Despite the recent growth and popularity, automation and machine learning are not new concepts. In fact, they have been around for decades. The 1990s marks a time of significant advancement in Artificial Intelligence (AI) and business process automation. Long before the new wave of Robotic Process Automation (RPA) term was coined, computer programmers wrote and utilized their fair share of automation scripts. As technology advanced and continues to evolve, process automation and machine learning is no longer reserved for ‘only’ the computer programmers within an organization. New and easy-to-use software tools that support task and process automation now allow organizations to more widely unlock the full business benefits of this advanced technology such as recognizing patterns, extracting pertinent data, and making informed decisions.
The volume of data, both structured and unstructured, currently collected by businesses is so massive that many already struggle to extract and make sense of such vast information efficiently.
Leveraging automation and machine learning for data extraction allows your business to efficiently isolate the vital information or the indicator within the chaos needed for a competitive advantage in today’s marketplace.
Machine learning utilizes algorithms and neural network models to assist computer systems in progressively improving their performance. Some of the ways leveraging automated machine learning give your business an advantage are:
Eliminating Manual Data Extraction and Entry – The amount of time it would take to extract data from a database, or any unstructured environment manually then structure it in a format that is suitable to your specific needs in and of itself would be extensive. You also run the risk of data entry errors. Thus, automating data extraction and data entry avoids mistakes and saves valuable staff-hours. Inaccurate data is one of the most significant problems faced by businesses today. Machine learning makes these processes better by using the discovered data to take specific actions while also suggesting new insights and actions.
Customer Lifetime Value Prediction – Customer lifetime value is the metric that leading companies use to understand their customers’ purchasing habits. Machine learning can assist businesses in accurately predicting customer behaviors, purchasing patterns, and help in making smart marketing decisions based on customer data like browsing and purchasing histories. This reduces the cost and the amount of time invested in managing customer relationships while reducing customer churn.
Competitive advantage – Data curation and analytics are changing the way businesses compete. Leading companies take advantage of insights hidden in their data to reach consumers quickly with a product or service the consumer desires. By leveraging machine learning their decision making is more accurate and timely. Businesses that are not on the cutting edge of this technology will be at a distinct disadvantage in today’s data driven markets.
Companies looking to gain an advantage through automation and machine learning but don’t have an advanced data analytics process in place should consider outsourcing their data extraction needs with Liberty Source as a partner. Liberty Source has the infrastructure and experience needed to leverage automated machine learning to help your business stay ahead. We will tailor a solution to meet your specific needs – harmonizing our workforce with the right technology. Our highly skilled staff is eager to help you get the most out of the data your business holds.