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#AI@Work: Adviced is Cheap! AI Is Making It Cheaper

AI has and will continue to impact the workplace in three important areas: automating tasks, analyzing data and engaging in conversations. This includes robots, RPA, chatbots, vocally activated technologies, intelligent agents and machine learning. AI is everywhere. Advice is cheap and AI is making it cheaper. Any industry that is data driven can use AI to become more valuable and less expensive.

Machine learning has given organizations the ability to create very specific and highly accurate classification and prediction models. This is one of the biggest strengths of machine learning. It builds statistical models that can instantly calculate and present results. It’s like statistics on steroids. Machine learning can learn from data. Then it creates more highly effective models. From simple regression analysis to decision trees and randomization, machine learning can produce results quickly. It can help improve market analysis, pricing, and revenue management.

Pinpointing, targeting, identifying, modeling and developing recommendations is what RPA does best. Machine learning has transformed how we work by giving us the ability to analyze just about anything that comes from data. This gives us the illusion of making better, quicker, and more efficient and effective decisions. But are we really? Human decision makers are not always reliable. It’s very likely that mid-level decisions like which products to sell this spring and who to assign to the project will be made by machines. Then there is the reality that it is easier for machines to deal with really big data (rivers, lakes and oceans) than it is for humans. There are a few challenges that only humans can discover. Is the data labeled? Is it available? Does it match the variable being predicted?

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