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14 Smart Ways To Leverage Machine Learning For Small Businesses Posted on : Sep 24 - 2020

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 View More