3 ways AI can aid Digital Transformation
Digital transformation and AI/Machine Learning have emerged as the biggest buzzwords in the world of technology; with organizations embracing these quite enthusiastically. As per a report from International Data Corporation (IDC), worldwide spending on the technologies and services that enable the digital transformation is likely to reach $1.97 trillion in 2022. Similarly, Gartner’s CIO Survey found that in the last four years, AI implementation grew by a massive 270 percent.
However, organizations often don’t realize that for both digital transformation and machine learning together can help in achiving complete digital transformation when they go hand in hand. Machine learning can be extremely valuable for an organization seeking to bring about a digital transformation. There are several advantages to taking a complementary approach.
A survey-based report by Indian IT giant Infosys titled Human Amplification in the Enterprise found that 98 percent of respondents who used AI-supported activities to power digital transformation reported that it had generated additional revenue for their organizations and have raised their bottom line by at least 15 percent. The report states that the biggest impact came from machine learning since it helped drastically reduce the average time spent on executing day-to-day activities and have assisted in making more informed decisions with less room for errors.
Because ML can help analyze complex data and make accurate decisions based on that data, it is a valuable ally in the process of achieving complete digital transformation.
“The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.”
-Bill Gates
Both digital transformation and Machine Learning have propositions that go hand in hand, organizations might sometimes consider leapfrogging the entire digital transformation. However, this is not a wise idea and is fraught with issues. For any company to successfully achieve complete Digital Transformation, a certain amount of digital maturity is a basic requisite. Even though companies and government agencies are thinking through how to transform the way they deliver existing products and services and create new ones, AI can lend a helping hand in the optimising processes and also derive insights that may help improve their bottom line.
Here are some applications where digital transformation coupled with machine learning can deliver top results.
Dynamic Analytics
We know that access to the right data and analytics tools can greatly enhance decision-making. Machine learning can process 10s of 1000s of data points in real time without any human intervention required. For example, A customer that is shopping online would only get offers related to what they have been searching for at that moment. Thus, giving them a more personalized experience.
Machine learning enables organizations to build models with predictive analytics that can test and retest them much faster than a human can. It can bring a great deal of effectiveness in the digital optimisation process, Especially when it comes to data science capabilities by automation.
Driving Economies at Scale
Given that machine learning algorithms learn from existing patterns and data at great speed, machine learning can help the scaling of processes in a way that’s impossible when it comes to human-only teams. Where Data Analysts may take up to months with a model and ML platforms will be able to do it in just a mere matter of minutes.
Faster Processes
Because machine learning has the capability to analyze much more data than a human could, that too in a superior manner, it can potentially help streamline and expedite a number of digital processes. In addition, machine learning can also help discover various relations in your datasets that may even help enterprises to come up with new revenue opportunities.
In effect, given that Artificial Intelligence has the potential to drive processes at scale and help make informed decisions for any business, it can be an important tool in the digital transformation process. Of course, whether it is the digital transformation or machine learning, one ground rule that remains is that business use-case and the objective must be clear. Unclear business cases can paralyze any organization, irrespective of the technological prowess one might bring in. Once that is clear, digital transformation and machine learning, can create wonders together.
About us
At Mate Labs we have built Mateverse, a fully Automated Machine Learning Platform, where you can build customized ML models 10x faster without having to write a single line of code. We make the jobs of Analysts and Data Scientists easier, with proprietary technologies vis a vis, Complex pipelines, Big Data support, Automated Data Preprocessing (Missing Value Imputation using ML models, Outlier Detection, and Formatting), Automated Hyperparameter Optimization, and much more.
To help your business adopt Machine Learning in a way that won’t end up wasting your team’s time in data cleaning, and creating effective data models, register here, and we will reach out to you.
