The machine learning way

Ironically, one of the foremost barriers preventing the exploitation of ML in a business is neither the implementation of the algorithm nor the retrieval of the data (the how): the toughest part is to recognize the right occasion to use it (the why)! We need to identify within the complex map of business processes (the operating model of the company) the specific steps where algorithms can bring real value if adopted. If we develop our sensitivity to recognize such leverage points, then we will be able to find in our work the first opportunities to put ML into practice.

There is a machine learning way (we can call it the ML way) to operate business processes. Let's go through three sample scenarios to distinguish between the traditional and the ML ways to create value with data.

Scenario #1: Predicting market prices

You work for a car dealership, specializing in multibrand, used vehicles. You notice that some cars take much longer to sell because...