Artificial Intelligence and Machine Learning in Business
How can Machine Learning or Artificial Intelligence help you in your business? What are the competitive advantages that your competitors may already be applying to get ahead in the market?
Let’s start from the very beginning. In our last article we defined the difference between Machine Learning (ML) and Artificial Intelligence (AI). Essentially, can summarize by saying that AI is broader concept. Nowadays, almost everyone talks about ML or AI as a kind of business opportunity, so how can they help your business to grow? How they can speed up your market expansion? What kind of questions are your competitors asking? What kind of solutions they are working on to dominate the market? Why should you incorporate Deep Learning into your business?
According to experts from DeepMind, the total market value of “Machine Learning/Artificial Intelligence with Deep Learning applications” is getting higher and higher every day — even up to 450 trillion dollars by 2030. Even now, according to the Economic Policy Institute, specialists in this field are among the top 5% best-paid people around the world. Deep Learning is moving so fast, as researchers all around the world are working on new formulas for solving problems, as well as on optimization of current ones.
“AI is one of the most important things humanity is working on. It is more profound than even electricity or fire” says Google CEO Sundar Pichai. And consider that one invention or solution may change the whole market with the way how we act now. So, the new solutions can give you a competitive advantage over everyone else faster than you even imagine. Let me walk you through some questions that you may ask yourself about creating kick off solutions that can move you ahead of your competitors are right now.
What business needs do I have?
How can technology help me in solving the greatest challenges that I struggle right now?
What do the ideal results look like from my perspective?
What kind of ML applications are being used on the market?
What are the use cases from my industries?
Asking yourself those questions are a good way to find the best choice for your business. You can be sure that the process of redefining every single aspect of our lives – starting from the way we communicate, move, learn etc. is becoming faster and faster. All of those elements of our lives are going to be redefined for us — allowing us to live better lives, to earn more money, to have more time to focus on the things we need to think about and reduce the time spent on things we do not want to think about. All of those aspects directly affect business. And all of them, with time, are being more and more connected with data and are more dependent on that data. That’s why it is crucial to find ways to apply ML/AI in your business. Every day, we help bring the best value to the businesses, so we can help you in this stage by consulting your business case studies, find the right opportunities and create end-to-end solutions that will take your business to the next level.