It is the job for business owners and managers to adapt to the ever-changing and dynamic market. New opportunities are being created almost on a daily basis by initiatives in machine learning and artificial intelligence for innovators to offload their analysis and research that is usually very labor-intensive to cloud-based solutions.
Cloud computing is just a fancy term that means the ability of an individual or business organization to store their information on someone else’s computer. Cloud computing has been able to store billions of gigabytes of information that is generated by business enterprises and government agencies on a daily basis. Cloud has also made automation of tasks that previously took hours to accomplish possible within a shorter time.
The cloud computing industry had a net worth of $130 billion by the end of 2017. This value is projected to experience continued growth as both the business enterprises and consumers continue to offload their computing, data analysis and storage to the cloud. On the other hand, machine learning is a fascinating concept that has led to the growth of systems that can reason and make decisions like human beings based on the information that they have been fed with and their immediate environment.
Systems that have machine learning capabilities such as those in the DOD approved software list, utilize pre-figured data sets and rules to compute sophisticated algorithms and calculations. This has eliminated the need for system developers to have an explicit code for every action.
Machine learning leverages on the advantages provided by cloud-based solutions to maximize cost-effectiveness and increase speed. In this article, we have highlighted the ways through which cloud machine learning will have an impact on the way we do business in the 21st century.
KPI Tracking and Data Visualization
Data will no longer have to be confined to a database when fundamental questions regarding business operations are raised such as what incentives the company should take when launching a new service or product. Machine learning will enable entrepreneurs and business managers to make quick decisions and provide solutions that can be digested quickly and absorbed by the business at all levels.
Data visualization is critical in helping businesses make better and more informed decisions. For instance, 90% of all the information transmitted to the human brain is through sight and continues to get processed at a faster rate by the brain as compared to information that is in the text.
It, therefore, becomes obvious that companies and business corporations are set to become more reliable at achieving their KPIs by making business data more accessible to every employee and team member. Business owners and entrepreneurs should concentrate more efforts on having their team members become more comfortable with data that is visual. Every employee should be given access to business information that they can use to evaluate their effectiveness even if it is not entirely optimized.
Better Consumer Behavior Insights
The cycle of KPI analysis and report generation is set to see an increase in their levels of automation. The analysis of consumer behavior, their tastes and preferences will be monitored by computers the same as the effectiveness of your team members.
It is becoming much easier to come up with actionable business insights using artificial intelligence all thanks to cloud-based solutions that can predict future trends in consumer behavior by the mining of existing data. Consumers are set to migrate to retailers that take care of their needs and preferences for an improved consumer brand and shopping experience. This empowers companies to provide their consumers with an experience that will retain their consumers long-term.
Human Labor That is More Effective
Artificial intelligence and machine learning enabled systems will reduce the hours needed to compile paperwork for any business significantly. Decision making is also set to be more precise, accurate and fast. Cloud-based machine learning will be critical in assisting companies to streamline their human resource department for maximum efficiency. This will reduce the number of working hours that were previously required to complete specific tasks which means that the cost of business will drop consequently increasing profit margins.
Contributed by: Linda Gimmeson, a tech writer with a focus in big data, machine learning, & IoT. Linda discusses big data, emerging technologies, and how companies can get real value out of their data.
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