We all remember the 2001 film with Jude Law and the robot kid, which was a taste of Artificial Intelligence and a hint at what the future had in store for us. The world may not be run by robots, but Machine Learning is fast becoming a necessity and should be integrated into the day to day running of your business.
Let’s face it, we as humans aren’t perfect nor as meticulous as our data banks need us to be. So Machine Learning can pick up the slack and help businesses to clean up their data act.
Employees may fear that machines will take over their jobs, but Machine Learning can actually only offer more opportunity, according to Accenture in a recent report:
“Survey respondents said emerging technologies will augment existing roles rather than replace them.”
From retail forecasting to online fraud detection, Machine Learning is helping businesses come to conclusions and gain experimental results more efficiently and consistently than ever before. As more and more data is put into the machine it becomes more intelligent and holds onto each piece of data. Over time this will build up a better picture of your customer. What are their spending habits, who they are and how valuable they are to your business?
Simply put, the machine does the learning where before humans would have to input the code. Machine Learning requires input and output data which it scores itself against via algorithms. The machine can then use the model which it has already built to predict the outcome results.
Machine Learning is helping banks crack down on fraudulent activity. It does this by working with the algorithms of the customer’s bank accounts to predict their spending habits. Through machine intelligence, the models are able to alert the customer to fraudulent activity. The power of machine learning and Fraud Data Analysts combined enables the department to work with richer data and builds up a better picture of who, where and when these activities take place. Therefore being able to stop them before they happen in the future.
For the Public Sector, Machine Learning is imperative for improving services for the future. Data Analysts can work with higher visibility and effectiveness thanks to algorithms. They can gain insight into local communities, helping to anticipate and detect any potential issues, and huge amounts of data can be stored safely thanks to the Cloud.
Machine Learning allows you to get to know your customer and business even better. Microsoft Azure, paired with Power BI and Cortana Learning equal a future of business built on customer insights and cleaner data. If you would want to learn more about Machine Learning for your business, contact us here!