Monday, 25 June 2018

Machine Learning: More Than a Buzzword

Machine learning has been defined by Stanford University as “the science of getting computers to act without being explicitly programmed.” While the past few years have seen a rise in demand for conferences, venture investments, and business-related inquiries, many technology executives are still exploring the wide-ranging applications of machine learning in business issues.

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Sales data analysis is one of the many contributions of machine learning to business. It has benefited from the growth in sales-centered data because of the increase in digital interaction. Through this, sales teams have the ability to tap into metrics from social media platforms, website visits, and A/B testing without having to experience systems bogging down on them due to the massive volume of data they have to sift through. Notably, machine learning speeds up the process of revealing the most useful information. 

The fraud detection process has been significantly improved as some payment services employ machine learning tools to search for fraudulent transactions such as money laundering. Machine learning processes segregate these from lawful transactions. It examines specific features in a data set and then establishes models which provide the foundation for reviewing and classifying each transaction. This assists in preventing fraud even before the completion of the transaction. 

While many believe that AI takes the job of compiling reports and making decisions from employees, that isn’t necessarily the case. Data-entry employees can still use their experience to deliver value to firms that no longer need as many hours of manual data scanning. 

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Edmund O’ Brien is a certified public accountant and serves as the CEO of the Americas at Arvato Bertelsmann. His most recent responsibility has seen him in several executive positions at Microsoft, including Vice President World Wide Operator Channel. For similar updates from Edmund O’ Brien, subscribe to this blog.