeds on consumer wants and demands. But with how swiftly technology is advancing right now, businesses have a hard time keeping up. Some who don’t manage to adapt to all these changes fade into oblivion and replaced by new startups that know the name of the game today and how it is played.
Technology will always be a part of our lives and more so in businesses that deal with thousands, millions or billions of customers daily. The global market can be your market through the web. In a few years, though, everything is about to change once more as the possibility of using machine learning technology is likely inevitable in the world of business. I’m sure many of you are still clueless about machine learning but some organizations are already using it in their line of work.
Machine learning (ML) based data analytics is rewriting the rules for how enterprises handle data. Research into machine learning and analytics is already yielding success in turning vast amounts of data—shaped with the help of data scientists—into analytical rules that can spot things that would escape human analysis in the past—whether it be in pursuit of pushing forward genome research or predicting problems with complex machinery.
Now machine learning is beginning to move into the business world. But most organizations haven’t truly grasped how machine learning will change the way they do business—or how it will change the shape of their organizations in the process. Companies are looking to ML to automate processes or to augment humans by assisting them in data-driven tasks. And it’s possible that ML could turn enterprises into vendors—turning lessons learned from their own vast stores of data into algorithms they can license to software and service providers.
Machine learning is especially helpful now that businesses are taking their companies to the global platform and it definitely helps with efficiency too. It’s especially helpful in tasks that can be automated so that consumers no longer have to spend a great deal of time just to get a simple request done. It is still a work in progress, though, but there is a big possibility it will be our reality in the next few decades since there are continued developments involving artificial intelligence.
Concepts like “machine learning” and “artificial intelligence” might conjure up images from science fiction tales about self-aware robots.
The team of tech gurus at Notch, a small Richmond company that specializes in machine learning, have heard all that. One manager’s daughter has even joked with her friends about dad working for a robot company.
What Notch really helps its clients do is less fantastic, but still has great potential to revolutionize how businesses use the vast amounts of data generated in the digital economy.
It is not impossible for artificial intelligence to be used by the public in their everyday lives if the rate of tech progress keeps up. And with the way things are going now, it is bound to happen sooner rather than later. Global brands like Amazon and Netflix are already using it as well as smaller businesses in the tech niche have adopted a similar technology. With its help, transactions will speed up and much can be achieved in the shortest time possible without relying on human help to get things done, unlike how most things are still being done today. It may sound too geeky yet as of the moment but that’s how most great discoveries begin, from a radical concept that has forever changed the way we live our lives.