Business every Year spend lots of time and effort in formulating the Plans for their next Financial year. Very often than these plans becomes of lesser significance as you enter into the New Year. These plans are Used for Comparisons of Actual Performance of the Organization against the defined Baseline.
Machine Learning is the science of learning from data. It involves processing of historical data records for discovering patterns in the data, and describing the relationship in the form of rules. These rules can be then programed into RPA to automate the decision making. The machine learning algorithm must be provided with the historical data consisting of decision calls and the snapshot of the relevant data fields at the time the decision was taken.
In many situations, the experience and intuition of the human will impact the decision. In such scenarios, these algorithms will, in effect, learn the “wisdom-of-the-crowd”, which describes combined experience and intuition of the humans.
The Trouble With Traditional Enterprise Software
Machine learning excels in solving many complex, data-rich business problems where traditional enterprise software solutions couldn’t.
First, in traditional software, require manual entry to integrate systems, the data quality and consistency is only as good as the quality of the human input.
Second, traditional enterprise systems hardware and databases are not adaptable to change and require constant care and attention.
Opportunities and Benefits of Machine Learning
Machine learning can be applied any application which has following:
For MNCs and SMEs, this is an exciting time to innovate and use new enterprise software with machine learning features. The good news is, you can use Anaplan as a predictive analytics to transform the financial planning function, or use it for your sales forecasting, commission planning/modeling, severance calculations and more. Moreover, Anaplan is focusing on several predictive analytics improvements to support simulation, optimization, statistical modeling and forecasting, and machine learning. Call center applications, hotel & budgeting applications, scenario planning applications, invement management applications, predictive business planning applications is quite valuable, too.
Machine learning will be the fundemental characteristic that is essential distinguishing characteistic of the “legacy” from “modern” enterprise applications. Contact us to learn more on how we can help your organisation to use Machine Learning to formulate the Business Plans for Smart + Connected future work space.
About the author:
Umesh Biyani has 15 years of work experience in Enterprise Performance Management and Analytics.He holds a Master’s degree from IIT Roorkee, and prior to Anaplan worked as Partner and Client Director for EPM Consulting Organization based out of Singapore. He specialized in working with CFOs and finance organization to define their EPM vision. Besides work, Umesh enjoys the gym and meditation.