Virtualization Technology News and Information
Article
RSS
Harnessing Machine Learning and Data Intelligence for Efficient Business Strategies

closeup-eyeglasses 

Business inefficiencies that cost your employees time cost your business money - and lots of it. One Asana study showed that 60% of an employee's time is spent on "work about work," rather than actually moving projects forward.

Fortunately, with today's technology, it's easy to take advantage of machine learning and data analysis to make your organization more efficient. This will not only save you money but will also allow your talented employees to spend their time doing valuable work, which is more engaging.

How can your organization harness machine learning and other technology solutions to improve efficiency? Here are some strategies you can use right away.

Machine Learning and Business Efficiency

There are many ways to improve efficiency in your organization: you can set effective goals that are SMART (specific, measurable, achievable, relevant, and timely), map and improve processes, and provide helpful feedback to employees.

However, one of the most impactful ways to improve efficiency is to invest in technology. Machine learning (ML) tools can learn from the data in your organization, recognize patterns in that data, and then make predictions when new data is introduced.

For example, if you use machine learning in your sales process, ML tools can recognize patterns in the data - from your current leads and customers' information - and predict how likely a lead is to convert to a customer. The software may also be able to suggest specific sales strategies that can increase close rates.

This would make the sales process more efficient and effective, helping sales reps be more successful and increasing revenue in your organization.

Ways Machine Learning Can Reduce Inefficient Tasks

Today, many organizations have inefficient processes simply because "that's the way it's always been done."

Seeing the benefits of automation, machine learning, and data analysis may change that default, however. Companies that deploy machine learning see benefits that include increased profitability and revenue, better differentiation from competitors, and increased accuracy in business processes.

Here are a few ways machine learning can reduce repetitive busy work and help improve business operations.

Machine Learning in Accounting and HR

Using automated machine-learning tools can help reduce the amount of time that employees spend entering data into multiple systems, evaluating documents, and submitting reports.

In HR, machine learning can be used to highlight and surface the best resumes among hundreds that come in for a position. You may even decide to have machine learning tools score candidates after interviews and move the best applicants forward to the next stage.

In accounting, machine learning can detect errors by noticing when typical patterns are interrupted. For example, a large increase in an electricity bill can be brought to the attention of business leaders without the need for a human combing through each expenditure. Machine learning can also help pick up anomalies that indicate errors or potential fraud, alert leaders when financial results fall outside required compliance rules, and more.

Finally, in all areas of business, the right AI and machine-learning tools can automatically move data from one system to another, eliminating the need for repeat data entry and reducing the possibility of human error.

Improving Manufacturing and Logistics

Another application of machine learning is found in manufacturing and logistics. The right ML solution can help your company understand the entire manufacturing process, including the supply chain, and highlight bottlenecks and inefficiencies.

Other tools analyze data from manufacturing equipment, helping to predict when repairs are needed so that you can schedule downtime efficiently rather than being surprised by it. ML software can also help streamline quality control, shipping routes, warehouse organization and storage, and more.

The improvements in manufacturing, shipping, and quality control can help your organization see significantly higher profits and lower rates of human error.

Making Sales More Efficient

The sales process is more than just finding ideal leads and talking to them. It's important to understand the entire customer journey, know how many leads it takes to hit required sales results, and create and deploy sales assets at the right time to move leads forward in the sales process.

All of this can be made far more effective using machine learning. A single individual can't have a complete understanding of the entire sales process, all of the data involved, and use that data to improve the sales operation. However, a machine learning tool can do that quickly and easily.

As a result, machine learning allows your organization to more accurately forecast sales results and review results regularly to ensure the sales department is on target to meet company goals. Machine learning can also help predict customer behavior, point reps to the best sales assets for each lead, and uncover other actionable information.

When sales are streamlined and effective, your organization will be able to grow quickly and your sales reps will be more engaged and successful.

Use Machine Learning to Drive Better Outcomes

Being able to harness and understand the data within your organization is essential to having an efficient operation. Some research shows that data intelligence can make your company's business outcomes three times better.

The way to see these results in your organization is to let go of how things have always been done in the past and invest in technology solutions and automation tools that move the company forward, from machine learning to other forms of AI.

When you see your financial reports a few years from now, you'll be glad you made the change!

##

ABOUT THE AUTHOR

Beau Peters 

Beau Peters is a creative professional with a background in service and management. He is also an avid researcher and a writer of “all the things.” He has a passion for purpose-driven content and bettering the human experience. In his free time, he enjoys having a good cup of coffee and seeing the world.
Published Tuesday, October 31, 2023 7:32 AM by David Marshall
Filed under: ,
Comments
There are no comments for this post.
To post a comment, you must be a registered user. Registration is free and easy! Sign up now!
Calendar
<October 2023>
SuMoTuWeThFrSa
24252627282930
1234567
891011121314
15161718192021
22232425262728
2930311234