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AI, machine learning and analytics

From understanding to predicting to acting, how to keep ahead of the analytics’ curve

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Creative mechanical engineer working on machinesWhat do you get when you combine machine learning with artificial intelligence? Exciting opportunities to seize competitive advantage. In a recent Oracle Analytics Advantage podcast, Grant Thornton senior manager Jeff Silverman explained how analytics has evolved from descriptive to diagnostic to predictive and how leading companies are now using it to be prescriptive and drive results.

He suggested that it’s time businesses took a serious look at the capabilities of cloud analytic solutions or risk losing out on the chance to seize the advantage these tools present.

“But you need your house in order,” Silverman explained. “You need your descriptive and diagnostic analytics in order before you try to feed the beast of machine learning. Garbage in is garbage out.”

Silverman also discusses how cloud-based analytics can help address challenges faced as ERP systems need to deal with multiple or new data systems or address emergencies where a standard reporting methodology has not been identified. “ERP is the workhorse, but it’s a large ship with a big turn radius,” Silverman says. “That’s where bringing in something dynamic, overlaying an Analytics Cloud or something like that, can help you rapidly manage disparate data sources and ID commonalities to allow you to turn the ship faster.”

“AI is being able to utilize your tools to do smart tasks, to apply business rules to make quick decisions,” said Silverman. “Machine learning is embedded on top of AI to refine those business rules to get smarter with each decision cycle.” Silverman points to dynamic pricing models used in the hospitality and transportation industry and how machine learning can quickly refine existing rules to apply to new locations, routes or sets of business conditions.

Listen to the podcast below to learn why businesses need to seize the advantages of cloud-based analytics today.




Contact:

Jeff Silverman
Senior Manager
Business Applications
T +1 913-272-2745