Ways Machine Learning Can Make Your BI Better

67 Views

AI has been simmering in research labs since a group of computer scientists talking about the term at the Dartmouth Conferences in 1956 that lead to the birth of the AI field. Since its birth, people herald AI as the key to the future. According to the MIT Sloan Management Review, “About 76% of enterprises say they are using machine learning to improve their sales growth.”

Over the past years and especially since 2015, AI has exploded. A more extensive availability of GPUs has made parallel processing cheaper, faster, and more powerful. This also has to do with the simultaneous one-two punch of infinite storage, and a bulk of data now available, thanks to the whole Big Data movement.

As data sources are proliferating along with the computing power to access them, a machine learning course is increasingly used by professionals to gain efficiency in the field of data analysis. You will be able to harness predictive power as it brings together statistics and computer science.

This post helps you gain an in-depth understanding of machine learning and how it makes your business intelligence better.

Better Investment Opportunities

Investors can use data interpretation and data analytics tools to find the right investment opportunities along with associated risks. Moreover, investors can effectively manage risks throughout multi-asset portfolios that lead to better and smarter investment decisions. With on-time insights into the right portfolio data, investors can leverage “high ticket items” and remodel the portfolio for higher ROI and less exposure. It supports them with factor analysis, manager assessment, and manager strategy overlap.

Understanding of Consumer Behavior

The analytics technologies help the wealth management space to leverage behavioral science. As financial planning is highly emotional, wealth management firms are using data analytics to understand the psychological behavior of their customers globally.

By monitoring the customers’ decisions, social media feeds, and spending patterns; they can better understand the customers’ attitudes and personalities.

Empowered by this knowledge, the investment managers can better shape their investment strategies. The losses that occur due to panic selling are utterly avoidable with Big data analytics.

Now, wealth management firms can create a conducive work relationship using these technologies to match advisors to clients by their mutual personalities.

Application Development

The best cloud service providers such as Amazon, Google, Microsoft, IBM offer MLaaS, which are either independent or integrated with other platforms. Recently Twitter has underscored the importance of Machine Learning by acquiring the Machine Learning startup, Whetlab.

Many providers provide MLaaS as an offering used together with their cloud systems, which shows us that companies are looking to become data-driven, both offsite and on-site.

Moreover, the capability of developers to use machine learning algorithms in their applications minimizes their dependency on data scientists and the intricacy associated with developing these algorithms.

Applications based on machine learning involve an assortment of uses from criminal detection and recommender engines to clustering, pattern mining, and various other e-commerce aspects that depend on Big Data analytics. With MLaaS, developers can take on more responsibility for Data Modeling and Data Science.

Intelligent advice

Either it is IoT or big data analytics, businesses have a bulk of data to base their decisions on, and data-driven decision making is natural. The next step that follows data-driven choices is decision support systems and even automation as well. Is your business ready for intelligent assistants with business advice?

According to a recent study of 50,000 American manufacturing organizations, “The data-driven decisions usage had tripled between 2005 and 2010.

Further, Avanade’s new study of smart technologies tells business leaders expect to be using automated intelligence and digital assistants for problem-solving, data analysis, collaborating and decision making with an estimation to increase revenue by more than a third. With those kinds of attitudes; 54 percent said they would prefer to work with those systems.

Accenture has talked to those who are using machine learning to enhance the way they control and manage customer service, risk and compliance, and financial resources in sales and marketing and in developing new fields of business. These businesses found exponential and significant business profits in revenue, costs and customer compliance, by using a mix of “perceptual intelligence” using voice biometrics and natural language, analytics and business decision support.

Those gains cut down costs up to 70 percent thus increasing revenue up to 20 times by monitoring buyer behavior speedily and making customers happier by managing call routing accurately.

Surpassing Hadoop

Apache Hadoop is the open data storage solution that has been the talk of the BI industry, but more alternatives have come like Apache Spark.

The in-memory data processing engine has been promoted for the past few years now, but as per Baer notes in his report, the facility to deploy Spark in the cloud is gaining traction significantly. According to him,”The presence of cloud-based Spark and related machine learning along with IoT services will provide options for businesses considering Hadoop.”

