Different Approach to Problem-solving
Follow the new trend in the business world, the so-called Algorithmic Business Thinking, which enables businesses to reach their customers more accessible and faster than ever before.
Algorithmic Business Thinking
Algorithmic business thinking is based on four cornerstones borrowed from computational thinking:
Decomposition, Pattern recognition, Abstraction and Algorithmic partnership of humans and machines.
With the availability of affordable Artificial Intelligence technology, in recent years not just larger companies moved towards creating algorithms for their business processes to run more efficiently but smaller businesses are also adopting it.
AI comes into play especially in big data environments because it enables the extraction of high-level and complex abstractions through a centralized learning process.
AI-powered Algorithmic Insights
An algorithm is simply a set of steps to solve a problem.
AI algorithms are more complex than general algorithms. They take in training data (either labeled or unlabeled) to learn and grow. Machine Learning techniques are used to identify patterns in large volumes of data that would otherwise be impossible to do using traditional rule-based approaches.
By combining well-established machine learning algorithms with the proper data, insights can be automated; humans can then take advantage of the augmented knowledge to resolve business problems.
Why Algorithmic Insights
- Increased return on investment (ROI) due to cost efficiency and targeted actions.
- Improved customer satisfaction and experiences that can be tailored to meet individual customer needs and build loyalty.
- Ability to quickly analyze large amounts of data to produce actionable insights.
- Risk assessment becomes more accurate through identification of outliers and unusual trends.
