The term ‘Digital age’ is used to refer to this century, because we are immersed in data without properly taking advantage of it. A mechanism is needed to analyze the hidden patterns behind this complex data. While humans struggled to discover, Machine learning, as a technology is succeeding in converting information into knowledge.

Machine Learning is the most sought after and influential branch of Artificial Intelligence (AI). The ML algorithms are designed to absorb data in digital form. It studies and deciphers the patterns, designs, and features from unstructured data. Finally, it draws conclusions without human observance.

This derived knowledge is used by humans to predict future trends in diversified fields and provide valuable suggestions during the decision-making process.

What are the few factors encouraging firms to adopt Machine Learning?

As we learnt ML is a science giving solutions through data, we need to understand the factors encouraging all sized firms to proceed with ML.

• Affordable storage platforms:
  The market is flooded with affordable cloud-based storage platforms like Google, Amazon Web services etc. Firms are in a position to store huge amount of digital data, later used for business analysis and critical thinking.
• Capability to integrate with other applications:
  Machine learning has the capability to integrate with other applications effortlessly, like Image recognition, Natural language processing etc. This ability helps the companies to have an interface with other systems too.
• Availability of learning tools:
  The access to avail knowledge through open libraries like SciPy i, Google Tensor Flow etc, allows data scientists and engineers to stay on top of their craft.

Also read: Machine Learning and its different types of Algorithms

Why is it significant for firms to adopt Machine Learning?

Apart from the factors favoring ML, let us understand the significance it has to the business needs.

• Assisting in real-time decision making for both users and providers:
  Decision making in today’s business world is not based on intuition or past experiences. The abundance of data availability makes analysis faster in achieving real time decision making.
  Machine learning extends its commitment to the users too. From the database, it gets an idea of the customers’ preference based on previous choices. For example, it provides product recommendation, target market promotion etc.
• Restructuring the marketing strategy of the business:
  Business leaders have an additional hand to devise the marketing strategy of the firm. The rapid pace of data collection and pattern observations helps them

1. Identify segments of customers slowly drifting from brand loyalty.
2. Recognize the territorial tastes and preferences of customers. This helps them to redesign their marketing campaign to suit the sensibilities of the region. This will minimize losses and solidify profits.
3. Strengthen customer retention base, using ML algorithms. Customer experiences are enhanced through suggestions, alternatives as per their previous spending.

• Protecting the firms’ cyberspace:
  Firms invest a generous amount for protecting the interest of all its associates from the threat of cyber-attacks. Apart from the damage it causes, firms also lose their goodwill in the market.
  Machine learning algorithms constantly monitor the variances in real time, to prevent any form of attack. Further, it constantly educates the employees from the threat of cybercrime.
  Since, ML technology constantly learns, it improves itself and safeguards itself from being a victim.
• Reducing operational cost of the firm:
  Customers are looking for 24x7 support for the services they avail. The hiring of help desk staff is an additional expenditure. With machine learning, this cost is reduced to a greater extent.
  The usage of automated customer response, chat bots e.g., are helpful to enhance customer experience. Users are channeled to the right information with speed and accuracy.
• Facilitating the recruitment process and HR functioning:
  Recruiting the right candidate for the job is a time-consuming process. The outline of the process is handled by ML like

1. Utilizing various platforms to announce the firms’ job vacancies.
2. Analyzing and rating the strength of the resumes received
3. Shortlisting the candidates for interview and archiving the rejected one for future reference.
4. Hosting job interviews remotely and providing suggestions to HR.
5. Appraising the employees yearly work performance and recommending for promotions.

As an accounting firm of the digital era, there is a need for applying Robotic Process Automation or Machine Learning in your business practices. We can help your firm through our accounting process automation and machine learning solutions.

Just contact us for a free consultation and demo for bookkeeping automation or accounting automation.