A panel of Forbes Technology Council members shared some smart ways entrepreneurs and small-business owners can leverage ML
Machine learning (ML) is quickly becoming a mainstay of the enterprise business world, yet entrepreneurs and small-business owners may shy away from investing in it. While you may not fully understand the ins and outs of ML or how it can benefit your small business, you can still make effective use of the technology without being an expert in it.
We asked a panel of Forbes Technology Council members to share some smart ways entrepreneurs and small-business owners can leverage ML. See their recommendations below.
1. Use Pre-Trained Artificial Intelligence
Most ML models will require tons of data (the majority of them require supervised learning), which translates into a large effort that most entrepreneurs and small-business owners can’t sustain. One approach is to leverage SaaS/PaaS services, such as the AWS portfolio of pre-trained artificial intelligence (AI) services: Comprehend, Rekognition, Lex, Personalize, Translate, Polly and others, each tailored to a specific domain. – Augusto Perazzo , Ashford University
2. Streamline High-Touch Functions
Machine learning only works if there is a large enough dataset. Otherwise, you are going to be arriving at insights that are premature. However, small businesses that are strapped for resources can leverage ML to take care of high-touch functions, such as customer care and chat, by looking at past resolutions. – Suresh Sambandam , Kissflow
3. Find Analytical Solutions In Known Environments
Machine learning can be used in robotics, business strategy planning, telecommunications—in other words, wherever the environment is known but the analytical solution is not. Entrepreneurs and small-business owners can take advantage of ML to see what actions yield a higher reward over the longest period. Financial companies use reinforcement learning for stock trading, for example. – Vaclav Vincalek, Future Infinitive
4. Facilitate Data-Driven Decision-Making
Machine learning can facilitate data discipline, allowing for stronger decision-making. Machine learning is often viewed as an outcome for small businesses that allows for forecasting future growth. Inherent in getting there, however, is establishing a culture of data discipline and demystifying data-driven decision-making across departments. This provides companies with the groundwork that will see them thrive in the coming years. – Mark Hobbs, Fundmetric Incorporated
5. Automate Content Creation
A really exciting emerging use of ML is for content creation, whether marketing or instructional material. There are now ML tools that can automatically create presentations, transcribe videos into documents, or generate the framework for a blog post or white paper based on a bit of input. With a bit of tweaking, these tools can help create content faster and require no knowledge of ML. – Kelleher Guerin, READY Robotics
6. Develop Go-To-Market Strategies
The central advantage of ML systems is their ability to manage large datasets and extract actionable insights without much human intervention. Smaller and younger companies don’t typically have stocks of big data, but as they build their databases from digital marketing, customer relationship management (CRM) platforms and customer files, they can put ML to work to help develop go-to-market strategies and targeted marketing. – Ron Cogburn, Exela Technologies […]