With the ever-changing and dynamic market, the business owners should be able to embrace the technological advances. There are new opportunities on a daily basis by initiatives in Machine Learning (ML) and Artificial Intelligence (AI) for innovators to conclude their analysis and research. And this process is very labor-intensive to cloud-based solutions.
Cloud computing has been able to store billions of gigabytes of information which is generated by business enterprises and government agencies daily. It has also made automation of tasks to be accomplished within a shorter period of time.
In a research, it showed that the cloud computing industry had a net worth of $130 billion by the end of 2017. The worth is projected to increase continuously, as both the business enterprises and consumers continue to distribute their computing, data analysis and storage to the cloud.
On the other hand, ML is an interesting concept that has led to the growth of systems that can reason and make decisions like humans on the basis of information that they have been fed with and their immediate environment. It maximizes cost-effectiveness and speed by leveraging on the benefits provided by cloud-based solutions. It will enable entrepreneurs and business managers to make quick decisions and provide solutions that can be implemented quickly by businesses at all levels.
Data visualization is critical in helping businesses make better decisions. For instance, 90 percent of all the information transmitted to the human brain is through sight and continues to get processed at a faster rate by the brain as compared to information in the text.
Companies and business corporations become more reliable at achieving their Key Performance Indicators (KPIs) by making business data more accessible to every employee and team member. Business owners and entrepreneurs should concentrate more on having their team members become more comfortable with visual data. Every employee should be given access to business information that they can use to evaluate their effectiveness even if it is not entirely optimized.
The analysis of consumer behavior, their tastes and preferences will be monitored by computers the same as the effectiveness of company's team members. It is easier to come up with actionable business insights using AI. This is possible due to cloud-based solutions that can predict future trends in consumer behavior by the mining of existing data.
Consumers tend to shift to the retailers that take care of their needs and preferences for an improved consumer brand experience. This motivates companies to provide their consumers with an experience that will retain their consumers in long-term.
AI and ML enabled systems reduces the hours needed to compile paperwork for any business significantly. Decision making tends to be more precise, accurate and fast. Cloud-based ML is critical in assisting companies to streamline their human resource department for providing maximum efficiency. Thus, it will reduce the number of working hours that were previously required to complete specific tasks which means that the cost of business will drop, hence increases profit margins.