You have probably heard the term Machine Learning before, but what is it really, and how can it help your business to become more efficient and effective?
Machine Learning (ML) is a subset of Artificial Intelligence (AI). It aims to analyze (large) data sets to make predictions based on specific patterns in the data. ML algorithms construct models based on a training data set. Generally, the more training data available, the better the model performs, as there is a more significant learning experience. After training, the models can make predictions on future data points.
How can machine learning support you?
Getting insights into data is vital for businesses to analyze user data and project outcomes, such as predicting trends or making efficiency savings.
It can take a lot of time, or even be impossible, for people to be able to analyze large data sets, which are subsequently open to human error. Machine learning can give you practical, applicable results instantaneously, relying on the data with less bias.
Machine learning supports your decisions by giving you the insights and facts you need. It’s there to work alongside you.
It also reduces businesses’ dependence on human capabilities. Up-to-date info is always available, and knowledge is always available.
How does Uffective use machine learning?
At Uffective, we think of machine learning as a knowledgeable advisor giving you unbiased and quantifiable advice, not a boss. Machine learning doesn’t have to make uncontrollable and automated decisions. It is there to guide you and help you to come to the best possible conclusions.
These are a few examples of how we use machine learning to power your business decisions in a few unique ways.
Sharing project information between teams
Imagine you are a team about to embark on an ambitious new project. How do you find out if other teams in your organization have worked on similar projects or if they have experience working in a similar field?
Using machine learning, Uffective can highlight similar projects and put you in touch with your co-workers (from other departments or countries) who have previously worked on similar tasks. This can enable you to save replicating work, gain insights and understanding and save time, resources, and expenditure.
We have already implemented this solution for a leading company in the energy sector.
Allocating projects to the teams who can handle them best
When creating new projects, how do you choose to allocate the most efficient and effective team to the task? Uffective uses machine learning to recommend the best team to work on a project and can highlight success and efficiency based on previous tasks completed. This saves your business time and money and ensures you have the right team for the project.
This is especially useful in operations, HR, and project management. You can predict how long projects will take, which subdepartment will best execute the projects and which colleagues are available to work on the project.
Make better board level decisions
When a project is brought before a board for approval, what factors are considered before the green light goes on?
Using machine learning, Uffective can look at the success of previous projects, project the success of future projects and help the board to make more impactful and cost-effective decisions.
By looking at the data, Uffective also looks at the decision in a precise, systematic way, giving your board all the information it needs to make better decisions.
You can get advice on how high a budget should be and how long it will take to reach the first gate.
The model can predict whether the project will be launched or not, and it can then tell us how it came to its prediction. This gives senior board members visibility over crucial data points they may not usually look at to make decisions.
Want to learn more about machine learning and how it can help your business? Contact us for a demo or a chat now.