We can think of machine learning as a future topic, but due to the increasing volumes of data, it is already tightly connected with our everyday life. Implementation of machine learning has potential benefits in every (management) area where large volumes of data are involved. Today, and even more in the future, a manager who can exploit the quantities of data works more cost-effectively and earns bigger profits.
Machine learning helps to find the regularities and patterns in large volumes of data, which simple statistics is not able to detect. Any company wishing to stand out in the market should consider the implementation of machine learning, because, in order to stay in the competition, one has to know better and better their customer, make precise management decisions to perform business goals, and ensure the quality of products and services.
The machine learning feasibility analysis is the best and most affordable way to make the first step towards raising the company’s quality and competitiveness. A prerequisite for carrying out the analysis is the company’s interest in using the data to find new optimization opportunities for its product, service, or activities.
In essence, we determine with three steps whether and to what extent it is possible to apply machine learning solutions for achieving the objectives set by the company:
- We carry out the data audit to figure out the quality and deficiencies of the data generated in the business process. We will find out whether the collected data set is sufficient for implementing machine learning.
- We perform the machine learning test. We test different models and assess their performance.
- We carry out the machine learning feasibility test and prepare an action plan with the budget.
After testing various machine learning models and analyzing the results, we are able to tell you the accuracy your data gives us information with. If things prove viable, and we can present predictions and results to meet your objectives, we will prepare an action plan and budget for you.
It is not exceptional when it appears as a result of the data audit that there is not enough information for developing machine learning solutions. But this is not something to be afraid of. Since the data volumes are growing exponentially, then this knowledge helps to set new goals and reorganize the data collection, which is the basis for the implementation of machine learning in the future.
The machine learning feasibility analysis is not a traditional IT product, for which we know in advance what kind of a result we will achieve. Before carrying out the analysis, no one knows how much useful information can be found from your data that can be exploited for the benefit of the company.
What is certain is that machine learning will change all business areas during the following decade. The companies that implement machine learning today, will achieve a competitive advantage. The companies that implement machine learning in 10 years, must do so in order to stay in the competition.
If you would like to get started with machine learning, order a free demo from us by filling out the form below.