Machine learning can help you weather economic uncertainties and build success.
Copyright: spiceworks.com – “Lessons Learnt from the Economy and How Machine Learning Can Help”
In today’s global economy, there are no easy choices. Inflation is running amok, fanned by rising energy and food prices, and the stimulative policies of the Fed in prior years had the impact of drawing forward demand. As a result, real wages in the US are down nearly 4% for approximately 115 million Americans. On top of this, disposable income is declining, and inventories are rising. Demand is showing signs of weakness, with interest rates increasing and the dollar’s strength. CEOs of global corporations today face an impossible set of challenges in managing their companies, discusses Edward Scott, CEO at ElectrifAi.
CEOs of global corporations today face an impossible set of challenges in managing their companies. There are no easy choices. Inflation is running amok, fanned by rising energy and food prices, and the stimulative policies of the Fed in prior years had the impact of drawing forward demand. As a result, real wages in the US are down nearly 4% for approximately 115 million Americans. On top of this, disposable income is declining, and inventories are rising. With interest rates increasing and the dollar’s strength, demand is showing signs of weakness.
How Are CEOs and CFOs Supposed to Manage this Complex Economy?
One clear opportunity is through data. Corporations generate vast amounts of structured and unstructured data, and yet data remains the last untapped asset on the balance sheet. Why is that? We think the main reason is that the C-suite does not fully understand its data’s power and ability to drive enterprise value. It all seems so remote and complex. But is it? Consider the following. Today, we have the ability quickly and easily apply sentiment and natural language processing technology to call center operations. These operations are on the front line of customer experience. NLP has the ability to resolve calls more quickly and with much higher customer satisfaction. Some firms that have faster and more successful call resolutions can result in millions of dollars in savings per day and happier customers who are likely to engage and purchase more products or services in the future.
These types of numbers ought to get the attention of every board and CEO. Another example is computer vision. Manufacturers of high-value goods can today easily deploy camera and machine learning systems to detect product defects on the manufacturing line and avoid costly product scrap before it’s too late. Boards and CEOs need to push themselves to gain literacy in these basic technologies. Failure to do so will result literally in millions of dollars of value not being realized.[…]
Read more: www.spiceworks.com
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Machine learning can help you weather economic uncertainties and build success.
Copyright: spiceworks.com – “Lessons Learnt from the Economy and How Machine Learning Can Help”
CEOs of global corporations today face an impossible set of challenges in managing their companies. There are no easy choices. Inflation is running amok, fanned by rising energy and food prices, and the stimulative policies of the Fed in prior years had the impact of drawing forward demand. As a result, real wages in the US are down nearly 4% for approximately 115 million Americans. On top of this, disposable income is declining, and inventories are rising. With interest rates increasing and the dollar’s strength, demand is showing signs of weakness.
How Are CEOs and CFOs Supposed to Manage this Complex Economy?
One clear opportunity is through data. Corporations generate vast amounts of structured and unstructured data, and yet data remains the last untapped asset on the balance sheet. Why is that? We think the main reason is that the C-suite does not fully understand its data’s power and ability to drive enterprise value. It all seems so remote and complex. But is it? Consider the following. Today, we have the ability quickly and easily apply sentiment and natural language processing technology to call center operations. These operations are on the front line of customer experience. NLP has the ability to resolve calls more quickly and with much higher customer satisfaction. Some firms that have faster and more successful call resolutions can result in millions of dollars in savings per day and happier customers who are likely to engage and purchase more products or services in the future.
These types of numbers ought to get the attention of every board and CEO. Another example is computer vision. Manufacturers of high-value goods can today easily deploy camera and machine learning systems to detect product defects on the manufacturing line and avoid costly product scrap before it’s too late. Boards and CEOs need to push themselves to gain literacy in these basic technologies. Failure to do so will result literally in millions of dollars of value not being realized.[…]
Read more: www.spiceworks.com
Thank you for reading this post, don't forget to subscribe to our AI NAVIGATOR!
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