The latest advances in IT can and should be leveraged to help your business grow. Here’s a little guide to some of the hottest new developments, and what they can do for your business:
Machine Learning: are your employees spending hours on the computer doing time-consuming, repetitive work, such as converting documents into text, classifying transactions, perhaps even some types of translation? Software developers can teach your applications to think, using automated analytical model building (aka machine learning). The result? Your computer program sorts and classifies repetitive information. Your humans can save their brains for more complex analysis, and not the easy/boring stuff.
Data Analytics: want to better understand consumer purchasing habits, which seasonal factors influence sales numbers, or what sort of inefficiencies can be carved out of industry-specific workflows? Using a combination of statistics, software development, and subject-matter expertise, data science uses the information generated from business processes and trends to provide you with insights into how things work (or don’t work) and what you can do to maximize your time and effort.
Data Science: this is an umbrella term that includes machine learning and data analytics. It broadly refers to the combined use of statistics, mathematics, and computer science to create understanding from big piles of data.
Business Analytics: a business analyst who uses data science is interested in many of the same numbers and patterns as a data analyst. The main difference is that a business analyst knows how to talk about their findings in non-technical, business terms, helping you to connect the dots between correlations and variables and your company’s specific workflows and customers.
Internet of Things (IoT): this term is used to refer to devices that are connected to other devices, users, and software applications, with the goal of exchanging data over a network. The IoT allows medical devices to transmit measurements as they’re being used, autonomous vehicles to operate, and home appliances to operate on your schedule, whether or not you’re home. What devices does your business rely upon, and how could they be networked to increase efficiencies?
Artificial Intelligence (AI): Machine learning is one form of AI, which is also found in the business world as virtual assistants and chat bots, spam filters, widgets that provide recommendations for e-commerce and entertainment platforms, even programs that help doctors diagnose diseases. The goal of AI in the business world is to train computers to simulate human intelligence, freeing you and your team to handle more creative and complex tasks.
Interested in incorporating some of these advances into your business applications and software? The computer scientists at XorFox are happy to advise you! Contact us for a free consultation.