How ML Transforms Business-A New BoldTek Series
How BoldTek can leverage Machine Learning to help businesses make better decisions:
Unless you’ve been living under a rock for the past couple of years, you must’ve heard about Machine Learning, through various blogs, websites, LinkedIn posts, other social media articles or even memes like these
In crude terms, Machine Learning, or ML as it is colloquially used, is a field of study that provides machines with the ability to “self-learn”. In more technical terms, ML helps computer systems develop algorithms that improve automatically through experience and by the use of data. Feed it enough data, the system will train itself to see patterns, connections and dependencies within various facets of the dataset, and will come up with an algorithm that best “fits to” and “explains” the data.
“Data is the new oil” Now there’s a cliché. But just like mechanical systems need oil to function, systems that employ ML need this new oil, data, to function. An ML algorithm will only be allowed to be as good as the data it is fed.
What Machine Learning can do for Businesses
There’s certainly no dearth of data. Businesses and firms are creating ginormous amounts every day. Extracting useful information from it and running an ML model on top can help make crucial forecasts and predictions and much better business decisions to increase profits or productivity. ML models could also analyse historical data to predict any potential problems or pitfalls the business might face.
ML models, by analysing the business’ data, would often be able to identify and unearth relationships and correlations that would not be possible for a human brain. In fact, it is nearly impossible for a human resource to even shift through such large datasets. Not to mention, a good ML model could also do away with a lot of human resources requirement, leaving them free to focus on other important tasks.
Another important area of ML is time series forecasting, which helps in prediction of events through a time series, or a sequence of time. The technique predicts future events by analysing the trends of the past, assuming that the trends will continue in the future. This is highly useful for businesses as it aids them in predicting highly useful metrics like stock prices, sales, turnovers, etc.
How BoldTek can help businesses with Machine Learning
BoldTek is committed to leveraging data and Machine Learning to help firms make better business decisions. ML has become an important aspect in businesses across the globe and across various categories of industries. And with so much data involved every day, ML can play a very useful role in a businesses day to day operations.
BoldTek’s ML capabilities can make use of data generated by business firms and pave a way for them to navigate it. Various patterns, correlations and cause-and-effect relationships can be unearthed which would be beneficial to the companies. For instance, a possible scenario where BoldTek might be able to help food delivery services would be to analyse data on a customer’s previous ordering patterns, like their frequency of ordering, preferred restaurants, favourite dishes to suggest similar restaurants or predict and suggest personalized offers on those particular dishes for that particular customer on their next order.
ML can also be of immense help in predicting important indicators like sales, profits, etc. This could especially be of great help for early age start-ups, who will be able to leverage these capabilities easily to boost their operations.