Part 2 of a 2-part series. Read Part 1.
In Part 1 of this series, we looked at how professional services firms are at the forefront of machine learning innovation. What are some of the factors that are essential to successful initiatives?
Machine learning is giving professional services firms the chance to shoot for the stars when it comes to their business goals and innovate without fear of failure. And it’s this modus operandi that helps them find their way to the “next big thing.”
A chance to dream big and innovate openly
One such leader in this regard is EY, which is turning to virtual reality and chatbots to improve the onboarding experience for new hires – in particular, for the many college students and graduates they hire each year. Not only have they found that this increases the engagement of new hires exponentially, but also that it leads to a more engaged workforce, which can only stand them in good stead as they innovate into the future.
It’s worth remembering that it’s not necessarily the case that machine learning’s fast learners are getting everything right the first time. It’s more that they have the right attitudes, culture, and enterprise-wide backing in place to see their machine learning initiatives through to fruition – and, crucially, that the business accepts the possibility of failure. But with this approach, fast learners are gathering even more momentum, which means the gap between them and all other businesses is widening. That’s why you should act now, making the implementation of a machine learning strategy a business priority, and ensuring that you’re in a strong position to stay competitive in the years ahead.
Machine learning: an opportunity for all
While it’s true that fast learners have speed, agility, and a significant head start on their side, the good thing about machine learning is that it’s accessible to all – thanks to cloud-based technology and open source platforms. Businesses of any size can reap its rewards and realize the benefits of continual innovation. In fact, midsize and smaller businesses might even have an easier job than their larger counterparts when rolling out and scaling pilots and initiatives – though, of course, big businesses tend to have more money and resources to back R&D schemes.
But this accessibility is good news for professional services businesses, for whom machine learning adoption is increasingly essential – and inevitable. Today, you’d be hard pressed to find someone who hasn’t heard of AI and the likelihood that a large proportion of today’s jobs will be lost to automation in the not-too-distant future. PwC puts the automation figure at 45% of workplace activities. The implications are huge, but also (potentially) highly advantageous in the sense that they allow businesses to streamline processes and grow new revenue streams.
Those businesses that are yet to make leaps and bounds in the field of machine learning would do well to take their lead from our fast learners. Taking advantage of tailored tools, services, and applications that are designed especially for enterprises will allow them to significantly jump-start their journey, as well as reducing the cost of discovery and reducing risk.
While innovation cannot be bottled, technology can provide a solid and future-proof foundation, where it can quickly and safely deliver personalized AI and machine learning applications. Find out more about how SAP Leonardo can help.