Forbes. Ways to leverage machine learning to boost your small business

Machine learning (ML) is quickly becoming a mainstay in the enterprise world, but entrepreneurs and small-business owners often hesitate to invest in it partly because they think it’s too complex. But there are ways small business owners can begin to leverage ML without pouring in large sums of money.

It’s a topic that Forbes recently covered in an article. And to give business owners a perspective on how to leverage ML, it reached out to get expertise from Forbes Technology Council members.

Machine learning is another technological advancement that I’ve had the pleasure of implementing for many clients throughout my 30+ years as a tech advisor. Yes, it’s been around that long. Much longer, in fact. It’s just that within the last few years, machine learning has advanced exponentially, giving small businesses a chance to integrate it into their operations without the need for an exorbitant investment amount.

So where do I see small business owners getting the best use out of ML? Existing environments.

Find analytical solutions in known environments to leverage ML for small businesses

As Forbes mentioned, you don’t need to be an expert to incorporate ML into your small business.

“Machine learning can be used in robotics, business strategy planning, telecommunications—in other words, wherever the environment is known but the analytical solution is not,” explains Vaclav Vincalek, founder and virtual CTO at 555vCTO.com.

“Entrepreneurs and small-business owners can take advantage of ML to see what actions yield a higher reward over the longest period. Financial companies use reinforcement learning for stock trading, for example,” he adds.

Of course, this isn’t the one and only area where businesses can leverage machine learning.

Ways small businesses can leverage machine learning to benefit growth

As you’ll see from the many expert suggestions noted in the Forbes article, machine learning isn’t a one-size-fits-all solution. Depending on the business model, there are a slew of approaches to ML for small businesses.

Here’s a summary of what the other experts had to say: 

Small businesses can make the most of machine learning (ML) without the complexities. One smart move is to leverage pre-trained artificial intelligence (AI) services like those provided by AWS. These services, such as Comprehend, Rekognition, Lex, Personalize, Translate, and Polly, are tailored to specific needs, sparing small businesses from the hefty data requirements that many ML models demand. It's like having AI support at your fingertips, allowing you to save time and resources for other crucial aspects of your business.

Additionally, ML can be a game-changer for small businesses with limited data resources. It can help streamline tasks like customer care and chat by learning from past interactions, even with less data available. This means you can extract valuable insights and make data-driven decisions, all without the need for massive datasets. Essentially, ML empowers small businesses to make the most of the data they already have, making operations more efficient and customer service more personalized.

What's more, ML isn't just about algorithms; it's about fostering a culture of data-driven decision-making within your organization. By simplifying the intricacies surrounding data usage across various departments, small businesses can set the stage for future growth and success. Through ML, data becomes a powerful asset guiding you to smarter decisions, enabling your business to thrive in today's data-centric business landscape.

The fractional CTOs at 555 vCTO can help your business leverage full use of machine learning

Is your small business contemplating machine learning to boost operations? How about efficiency? Improve data analysis? Create more customer-facing content? 555vCTO.com virtual CTO services can help you evaluate possible technologies like ML to see what best fits your company. Contact 555vCTO.com today and let’s work together to enhance your business strategy with the right technology.