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How Impactful Is Machine Learning In Today’s Business World?

Since 2012, with the proliferation of Python in general software development, Machine Learning has become the biggest trend in the technology world. Because of the many applications that ML could have within every business, it’s quite easy to understand why the topic is so heavily looked after. With applications ranging from the mobile world to the automotive industry, let’s break down Machine Learning in its complexity.

Why Automation Is Important

Machine learning as a matter it’s appealing because it proposes as an automated form of management for both infrastructures and digital tools. The brightest example would surely be related to warehouse management and production, where robots are the majority of the entire chain. In this case, a Machine Learning coded program could definitely be implemented in terms of management: the tool, installed in the central brain, could heavily optimise the entire production chain.

On the other hand, automation is as fragile as it could be: a simple error in the mainframe could cause a series of cascade malfunctions, naturally leading the entire production process to the end.

StrategyDriven Evaluation and Control Article
 
The Mobile Sector

Smartphones have been taking over the world since the launch of the first iPhone. Many mobile app development companies, in fact, are heavily working on different Machine Learning algorithms, in particular, the ones that are UX (User Experience) focused.

Applications like Alexa’s voice search, for example, have been incredibly popular from a development point of view, given the fact that Voice Search Optimisation will be potentially the biggest thing in the near future.

StrategyDriven Evaluation and Control Article
 
Service Providers

When it comes to personal finance and mortgages, there is a variety of tools available online which are calculating requirements, status and projections. An interesting case study would be related to bridging loans, given the fact that fast-paced finance is heavily looked after by many clients. There are reasons to believe that in the near future most of the calculators, online tools and projections will automatically be generated by Python coded applications. This is incredibly important because it states the fact that the current Machine Learning development level is at a point in which we are able to create and monitor complex finance matters.

To Conclude

With dozens of applications available, machine learning is definitely going to be the biggest focus in the near future, given the fact that automating certain sides of a business can definitely be a very impactful thing.


About the Author

StrategyDriven ContributorPaul Matthews is a Manchester based business writer who writes in order to better inform business owners on how to run a successful business. You can usually find him at the local library or browsing Forbes’ latest pieces.

Evaluation and Control Warning Flag 2 – Absence of Evidence as Evidence of Absence

StrategyDriven Evaluation and Control Warning FlagWhen examining organizational performance, assessors too often fall into the trap of concluding that the absence of adverse outcomes indicates a lack of underlying performance issues. This is an evidential fallacy. Many organizational shortfalls exist without causing consequential outcomes for reasons of redundant barrier prevention, lack of recognition, or simply blind dumb luck. The lack of a noticeable consequence does not necessarily equate to an absence of an issue; it simply means that the problem itself, up until the point of examination, has not manifested itself in a substantial outcome.


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About the Author

Nathan Ives, StrategyDriven Principal is a StrategyDriven Principal and Host of the StrategyDriven Podcast. For over twenty years, he has served as trusted advisor to executives and managers at dozens of Fortune 500 and smaller companies in the areas of management effectiveness, organizational development, and process improvement. To read Nathan’s complete biography, click here.

Evaluation and Control Program Best Practice 5 – Don’t Break the Mirror

Evaluation and Control Program Best Practice - Don't Break the MirrorFeedback mechanisms serve as a reflection of an organization, business unit, department, or individual’s performance. At times, these mirrors reveal exceptional performance; in other cases, good or satisfactory performance; and in some instances poor or unacceptable performance. Too often, the individual or group holding the mirror, whether a performance metric, an internal self-assessment, or a third party audit, is blamed for the performance indicated. Regardless of who provides the performance report, this person or group should not be attacked for identifying instances of success or failure.


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Business Performance Assessment Program Best Practice 5 – Seek Local Participation for Context

Properly performed self assessments provide business leaders with deep insights as to what is working well and opportunities for improvement within a business function, area, or process. These insights become even more beneficial when the practices and results of top performers are used as a reference or benchmark for the evaluation. Best practices, however, are not always relevant to every situation or circumstance.


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