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Businesses are often data-rich but information-poor. Machine learning is changing that. This application of artificial intelligence (AI) enables computers to learn independently by using algorithms to intepret data. It can help organisations process vast quantities of complex information and analyse to improve business insights, predictive accuracy and decision-making.
Machine learning is already being used in applications from fraud detection to self-driving cars, and sectors from marketing to government. CIO UK looks at how eight leading CIOs are using machine learning in their businesses.
"In a large [legal case] such as Rolls-Royce, which resulted in a £671m settlement, we had 70 investigators working to review over 30 million documents. It's just not possible to manually review that amount of data, so we worked with our technology partners to develop an AI robot to assist with that.
"We were able to prove that this approach is both more accurate and much more efficient than human review alone - in some instances at one-fifth of the cost. The volume of data in our cases is increasing exponentially, and it won't be long before we have one that is two or three times the size of Rolls. Because of that, using machine learning techniques will be an essential and critical part of every investigation in the future so we can move faster and deliver better value for money."
Ben Denison, Serious Fraud Office CTO
"We are experimenting with machine learning technologies to help with product identification and managing workflows that would have been done by humans in the past."
Neil Pearce, Travis Perkins CIO
"[I'm] in the process of looking at our business model and main business operations to benefit from automated decision making and machine learning. We have managed to use some algorithms to help us match the next five years supply and demand.
"This would have been too complex to be done manually to the detail we can provide and automating the process allows the 'recalculation of scenario planning possible which manually the time/complexity required to do this would be prohibitive. Ultimately this allows us to be more proactive on planning. Our phase two of this is improving data quality to use more analytics for better decision making and price optimisation."
Matthew Butlin, BerryWorld CIO
"We could use machine learning where we currently have manual intervention in aspects of our workflows, and we could even get to the stage where we use a lot of machine learning in our underwriting algorithms," says Capital One Europe CIO Rob Harding. The company has already implemented some aspects of machine learning into its data science team, but Harding believes there is much more to be explored in the area."
Rob Harding, Capital One Europe CIO