Machine learning is already transforming business and infiltrating more and more aspects of our daily lives. Market Watch predicts that the global machine learning market is anticipated to reach $28.8 billion and expand at a compound annual growth rate of 48.8% by 2023. Meanwhile, senior analyst at Gartner Louis Columbus predicts that machine learning has the potential to create an additional $2.6 trillion in value by 2020 in marketing and sales, and up to $2 trillion in manufacturing and supply chain planning.
So how should your business capitalize on this upcoming machine-learning boom? It is not a simple matter of buying a solution and plugging it into your business.
The leaders in the enterprise machine learning market are employing purpose-built solutions that are specifically customized for both their customers and their internal teams. Securing your place in the 2020 machine learning market landscape will mean doing the same.
Why Will Machine Learning Be Important in 2020?
Machine learning, a subset of artificial intelligence (AI), is essentially an advanced form of pattern recognition. Computers “learn” by being exposed to repeated patterns of behavior, data, or other tasks and then mimicking the same process of stimulus and response. This makes them great at detecting abnormalities in vast amounts of data, or in proceeding through a series of logical steps once they’re locked on to the start of the chain.
For example, AI is often used in software testing or in digital security where it can balance expected results against actual data. If someone interferes with a flow of data, the machine will pick up on it straight away. As such, computers can be unsupervised to find flaws, breaches, or weaknesses in code.
This independence also works in a precative way. You’ve probably already heard about all the possibilities associated with Internet of Things (IoT) software, which links household and workplace items with the internet. Custom IoT solutions can:
- automate ordering processes
- identify and act on customer buying patterns
- find links between previously unconnected elements, such as tying a customer’s age and location to a service they may find valuable.
All these automations are driven by machine learning and AI.
How Does Machine Learning Streamline Business Operations?
In the digital business world, machine learning makes for more accurate, more personalized, and more responsive consumer marketing. In the same your smartphone converges all your tech needs into a pocket-sized convenience, so to do machine learning possibilities bring together multiple points of information to make shopping, ordering, or booking easier.
Leading brands such as Google and Amazon are using voice-assisted search engines to capture customer information at the same time as they solve customer problems. The same applies to B2B or even internal uses of machine learning.
You can empower aspects of your working life to work just as efficiently and proactively. There are basic uses such as automatically refilling a customer’s order once supplies run low, right through to advanced analysis that will inform you of shifts in customer demographics, product use, and the efficiency of your own work habits.
As more enterprises deploy machine learning solutions in their customer operations embracing at least a basic set of AI-boosted business tools becomes a must in order to maintain market competitiveness.
How Do I Keep Pace with the Enterprise Machine Learning Market?
Outsourcing AI and IoT experts is a common tactic for businesses of all sizes. Working with an outside partner who can dedicate the top 1% IT talent to producing customized machine learning solutions can keep you at the cutting edge of 2020’s machine learning market landscape.
One option is partnering with a full-cycle software development team and have them create a digital solution that pairs your product and your customer knowledge with an accessible platform. Such experts work for and with you to deliver machine learning software that is built around your specific needs.
You could also seek an IT augmentation solution that adds professional expertise to your team for as long or as short a time as you need. They will help establish and maintain a machine learning advantage. In this case, the outsourced partners work alongside your own team and under your direct report to design, maintain, or operate your AI and help you get results that will impact on your business goals.
You provide the direction, you own the software, and you get to build a platform that can help you more effectively run your enterprise in 2020.
Machine Learning Should Make Business Easier
As impressive as the technology may seem, machine learning is still just a business tool. It’s an evolving, highly sought-after tool, but a means to an end nonetheless. Enterprises that benefit from machine learning use it to sharpen their customer engagements, streamline their workflows, and to scale up operations through automation. Machine learning informs decisions, but it doesn’t make them.
When you start searching for a partner to help you create a machine learning advantage, make sure the provider is more interested in your business than they are in their own technology.
BairesDev engineers design their digital solutions around you and your business. As the Top 1% IT Talent, our engineers know that technology is only as impressive as the results it produces. Whether you’re trying to better understand your customers, remove waste from your workflows, or identify new potential markets, our software developers put your needs first. Contact our team today and start learning how the latest digital technologies can work for you.