How Machine Learning Will Reinvent Business

Technology has come a long way in the last few decades. From hefty, desktop computers that took an age to complete the most basic tasks, to today having the world at your fingertips and in your pocket. The digital revolution has also changed the way we do business through facilitating cross-border business instantly and providing customers with round-the-clock care with the use of chatbots and artificial intelligence. A dimension of artificial intelligence is the concept of machine learning.

Rather than telling a computer or a chatbot how it must solve a problem and giving it specific instructions, the developer instead teaches the programme how to solve it itself. In a nutshell, machine learning is just the analysis and application of statistics to identify patterns and then make predictions that are based on those patterns. But how does this affect the world of business?

How Machine Learning Will Reinvent Business

The Power of Vision

Computers and specially designed programmes can look at and process large amounts of data that would prove too complex or time consuming for human beings. Being able to capture and analyse your client’s data and their information is perhaps one of the most valuable tools that machine learning has given to business so far.

The Power of Sight

A programme that can read text is of immense value to an organisation- anything from being able to pick out certain words from a document or email to algorithms that can determine whether the context of a sentence is positive or negative and respond accordingly is a pretty marvellous technological feat. A great example of this is a chatbot such as ebo which can look at a body of text that has been inputted in an online conversation and respond accordingly based on the words used.

The Power to Listen

Most of us have encountered virtual personal assistants as we are able to access them on our mobile devices, tablets, and laptops. Today, you can vocalise almost any question in a natural manner and your device will be able to provide you with answers and information in real time. This is something that is a great use in both our personal lives e.g. “Where is the nearest ATM?” and when it comes to interacting with businesses “I am looking for a new savings account, what can you offer me?”

The Power to Talk

We know from point number 3 that machines and programmes have the ability to understand verbal commands, but that is not all that they can do. New machine learning algorithms are providing us with more accurate, real-time translations, as well as being able to understand slang, linguistic idiosyncrasies, dialects, and idioms. This means that your customers can interact with AI verbally, and receive information, assistance, and resolutions to their queries with a previously unseen level of accuracy.

How Machine Learning Will Reinvent Business

The Power to Write

Whilst computers writing sonnets may be quite a way off, machine learning has definitely paved the way for software to be able to respond intelligently to questions and queries that are posed to it. Programmes have also been designed to take over data entry and classification tasks, as well as to create automatically generated reports and summaries based on figures and statistical data. This has huge implications for the business world as a machine can undertake such tasks in seconds and without the risk of human error, meaning time, money, and accuracy can be saved.

These are just some of the ways that machine learning has infiltrated our lives and has not only changed but is continuing to change the way that business works. As for the future, expect to see the intelligence of machine learning increasing exponentially, as well as an increase in the ways that software and programmes can help you not only run your business but interact with your customers as well. Embracing artificial intelligence and implementing machine learning chatbots, such as ebo, will see your business grow to new levels. Contact us today to schedule a free demo.

Published December 2017

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