There are growing opportunities for SMEs prepared to invest a little in making the most out of their data. Big companies have already identified and leveraged the benefits of AI and its subfield of machine learning. But what about SMEs? Do small and medium sized businesses also benefit from machine learning?
Thanks to recent technological advancements, machine learning is transforming small and medium-sized businesses digitally. Machine learning can shape business processes and decision-making, reduce costs and find new sources of value creation.
Using mathematical algorithms to train computers in the processing and analysing of large amounts of data, machine learning allows them to create rules, identify patterns and generate classification predictions.
So, the answer is yes! Machine learning can bring plenty of valuable benefits to small and medium businesses. Here are my key points.
Make better decisions
Firstly, machine learning enables software to learn from data without explicit programming. This means SMEs can analyse large amounts of data and extract useful information which helps generate real-time information. This information can be extremely useful in decision-making.
From financial health overview, and improved productivity to predictive analysis, machine learning plays a big role in better decision-making.
By helping out with repetitive tasks and saving human resources, machine learning can free up time and allow SMEs to focus on creative and strategic thinking. The amount of data is becoming bigger and denser, and for most SMEs this data is unstructured, making it difficult to analyse. To discover new insights and become more efficient, we need to extract the right knowledge. Machine learning can unlock this potential.
Processing power and cloud technology are more affordable than ever and so are the costs associated with accessing and collecting data. This means SMEs now have an affordable way to integrate machine learning to increase productivity, create new possibilities and successfully position the company in a competitive market.
Take the time back from the mundane tasks, reduce costs and bring your business to the next level.
Where do you start?
Machine learning will empower businesses in many forms and it will soon become one of the most valuable resources. By leveraging the power of digital skills, real estate professionals can improve performance, mitigate against risk, reduce costs, improve customer service efforts and respond faster to emerging market trends.
Smart real estate and Data Driven Performance are based on the collection of digital data and value generation from that data. We have created a series of mini online courses designed for real estate practitioners who wish to leverage data in response to the increasing demand for transparency.