The rise of Machine Learning (ML) has the potential to dramatically impact how business as we know it operates. It is a vast and rapidly developing field – and still a new concept for most. ML, as a subset of artificial intelligence, can learn and predict outcomes providing tangible benefits like recommendation engines, fraud detection, security threat detection, personalized content and more.
According to a McKinsey Global Institute report, Machine Learning’s greatest potential across industries include improving forecasting and predicting outcomes. It’s potential to deliver real-time optimization across industries will quickly accelerate in the coming years.
Yet in the meantime, companies are struggling with the idea of Machine Learning and how to begin taking advantage of it.
McKinsey Global Institute report states the most significant challenges to attaining data and analytics objectives are:
- Designing an appropriate organizational structure to support data and analytics activities;
- Ensuring senior management involvement; and,
- Designing effective data architecture and technology infrastructure.
We couldn’t agree more. Machine Learning starts at a very basic level and takes time, testing and trials to get it right.
“The most common mistake that businesses make when using ML is that they think that an ML solution is a one-shot process. In contrast to that, finding a good ML solution is an iterative process that involves research, trials and errors, experimenting, talking to the business experts, etc. Success of ML depends strongly on the knowledge, skills and dedication of the people who do it.” – Dr. Danko Nikolic — PhD, University of Oklahoma — Data Science and BD&A, Computer Sciences Corporation.
Trust The Experts
With Indellient, you don’t get any smoke and mirrors. Working with our clients, we have cooperatively (and transparently) developed the experience to manage data and analytics projects that build towards Machine Learning. Our expert Analysts, Machine Learning Engineers, and Data Scientists help companies drive innovation, improve customer experience and increase returns.
Machine Learning is an entirely new way of thinking, requiring time to gain knowledge, patience and laying out your business objectives before getting started.
We’ll be sharing more know-how and tips to steer your data & analytics journey on the right path at the Big Data & Analytics Summit on Feb. 7 – 8.