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15 Smart Ways Machine Learning Helps Businesses And Entrepreneurs Posted on : Sep 11 - 2019

Among the most impressive new developments in technology is the field of machine learning (ML). In essence, machine learning teaches an artificial intelligence system to teach itself. While this might sound like the start of a campy sci-fi horror story, the results are quite promising for small business.

Machine learning allows an entrepreneur to do many more tasks with the time they have to dedicate to the market, and results in significantly better efficiency when it comes to running the company. Below, 15 professionals from Forbes Technology Council explain how ML can benefit businesses and why entrepreneurs should be eager to adopt it as part of their plans.

1. Helping You Do More With Less

Machine learning drives down the cost of prediction, and prediction is rooted in all business decisions. Machine learning can help entrepreneurs and business owners fundamentally change operational models, through cheap predictions. Where previous revenue growth may have variable costs associated, due to more decisions being required, ML can be applied to help businesses scale with less. - Shawn Harris, zebra.com

2. Automating Routine Tasks

When everyone is talking about the lack of IT talent, machine learning can become your indispensable team member. Machine learning can empower you to automate routine IT tasks like security monitoring, auditing, data discovery and classification or reporting, so that the team can focus on the more strategic tasks you have always wanted to do, but never had an opportunity. - Ilia Sotnikov, Netwrix

3. Finding Areas To Maximize Efficiency

The first thing is to not get caught up in the hype. Start out looking at your organization and find areas where you have large data sets where you can apply ML to extract information to help your business maximize efficiency. Where can you remove needless touchpoints and manual tasks? This can help bring vital decision-making information to your teams, enabling them to really use ML. - Ernie Bray, AutoClaims Direct Inc. (ACD)

4. Managing Unstructured Data

So much of today's organizations are trying to manage growing volumes of unstructured data. Machine learning puts structure and meaning to that data quickly and efficiently to help inform decisions, investments, and strategies. - Chalmers Brown, Due View More