Competitive Advantage with Machine Learning
MIT Technology Review and Google Cloud recently surveyed 375 qualified businesses across a variety of industries in North America, Europe and India on how they are using machine learning (ML) in their businesses. ML has gradually gained prominence since the early days of big data but people are still cautious about how it can be applied to their business. This report suggests that businesses are adopting ML and it’s starting to pay off.
Almost 60% of the surveyed businesses have already implemented ML strategies and 25% of them felt they have already achieved a competitive edge with ML.
Some 45% of the respondents have also reported that their top goal of having the ability to extend data analysis efforts and increase data insights were also met with their ML implementation.
When it comes to having an ML strategy, the top reason is to better understand their customers and prospects.
Though this is a small sample size, it is safe to say that we are at the forefront of the ML/AI evolution. Businesses are beginning to see the benefits of crafting and implementing their ML strategies. As cloud technologies improve, we’ll be able to process a much greater amount of data and perform faster data analysis.
The complete report can be found here.