About a month ago, we discussed how machine learning will affect the banking industry, focusing on how data collection will customize the customer experience. However, there are many more financial advantages offered by cognitive computing. It’s not just increased opportunity in the IT and artificial intelligence industries, either; cognitive computing will give the average, relatively intelligent person plenty of opportunity to profit.
Machine learning will fundamentally change both the business world and the tools necessary to be successful in it. As Lukas Biewald points out in an article for Computerworld, cognitive computing will restructure the costs of running a business. Startup costs will increase, as access to machine learning’s insights requires sophisticated software and highly-trained personnel. This is because data needs to be “trained”. The program needs to learn about the business and it customers so it can flag out-of-the-ordinary occurrences. However, over time, machine learning will save a business big in the long run. It will help hone in on profitable customers, practices, and operations, and leave little room for doubt as to what the next should be. One extremely important aspect of quality machine learning insights is data collection. This is a perfect example of how machine learning can be used within an established area of expertise, even by people who are not programmers.
Many companies start when someone observes a problem and finds a solution they can then offer others. So, find a problem within your industry that could be solved with cognitive computing. Find the question at the heart of that problem. It may be: how do I make more profit? How do I make my customers happier? How do I decrease employee turnover? For instance, if you work as a lawyer, you could use machine learning software to put together a program that specifically benefits lawyers. In what way? That’s your job, I’m not a lawyer.
Whatever it is, find a model that will work with your problem and collect the necessary data. This will tell you how to solve the problem. After collection, the data will need to be cleaned to make sure that it meets the quality you need to ensure good results. It may be easier to find a professional to help with this process, or find an appropriate program online using a web search. Once the technical stuff is done, the most important part is presenting it to others in a way that makes them want to invest or buy your product. If you already have a business and have come to rely as desperately on social media as everyone else, there are plenty of services that can use machine learning to help make informed decisions. Google Analytics is one of many options, and there are lots of benefits. With their algorithms, it will be easy to see what kind of customers convert and the characteristics of those that don’t. You can then target converts to up- and cross- sell to increase sales, or you can focus on the non-converters to turn them into customers. You will also be able to track customer acquisition, retention, and churn with machine learning algorithms.
The more obvious ways to make money, like investing and gambling, ironically, are the riskiest financially as they are highly unpredictable. In order to make it a success, set clear goals and constantly monitor your bets and portfolios to make sure it’s profitable. Another way to make money from cognitive computing, of course, is to enter contests like the one right here at HeroX. Not only can you make a lot of money, but you will gain valuable experience and a reputation as a leader in the tech industry. Show off your ingenuity by entering today!