Tech

12 Entrepreneurs Explain How Machine Learning and AI is Affecting Their Industry

Machine learning is taking over the running of many industries. To some, it’s a sound of rather bad news while to other businesses, its a sign of better days ahead. We know some entrepreneurs have embraced or had experience with machine learning thus we asked what they think will be its impact on business.

#1 – Computes complex data

Photo Credit: Taso Du Val

Since 2010, the number of tech-related jobs in the U.S. has increased by around 200,000 every year. But 63 percent of senior executives said a tech talent shortage was their organization’s major concern. The demand for top talent is fierce and finding the best talent for the right position is Toptal’s mission. In order to meet the intense demand, make the right talent connections and effectively and efficiently place talent with clients with no disruption gaps, Toptal is utilizing AI and machine learning into its systems. The AI and machine learning platforms are able to compute complex data on talent experience, personality and proficiencies and make smarter and better recommendations to meet the very detailed requirements that our clients are requesting.

Thanks to Taso Du Val, Toptal!


#2- Managing of simple, repetitive tasks

Photo Credit: Sergey Yudovskiy

As an automation startup, electroNeek is heavily influenced by the rise of Artificial Intelligence. Right now, RPA (Robotic Process Automation) is capable of managing simple, repetitive tasks that can be described by the instruction, but with the development of AI, it is going to shift to IPA (Intelligent Process Automation) or Cognitive RPA. This advanced version of programmed automation will be able to finish complex assignments, even those that require making a decision. This might cause a revolution in process automation and the concept of typical workflows.

Thanks to Aleksandrova Serafima, electroNeek!


#3- Consistency in service delivery

Photo Credit: Ron van Haasteren

As a provider of service management solutions, we are seeing many organizations seek new ways of structuring processes to guarantee consistent service quality. Some are attempting to achieve outcomes with machines similar to people. For a service desk employee, this can be scary. If a digital workforce really is the way of the future, I believe the focus should be service excellence. Only a human can provide that. It’s true that service quality varies based on the person providing it, but services only exceed expectations because of human interaction. Robots are not empathetic. Humans can adjust their service delivery to fit the emotional needs of the customer, unlike machines. When a customer has had a rough day, the service delivery can be altered. Digital workforces in a service desk won’t replace staff any time soon, but robots but can augment processes. Digital workforces can take on recurring tasks, freeing up time for humans to focus on individual needs of the customer. Robots can identify solutions for a customer’s problem, but can’t offer the intangibles humans can offer other humans. Implementing AI in this way brings you a step closer to service excellence.

Thanks to Ron van Haasteren, TOPdesk!


#4- Increase in the amount of HPC equipments

Photo Credit: Jack Bedell-Pearce

Running data centres means we’ve seen first-hand the changes in hardware that AI and machine learning have demanded. From a logistical point of view, servers that are running AI and machine learning programs require significantly more power and much larger memory storage. As well as in software, companies are investing heavily in the hardware needed for these programs. In just the past 2 years we’ve seen a significant increase in the amount of HPC (High-Performance Computing) equipment deployed in our data centers and across the sector as a whole.

Thanks to Jack Bedell-Pearce, 4D Data Centres!


#5- It’s nothing more than automation

Photo Credit: Carsten Schaefer

Machine learning and AI are changing the SaaS landscape primarily in the marketing department because everyone claims that their application uses AI and ML. In reality, it’s nothing more than automation and cleverly used data. I think that customers need to be more aware of what AI and ML actually are, on the one hand. On the other, SaaS companies should be more honest about what technologies they are really using. We are still years away from AI and ML making an impact in SaaS and anyone who claims that they are using them today either has no idea what they’re talking about or they are trying to pull a marketing stunt.

Thanks to Carsten Schaefer, crowdy.ai!


#6- Improved chat and recommendation system

Photo Credit: Ben Packard

First, the rise of chatbots means that travelers can get their questions answered any time of day. It’s really helpful for people who don’t have time to think about their trips until later in the night when support is usually closed. It’s not perfect, but the technology has come a long way in improving customer service. Machine Learning and AI have also really improved recommendation systems, especially for travel. We all have our quirks and preferences when it comes to travel. As we browse and input our preferences, we leave hints about those tastes all over the internet. These hints are allowing AI-backed to really understand what we like when we travel. And it’s making it possible for these systems to make killer recommendations. Finding our perfect holiday gets easier all the time because of this.

Thanks to Ben Packard, Thrifty Points!


