Gone are the days when you needed human intervention and monitor to track every business operation or customer behavior. A lot has changed. A business that has a grip on data, knows how to build not just to sustain but to thrive.

With the advancements in AI and ML algorithms, it has now become possible to analyze and predict customer behavior. 

Algorithms are used to manipulate data in different ways, such as sorting an item, searching for an item and inserting a new data item. It is a step by step approach to solving problems, which is used to data processing, calculating and mathematical or computer-related operations. 

Living in the age of algorithms, you need to be aware of all aspects of your business, as anything you have in the business can be an algorithm – the recipes for your products, a process you use to do special things for your customers, and a true algorithm including parsing data. It is only important that the algorithms are unique to you and you need to be aware of those that make your business work. There are professionals who are now saying less emphasis should be placed on data science and data analysis because algorithms will give you better results.

Algorithms and the New Possibilities

Data could be transient as, by itself, it does not has the ability to transform your business. It has to be collected, stored, and properly analyzed, and the information you garner can change with the changing trends. However, it is said that algorithms define action.

It has been reported that Wall Street is mainly moved by algorithms at this time, and it is possible that businesses could follow. It is predicted that by 2020 software that doesn’t need human control will conduct 5% of the economic transactions around the globe.

Running a business on algorithms is even being considered by some professionals and it is believed that there are Chief Information Officers (CIO’s) who are not being promoted because they have placed too much emphasis on using data when they should be using more intuition and leadership skills to improve the operations at the companies.

They are even being disregarded completely and left out of key discussions and they are not being considered as friends in the boardrooms any more.

New Businesses Created with Smart Algorithms

Google’s algorithm AlphaGo beat the South Korean 4-1 recently. It was an outstanding event for people involved with artificial intelligence and algorithms, as intuitive artificial intelligence, which is a new form of artificial intelligence, that is more challenging than the AI we know and use today. The disruptive changes that are happening, thanks to algorithms, keep on happening all around. 

For example, there are persons who operated cabs or taxis in the past and there are not as many passengers for them to transport anymore, as Uber has changed the business, even though they own no taxis. They simply use smart algorithms to connect drivers with passengers. Now anyone who has a car can use it to earn. In a similar way, WhatsApp has no telecom infrastructure, but it has had a huge impact on the revenue of telephone service providers. More people send WhatsApp messages and make WhatsApp calls in order to reduce their telephone bills. 

Algorithms are causing problems for some businesses while it is helping consumers in many ways.

The way business is being done is changing rapidly, and this is just the beginning, now that smart algorithms are disrupting traditional industries because of algorithms that are changing the way we do business. For example “Alibaba” has customers and no stock.

Gone are the days when inventory was needed before a business could be started. Huge profits can be made with smart algorithms as persons are connected in new ways now. 

NextBee’s smart analytics make use of artificial intelligence and machine learning algorithms to predict customer behavior. Over the years, we have chalked out the roadmap for businesses of all sizes to follow. Our flexible pricing model makes us the ideal solution for startups and even established corporations to gain visibility into their data and make informed decisions. 

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