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Przemysław Szleter, Founder and CEO of DAC.digital, is a member of the Forbes Technology Council, an exclusive community for top-tier technology executives. In this role, he will share insights on DeepTech, Emerging Technologies, and Research and Development on the Forbes website. With over two decades of experience, Przemek has been instrumental in advancing emerging technologies and establishing DAC.digital as a leading DeepTech company in Europe. His profile on Forbes will regularly feature updates on building R&D-focused companies, particularly emphasizing DeepTech solutions for real-world problems. Stay tuned for more updates from Przemek in the tech space.
This article originate from forbes.com.
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5 Tips On How To Streamline Decision-Making With AI And ML
Artificial intelligence (AI) and machine learning (ML) increasingly impact all aspects of life and business. According to Grand View Research, the current market value of AI is $1.3 billion, and it is predicted to grow to $2.45 billion by 2030. These disruptive technologies can help us in multiple ways, including decision-making processes.
Improve Predictions And Risk Management
Although the potential of AI or ML decision-making still needs to be discovered, a business can benefit from it with multilayer and more complex problems. However, it is crucial to remember that AI/ML solutions strongly depend on the data you can provide and the meticulous process orchestration.
Suppose you can provide the ML algorithm with enough data. In that case, AI can conduct an interdisciplinary study in which results can pinpoint potential problems with the product we develop or indicate the most optimal approach to promotion or customer experience.
Automated ML methods reduce the time spent setting up data pipelines and ML workflows, giving Data Scientists more time for in-depth analyses. Although these methods need refinement overall, the H2O AutoML framework is one of the most mature automated solutions to compare predictive ability and ease of use.
Automate Monotonous Administrative Tasks
Machine learning algorithms can be essential in areas built upon a constant heterogeneous data flow. In this instance, AI can take over some monotonous administrative tasks like financial reports, payroll and analyzing employee productivity.
Automating these tasks changes the entire workflow, allowing the staff to make more efficient decisions on more complex tasks and essential matters that stretch beyond the monotonous tasks that take a lot of time when done manually.
We already have many productivity enhancement tools, including chatbots, content creation tools, transcription and meeting assistants.
Boost Planning And Strategic Changes
With careful planning and implementation, AI can be a reliable assistant in planning and strategic operations. It allows for more efficient production scheduling and restriction management to help avoid common shortcomings in business processes. Moreover, it also aids in product customization and personalization, which can result in improved customer satisfaction.
Techniques like regression analysis, association, clustering and deep learning help analyze large data sets to identify trends and tendencies. Most of these methods can be combined to create the most optimal effects.
Drawing out parts of information automatically helps save time and work on the conclusion that the patterns indicate. It allows us to focus on making more conscious decisions on the critical changes in the product strategies to accommodate the information acquired from the ML processes.
Add Value To Customer Experience
Customization and personalization can be crucial elements of enhancing customer experience and increasing satisfaction. As mentioned, pattern detection for tendencies and trends can help improve the product.
However, these techniques can also gather insights into customer behaviors and overall experience. As a result, we can get intel to guide us on what we can improve or how to tailor communication to make every customer feel adequately cared for.
There is a variety of tools that can add value to existing and new customers’ interactions with the product and company, and they include:
• AI-powered virtual chat assistants
• Automated ticket routing systems
• Self-service support, like a knowledge base
Different tools have proven valuable platforms for gathering and analyzing information on customer experiences.
Another asset of these methods lies in their high adaptability. It enables the algorithms and processes to adjust to changing customer needs and experiences. An automated tool to gather data and draw insights from it will help make proactive and thoroughly planned decisions on essential steps to ensure the best possible outcomes.
Assess Employee Performance To Help Improve Growth
Many companies adopt regular employee feedback meetings to evaluate their performance over six months or a year. The evaluation process is essential and brings value to both sides. However, it can be prone to human error and potential bias resulting from the relationships employers build with their employees.
AI-based solutions minimize the possibility of human error and aid in making performance data more transparent. These tools can also help choose optimal individual growth paths and recommend training programs and courses accordingly.
Laying out the performance data clearly and organizing it will also help determine which strategies and tactics work and which ones require improvement or to be removed altogether.
HR automation software uses AI and ML techniques to provide a reliable platform that helps in decision-making processes and employee management.
Although, at the moment, AI and ML techniques still need to be perfected, and they can’t decide for us entirely, they make powerful tools that can automate some tasks to help draw correct conclusions and streamline the decision-making process.
Relieving the load on some manual tasks can help make more conscious and relevant decisions on important matters while the technology will take care of the rest. As such, they will help you add efficiency to the business operations on multiple levels.
Naturally, there are many more areas in which AI and ML have taken prime recently. Stay current and ensure you utilize technology for the best of your business.
Przemek contribution to Forbes!