As we’ve already seen in the first four of our blogs in this series, at the heart of every Intelligent Enterprise is a group of intelligent technologies - enabling technologies which transform your systems and processes to give your business that all-important competitive edge when it comes to doing business in our global, digital economy. As discussed in our previous blog, The Benefits of Artificial Intelligence in Business, AI should be at the very heart of any Intelligent Enterprise. However there are two other vital intelligent technologies that underpin the most effective Intelligent Enterprises: machine learning and predictive analytics.
In basic terms, machine learning uses algorithms to learn from huge volumes of data. It applies AI to systems so they’re able to automatically learn and improve with minimal human intervention. Relying on patterns and insight derived from the massive amounts of data that our businesses are dealing with on a daily basis, machine learning enables systems to perform specific tasks effectively and intelligently without explicit instructions.
We already see machine learning in action during our everyday lives. Personalised recommendations on shopping sites such as Amazon and facial recognition on social media sites are to name but two, but its effectiveness in business is one of the cornerstones to building an Intelligent Enterprise. Machine learning algorithms not only automate, but prioritise decision making. They pave the way for faster decisions and the ability to respond to new opportunities immediately and effectively. Using machine learning algorithms to inform and support existing business systems and processes leads to a high level of automation, which inevitably reduces costs and speeds up productivity. This eliminates human error and enables dramatic improvements in business efficiency. When used to its full effect, machine learning optimises processes right across the business, helping to establish new business models, products and services.
In a similar vein to AI and machine learning, predictive analytics involves the analysis of huge amounts of data to find insights that can better inform business strategy. Predictive analytics is the key to unlocking your business data, predicting outcomes, identifying untapped opportunities, exposing hidden risks and uncovering insightful trends right across the business.
One of the key enablers of digital transformation, predictive analytics is able to automate the entire predictive modelling process - creating, deploying and maintaining 1000s of predictive models. This allows you to try out a variety of scenarios based on real data, so you can optimise your decision making based on intelligent insights. Without predictive analytics technology it’s just not humanly possible to uncover the same depths of insight to the same degree of accuracy.
Predictive analytics spans the entire business, encapsulating finance, performance management and collaborative planning. This gives all decision makers access to intelligent, forward-looking insights and enables them to move beyond spreadsheet-based analysis and planning. It’s this ability to have complete confidence in the data that makes all the difference and leads to timeless, robust planning decisions. Predictive analytics creates a responsive, agile business that is always one step ahead of the competition.
Both machine learning and predictive analytics are key enablers of the Intelligent Enterprise, with the most successful businesses using a combination of both. Offerings such as SAP Leonardo, which brings together a whole host of intelligent technologies and services, give businesses the chance to make the best use of tech to take their business to the next level. It allows businesses to enhance their business systems and processes and ensures they are best placed to lead the way in an increasingly intelligent marketplace.
Find out more about Intelligent Enterprise by reading our next blog in the series - Our Guide to Building an Intelligent Enterprise. Alternatively, contact us for more information on how Sapphire can help you to implement intelligent technologies at the heart of your business.
One of our team will be in touch shortly.