Companies in all industries must stay up to date with the latest tech to survive in this digital world. This is especially true in the case of machine learning (ML), which has the potential to transform the way businesses process and use their data.
While ML has a number of useful applications in the business world, applying it to business intelligence (BI) insights can help you optimize your processes and make even better decisions. Thirteen members of Forbes Technology Council shared some creative ways to combine business intelligence with machine learning to produce the best results for your company.
1. Identify Fraud With Variations From 'Normal'
One of the most unique ways to combine business intelligence and machine learning is the identification of fraud indicators. Data analytics should be utilized to feed back into the business intelligence system for a change of policies when a fraud indicator has been located. Utilization of machine learning algorithms can assist organizations in improving processes. - Maria Clemens, Management and Network Services
2. Expose Gaps In Your Data Strategy
A machine learning model can fail because of bad data or bad construction. Once you rule out methodology, a failure of a model (lack of precision, missing data) can expose areas of your data strategy that you should be focused on. A more robust data acquisition strategy fixed our model at Kenna Security, and it had immense positive externalities on the business. - Michael Roytman, Kenna Security
3. Personalize Email Marketing
One key area where machine learning impacts the top and bottom line directly is personalized marketing. Machine learning tells you which customer is more interested in which product/category, and business intelligence can make decisions on what that customer is getting in their emails or app notifications. It's good for both businesses and consumers. - Vikram Joshi, pulsd
4. Customize Promotions And Discounts
While there are some ways companies customize promotions and discounts, it hasn't been truly possible to make deals for specific customers until the advent of machine learning combined with analytics. We can now match excess inventory with customers likely to buy those items and then deliver a promotional incentive to buy and reduce the inventory for a company. - Chalmers Brown, Due
5. Improve Financial Insights
In the financial industry, ML and AI will automate tasks and create better quality data. Any time manual entry is used, there’s a higher risk of error. For SMEs and those who serve them, this means better, more accurate information will be available in near real time. As technology advances, this information will also be easier to share with multiple stakeholders. - Nick Chandi, PayPie
6. Recognize Employees In Real Time
Business intelligence platforms paired with machine learning can evolve an Employee of the Month award to Employee of the Moment, which can increase productivity and engagement. By aggregating and analyzing terabytes of data from multiple sources, managers can recognize top-performing employees in real time while simultaneously learning from the way they work to drive process improvements. - Michael Ringman,