Shifting the Focus of Innovation on Increasing Business Value

CIOReviewIndia Team | Thursday, 02 July 2020, 02:20 IST

Being one of the prerequisites for achieving or executing artificial intelligence, machine learning has been attracting the much deserved attention, compelling organizations across the globe to invest in it and raise their capability thereof. Year 2020 is believed to lay the foundation for ground-breaking innovations in the field of machine learning, and experts are of the opinion that the momentum will keep rising as new areas of applications and new business use cases keep emerging. Working as a subset of artificial intelligence, ML is expected to bring in an element of accuracy in all the processing operations. Providing machines with the ability to learn and improve performance through experience, ML is turning out to be a game changer for almost all industries. It is proving its efficacy in helping industries undertake and execute complex tasks with ease and at the same time increase productivity.   

As the benefits of AI and ML become more evident and as the awareness increases about their potential benefits, especially in terms of the Return over Investment which they can offer, businesses will have to catch up with the advancement and hire more and more people with the required skills to implement these technologies. According to a KPMG’s recent survey of Global 500 companies, most of those surveyed expect their investment in AI-related talent to increase by 50-100 percent over the next three years. “Our government believes artificial intelligence, in different forms, can help us achieve the $5 trillion benchmark over the next five years, but also help us do it effectively and efficiently,” said Piyush Goyal, Commerce and Industry Minister earlier this year at an event.  

Machine learning is also working in unison with other technologies to augment and strengthen them. For instance, the coming together of IoT and ML has the potential to transform industries and help them in making more informed decisions based on the huge and real time data available every day. As the lines between AI and IoT are increasingly blurring, both technologies have independent qualities which show promise of opening up new avenues with better and more unique opportunities. Another development on the horizon is in the form of Automated ML which can be extremely beneficial for the workforce lacking expertise in machine learning. It can come up with customized machine learning models as per the need of the business. Subsequently, with the level of customization it offers, the operational efficiency increases manyfold.   

Laden with such capabilities, machine learning is going to transform the decision making in enterprise and industrial operations, contributing immensely to the evolution of business value oriented innovation.  

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