#7- More focus on users experience

Photo Credit: Filip Silobod

I am an SEO specialist and that means I work on and live on Google. I work with the search engine that is constantly changing, changing the way it functions and rates signals about each site across the web. Google has focused more on AI, machine learning and even called rank brain – the term was confirmed by Google in 2015. That means that the algorithm that moves site’s rankings in Google’s search results is based on A.I. more than ever before. That makes my job much more difficult then it was 5 or especially 10 years ago. Before there were 2,3 ways to increase your rankings with SEO and that is it. Today Google says there are over 200 ranking factors, some of which are big and some which are small. With the development of A.I. in Google’s algorithm, it will be almost impossible to manipulate it and SEO’s job would be a lot more focused on users experience as it is more and more today. PPC is also influenced by A.I. a lot recently. With smart bidding, PPC optimisers can spend less time optimizing ads and let Google do that. IT is possible that the whole PPC can be automated by Google’s A.I in the near future.

Thanks to Filip Silobod, Honest Marketing Galway!


#8- Effective ads management

Photo Credit: Anthony Money

For Agencies doing Google Ad Management it has made it simpler in that once you do your due diligence, you can let the AI and machine learning greatly assist to get more leads for lower cost. That being said, you have to put in the initial work and get meaningful and quality data for the AI and Machine Learning to be effective. Garbage in equals garbage out. This is where business owners who try to self manage their accounts fail. They try to put their Google Ads accounts and campaigns in “auto pilot” from day one and burn through their cash. You still need to set up the account correctly, do in-depth market research, and work to optimize the account for the first 3 or 4 months (lengths depends on account size) before you can let AI and machine learning take more of the reigns. Though used adequately, AI and Machine Learning are improving the industry and ad campaign management in ways a single person simply cannot.

Thanks to Anthony Money, Qualified Online Traffic!


#9- Several effects

As a communications professional, I’ve seen technology highly affect our sector in the last 10 years. Until now, these changes have been quite positive. The tech revolution has generated more jobs, created entirely new careers, brought both more study and work possibilities and enhanced many processes. We can now have smarter tracking and better automated reports. We are also able to automate many tasks that once required manual work, such as email marketing, surveys and even press release distribution. Another unexpected change in the communications industry brought by AI and machine learning was a better sense of the importance of the human mind. Creative tasks, the development of new strategies, report and trend analyses and many other analytical duties are even more valuable, as companies have noticed that humans are the only ones able to do it while taking into consideration all of the variables in the business world.

Thanks to Caio Bersot, EnergyRates.ca!


#10- AI hasn’t hit professional communicators yet

Photo Credit: Beth Noymer Levine

It seems as though high-touch, abstract activities like PR and corporate communications should be immune to the sweeping forces of AI. After all, communication is such a human task. Or is it? AI hasn’t hit professional communicators yet but it could. Just look at how Gmail and LinkedIn are helping us reply to messages and finish our sentences, anticipating – very appropriately, in most cases – what we want to say. Professional communicators write speeches, press releases and pitch letters; they create and deliver presentations; and they share routine corporate information (think: benefits or financial results). These are predictable, formulaic activities with understood needs and known ingredients for success. This is the perfect storm for humans being replaced by machines … unless those of us in the business remain more masterful at our craft than software could ever be.

Thanks to Beth Noymer Levine, SmartMouth Communications!


#11- Impact on due diligence and underwriting

Photo Credit: Ben Ames

Machine Learning has impacted our entire due diligence and underwriting processes. Companies apply for financing, we receive their company data and generate a financing score which determines eligibility for financing. The days of reviewing financial statements and excel spreadsheets are almost over!

Thanks to Ben Ames, Corl Financial Technologies Inc.!


#12- Shaping conversion optimization

Photo Credit: Alexander Porter

I’ve seen first-hand how AI is shaping conversion optimization, with potential changes on the horizon set to be disruptive to an industry that has traditionally followed the same rules when it comes to CRO. Test, repeat. Test and repeat again. But this pattern is time consuming. While journalism has been using AI for years – with the Associated Press using AI software to create up to 3,000 news stories a quarter since 2015 – AI can now be used to test email subject lines in a way that was never previously possible. A/B testing subject lines to find the most successful variations for individual segments of your subscriber’s list. With AI-driven companies already in the game, including Persado and Phrasee, AI software is already able to generate email subject lines that result in open rates higher than the human equivalent in 98% of cases. AI saves marketers who were previously drowning in data and lets them direct their attention in places where human interaction is key.

Thanks to Alexander Porter, Search It Local!


How is machine learning and AI affecting your industry? Tell us in the comments below. Don’t forget to join our #IamCEO Community.

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Mercy - CBNation

This is a post from a CEO Blog Nation writer. CEO Blog Nation is a community of blogs for entrepreneurs and business owners. Started in much the same way as most small businesses, CEO Blog Nation captures the essence of entrepreneurship by allowing entrepreneurs and business owners to have a voice. CEO Blog Nation provides news, information, events and even startup business tips for entrepreneurs, startups and business owners to succeed.

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