As of 2017, over the next decade, the field of machine learning will rapidly change every industry. From small businesses all the way up to large corporations, this rapidly evolving technology is already affecting how businesses operate. But outside of the technology world, few people truly understand what machine learning is, let alone how it is permanently changing how people do business.
What Is Machine Learning?
One of the major buzzwords coming from the technology sector is artificial intelligence. This term relates to the idea that computers and machines can become “smart” and perform tasks at a level of efficiency no person could ever do. But AI is only an umbrella term that buckets together three separate areas of study: deep learning, machine intelligence, and machine learning. Machine learning is the area of study that focuses on giving machines and computers data they then use to teach themselves. This is accomplished by programming the devices with algorithms that gradually enable the machine to learn without any human input. Because of the large amount of complex data produced in the world every day, the field of machine learning is becoming extremely important.
What Does This Mean for Small Businesses?
The main benefit of machine learning is the ability for small businesses to make predictions they normally wouldn’t be able to make on their own. An entrepreneur simply doesn’t have enough time to sift through all available data related to the business and make intelligent decisions based off of it. Machine learning services are taking care of this problem. Small business owners can now use cloud-based services such as IBM Bluemix, BigML, and Amazon machine learning to get access to comprehensive data analytics at inexpensive prices. The vast amount of data collected, sorted, and analyzed is something that small businesses have never been able to utilize without putting a substantial dent in their wallets. The bottom line is that small businesses will benefit from machine learning by saving on operating costs, making better decisions, and earning more profits. Any small business that hires an analyst of any sort will likely see the need for the employee vanish as machine learning services take over at a tiny fraction of the cost. Naturally, as the small business owner’s operating costs are reduced through the elimination of employees, the business’ net profits increase. Apart from reducing staff, machine learning services are undoubtedly enabling business owners to make better and more accurate decisions about every data-driven aspect of their businesses. Machine learning is definitely here to stay, and its use in business is becoming more widespread every single year. As a small business owner, it is a great idea to look into this fantastic and fascinating field to see how you can effectively implement this technology. It just might take your business to the next level in a relatively short period of time.