Most companies are probably familiar with data gathering and analytics terminology such as ‘Machine Learning,’ Big Data,’ ‘AI’ (Artificial Intelligence) ‘Data Mining’, and others.
What the smaller business may be less aware of is the potential and importance of using and benefitting from this type of tech in their business activities; as opposed to assuming it’s the preserve of larger multinationals only.
In real terms, the cost of storing larger quantities of data and the option to work with top quality data analytics services providers to help you gain maximum benefit from your data, brings modern analytics functions, such as Machine Learning, into the realm of most SMEs whether large or small.
Machine Learning Defined
Many, if not most, businesses and organisations gather huge amounts of data in various ways that can prove a treasure trove of information if manipulated and analysed in the most effective way.
Machine Learning is a method of deriving meaning from your data. Over time, your systems ‘learn’ how to apply certain criteria to it. This usually happens in two basic ways:
- Supervised Machine Learning – uses algorithms that have already been established to apply this knowledge to new data.
- Unsupervised Machine Learning – the process of going through data to discover meaning from it The key is in setting up Machine Learning properly in the context of your business needs – something experienced data analytics services professionals know how to do very effectively.
The Power of Machine Learning Democratised
The increase in data capture methods in combination with ever-reducing storage costs means even the smaller SME can reap the benefits of Machine Learning.
It’s also possible for SMEs to confine investment in the amount of Machine Learning and related tech to only what’s required to achieve their aims, so no need to spend money on ‘over the top’ solutions not needed.
In-house data handling and analytics expertise isn’t necessary either in that Machine Learning and associated activities can be outsourced to professional data analytics services providers. These experts can help you harness the power of your data in various ways as discussed below.
Machine Learning: What it Offers the SME
It can benefit the SME in various ways:
- Predict future trends – a powerful benefit enabling an SME to look into the future and plan more meaningfully based on hard data-based knowledge, not guesswork.
- Fraud and security – detecting fraudulent activities through monitoring activity against established patterns is a big help for companies in e-commerce and retail, although general systems security is a high priority for just about all businesses.
- Swift and accurate reporting – creating highly accurate reports can be speeded up since insights from mountains of data can be gained far quicker with powerful AI and Machine Learning tools.
- Automate tasks – many repetitive and time-consuming tasks can be automated through Machine Learning such as, for example, routine billing and basic support desk functions, so saving costs and time.
- Data driven decision making – a huge benefit in that decision making can be both based on more accurate evidence and implemented quickly if needs be. For example, fresh data from a recent marketing campaign means follow up campaigns or related activities can be swiftly adjusted accordingly based on recent facts, not assumptions.
- Improved customer relations – the use of automated customer contact methods such as chatbots mean SMEs can offer reliable and consistent customer care round the clock if desired.
Discussing your needs with an experienced data analytics services professional can help put the power of Machine Learning at your disposal.