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3 Ways Machine Learning Can Help Entrepreneurs Posted on : Jul 11 - 2019

Until a decade or so ago, artificial intelligence was -- for most Americans -- something that existed only in the movies. Now, Alexa and Google Home have moved into numerous households and live only to please.

According to many reports, 2019 will be the year of AI. A recent McKinsey Global survey found that 47 percent of companies have implemented at least one AI capability into their business processes, more than doubling the 20 percent that reported using AI the previous year. Artificial intelligence can be the difference maker in an entrepreneur’s business, providing everything from customer support to automated supervision of assembly lines.

AI never takes a break, never clocks out, never takes a day off. Still, the common belief that artificial intelligence will cheat people out of jobs or make some positions obsolete may be overblown. Research published in Harvard Business Review involving 1,500 companies found that “humans and AI actively enhance each other’s complementary strengths: the leadership, teamwork, creativity and social skills of the former, and the speed, scalability and quantitative capabilities of the latter. Business requires both kinds of capabilities.”

Employees often find that AI helps them achieve company objectives more quickly by tackling data-oriented tasks, reducing the number of rote tasks and improving workflow. Sales and marketing departments have utilized AI for years as chatbots. And with current machine-learning capabilities, AI can now be used not only to offer personal assistance a la Alexa and Siri, but also to make predictions about financial markets and advanced healthcare diagnoses.

It’s clear that AI offers business leaders in myriad industries a more efficient way to overcome obstacles, clearing the path for businesses to thrive. Take note of strategies that could work for your business. View More