Software solutions for companies close to making a radical turnaround. Compared to the introduction of software as a service (Saas), which is more like a cosmetic change, this radical turnaround will be triggered and driven by Artificial Intelligence, or more specifically, by Machine Learning .
Machine Learning heralds a new era
Machine Learning allows computer programs to process data automatically in real-time to develop predictive models from data. With programs that are capable of performing this process, companies could ascend to new levels of data analysis to draw patterns and predictions from existing data. The opportunities arising from this are endless.
Software solutions that rely on Machine Learning hardly require human input. They operate on large-scale data mining models inside and outside the corporate structure. The data may also be disorganized; for example, from mail, voicemail or electronic calendars. The software will not only collect the data and prepare for data analysis, but also evaluate the data independently and reach its own results.
The problem with current software
Traditional enterprise software solutions raise problems. The quality of existing data records can only be as good as the human input – a bottleneck in the system, which often makes for bad records, especially in the sales area.
In addition, existing solutions are not sophisticated enough to combine different data automatically and to draw conclusions from it. This always results in time lag for companies that need to deal with Big Data analysis; for example, it can often take months from data to results.
These problem areas can be addressed with Machine Learning. However, the current software which follows a set of rigid rules also needs to be adjusted in order to overcome this data analysis barrier.
Machine Learning converts data into knowledge
But what is behind Machine Learning? Most of the documents that we receive every day are, unstructured or semi-structured; for example, emails, resumes, telephone inquiries or invoices. Many existing software tools are not good at processing this data.
Machine Learning is able take that work. Based on self-learning algorithms, Machine Learning tools are able to detect knowledge and actionable information from unstructured data. A computer can “learn” from data using statistical models and methods to recognize patterns in data and to generate knowledge. In other word, the tools can not only recognize data, but also understand the logic behind it. Data are interpreted and classified to its context, and the data will be given a meaning.
Long-term opportunities in the market
For entrepreneurs and investors, this is a good opportunity to explore and involve in this area. According to a BCC Research, “the global market for smart machines is expected to grow to $15.3 billion by 2019, with a five-year compound annual growth rate (CAGR) of 19.7%. The autonomous robot category, one of the fastest performing segment in the overall market, is projected to move at a significant CAGR of 22.8%.” The development will cover all areas. It is expected that in just a few years, the way of enterprise computing will change massively.