What is the promise of Machine Learning and AI? Do they offer real value for businesses?

Organon Analytics CTO Ömer Faruk Alış, “As individuals and firms, we make decisions, and these decisions are based on predictions. Being able to make correct predictions give you a competitive advantage. For example, if i can make  good predictions about my overall health, i can extend my life-span. If a consumer lending company can make good predictions about the risk of a potential customer, it can increase its profits; if an SME company can profile its customers, it can optimize its advertising campaigns on the internet; if an FMCG company can make good predictions about the demand for its products, then it can make better production planning and better inventory management. In essence, we need good decisions in life. And good decisions are based on good predictions. In a nutshell, Machine Learning and Artificial Intelligence use data and algorithms to make excellent predictions leading to better decisions. As such, they will have a tremendous impact in our personal and business lives” said.