Digital Reinvention
Machine learning and business processes
August 24, 2018 | Written by: IBM India
Categorized: Digital Reinvention
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Business process modelling is an integral task needed for efficient running of business operations. Today many businesses are adopting business modelling both to stay relevant as well as have a competitive edge over their competitors. At this juncture with AI changing the way enterprises do business there are several intersection points between AI and business process modelling.
One such intersection point is that of machine learning and business processes.
- Machine learning can be used to enable prediction of tasks. For e.g. for a car rental company it will be useful to predict how many rentals do they expect to see at the beginning of a long weekend, so that they can plan their rates. These patterns lie in the data that captures trends, seasonality of rental data.
- Machine learning can be used for decision making. For e.g. in the above example machine learning could be used to decide which customers to propose car upgrades to so that the likelihood of them bringing back more business is the highest. This can be learnt from human behaviour and understanding which sector of customers are likely to be loyal.
- Machine learning can be used to take an action. For e.g. in the above example ML can be used to search for the next best action based on what the customer says his requirements of a car are.
To summarize AI-embedded business processes enable an enterprise to stay ahead of competition and differentiate. Come listen to me in the Think Summit 2018
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