Data visualization experts added that late adopters of Hadoop could use self-service data preparation tools to solve their data-related issues in 2017. The Self-service data prep tools allow Hadoop data for prepping at a source and present the data available in the form of snapshots for more comfortable and quicker exploration.

Report

business intelligenceData ScientistsHadoop

Written by Danish Wadhwa

Varun Datta is a serial Entrepreneur and a vivid writer who loves to share what he has learnt in his Entrepreneurial Journey. He has founded multiple companies, out of which 4New.io is the most innovative one. It is a waste to energy enterprise which is wholly focused on the production of electricity in order to power the mining of popular cryptocurrencies.

Leave a Reply

Your email address will not be published. Required fields are marked *

It’s the end of 2017, and every business organization, whether, big, medium or small, has realized the importance of online presence. This realization has created an obvious demand for developers in the market, and of course, better-developed software to cater to their social media marketing needs. Gone are the days of plain advertising when brands used to hire a big name or face to represent them. Now, as people stay online for most part of the day, for everything big and small, marketers have to be smart enough to track their target group, analyses their behavior, understand their wants, and trigger ads that tell those people how much they need the products and services of the brands. This requires a lot of creativity as well. But that’s not all, there’s a huge demand for developed tools and platforms, i.e. software. Here’s what the future for software in 2018 might look like: 1. Importance of Big Data Big Data has been playing a huge role in collecting data regarding the behavioural patterns of people, and they will go bigger in the New Year, along with other related technologies of data management. More players will come into the scene with greater understanding of Big Data and the analytics processes, as well as of platforms that will provide data insight, to meet the demands of companies. 2. Cloud Computing Data will continue to move more towards cloud, and there will also be more and more platforms that will manage and analyse all this data in cloud. Obviously, these will be preferred by the organizations, as they will provide multifaceted solutions. There will be demand for professionals well-versed in could automation to help businesses to migrate to cloud, not just by big, medium and small businesses. 3. Enterprise-Specific Software We have already seen how the software-based services have trended in the past years. From Uber to Tinder, there has been a massive demand for enterprise software, which is basically software that is specifically designed to execute the delivery of products or services by an organization. As consumers will demand more online platforms to get their needs fulfilled, IT processes will undergo huge changes. 4. Mobile Net Performance People spend most of their time on their phones. From small things to big, people go online to find their solutions. To reach them at every step on the way, brand marketers will try to track the users, and push personalized ads. This will also require the consumers to stay online and share their details. Altogether, the entire process will good web connection, and mobile devices to support optimum net performance. 5. Demand for Blockchains 2017 has already seen a rise in the demand for Blockchains, mainly because of the Bitcoin hype, as it allows non-cash exchanges on a large scale. This demand will take a monumental shape, as companies will try to make the best use of the interconnected peer-to-peer gadgets, to help meet the lack of central computers, especially when it comes to the storage of data. It is expected to reach bigger fields. 6. Internet of Things Internet of Things, or IoT, has touched us in every way, as computing devices have been embedded in everyday objects like Fitbit and Smart Watches, to gather, send and analyse data. But, that’s not all, and that will not be all, as everything we use, from cars to cameras will become data-gathering devices, as a part of the ecosystem of IoT. There will be faster. Edge computing, to use micro-data will come to play. 7. Importance of Cyber-Security As IoT will send and receive data at every step of the way, there will be an increased need for cyber-security, with can be both internal, as well as external. When it will come to internal cyber-security, DevOps teams will focus on lifecycle of software. As for the external cyber-security scene, the huge inflow of capital by the venture capitalists will continue. There will also be a demand to learn about this. Altogether, it can be said that the importance of developers in developing software will go higher. Their work will help business organizations more than ever, and touch our lives in more ways than we will understand. Software developments will have a part to play in everything, from Wall Street readings, to the wallpaper we should buy in our home. All in all, it will be an exciting year for developers, as software will have an impact everywhere, much more than we can comprehend.

The Future For Software In 2018

Is Big Data Killing Creativity ??