With every organization today embracing modern technology in some way or another, digital transformation is no longer a buzzword. Today, it has become a way of business, enabling organizations to glean value from their existing systems while adopting new ones that add to their bottom line.
While cloud and IoT and other such technologies are helping organizations improve their business performance, those feeling the impact of exponentially growing data on their decision-making ability have a lot to benefit from machine learning and AI.
The realm of machine learning
Machine learning provides a powerful way of responding to changes in market dynamics – accurately and consistently. It also enables organizations to proactively team, it can also and stay a step ahead of customers, regulations, and competition. In fact, today, Machine Learning has become an indispensable part of the digital transformation journey, enabling giants like Netflix and Amazon to better respond to the needs of their customers while striving for the highest level of security.
According to a study, 98% of companies who’ve embraced AI and machine learning indicate that the technology has generated additional organizational revenue for them. And rightly so. The use cases of machine learning in any organization are many:
- Categorizing and cataloging information across transactions, accounts, companies, people, and more.
- Acting on data based on patterns identified in historical data and predicting future outcomes.
- Understanding customer buying behavior and requirements and building and offering products to meet those needs.
- Identifying previously unknown patterns and relationships within the data to improve decision-making ability.
- Detecting new, anomalous, or unexpected behaviors and events from data while paving the way for predictive, proactive, and preventive maintenance.
- Understanding how data and actions are being handled by processes and learning how to optimize them over time.
Significance in the digital transformation journey
Digital transformation is not just about implementing the latest systems; it is about embracing technologies that can completely change the way you do business. For instance, undertaking an enterprise-wide IoT implementation is a great transformation move – given the digital era we operate in. But unless and until you have processes or tools in place that can analyze the massive volumes of data generated by IoT devices, you will never achieve the ROI you set out to achieve in the first place.
No matter what area of business you look at today – whether employee management, business process improvement, supply chain management, product personalization, or customer service – machine learning software systems are an integral part of modern digital businesses. By using specialized algorithms, they help unearth insight from data and enable you to improve the way you carry out day-to-day activities. Since it learns from experience (and mistakes), over time, it is able to continuously improve its measurable results – identifying new opportunities, responding to emerging stimuli, and overcoming existing challenges with ease.
Machine learning and digital transformation go hand in hand. Because machine learning can help analyze complex data and make accurate decisions based on that data, it can be extremely valuable for organizations seeking to bring about a transformation.
- In the realm of customer service, machine learning can be used to power chatbots to communicate with users, understand their pain points, and provide guidance as and when needed. Machine learning-enabled chatbots can not only reduce the costs of having a full-fledged customer service team, but it can also help revolutionize customer experience – through natural, accurate, and error-free interactions.
- In the avenue of cybersecurity, machine learning algorithms can assess access patterns and flag anomalies that signify a potential breach. By learning through experience, they can detect cyberattack issues before they occur, respond to them in time, and save the organization from a massive data breach or shut down.
- Machine learning is also a valuable tool for sentiment analysis. For organizations looking to know what their customers feel about their brand, machine learning can help gauge customer interactions, providing detailed insight into their emotions, attitudes, and opinions expressed.
- For organizations using several machines and heavy equipment on the shop floor, machine learning can be leveraged for ongoing maintenance. By capturing and critical equipment data, the algorithms can help detect equipment issues – alerting shop floor managers to carry out repairs or replacement – before it impacts the production schedule.
Accelerate your path to digitalization
Machine learning has the ability to analyze much more data than a human brain possibly could – presenting better (and more) conclusions faster. As you embrace digitalization across your business, you will, sooner or later, realize that machine learning powers every aspect of the digital transformation journey. It will allow you to make decisions faster and act on data to streamline your business process.