Our past Technical Chair, interviewed Beverly Wright, Executive Director, Business Analytics Center, Georgia Institute of Technology.
There is a lot of talk about using machine learning for different business applications. Why has this become such a popular topic?
BW) There are several reasons why I suspect we’re seeing such an increase in machine learning for business. One of the many reasons I’d attribute to the growth in ML popularity is data:
We’ve seen an incredible increase in the amount of data we can capture and use. We aren’t able to efficiently take on a manual process to explore data but we know that insights are buried within the data. Machine learning can help guide us earlier in the analytics lifecycle to figure out our business questions, and start to give a sense of direction.
Many companies are talking about machine learning, but usage appears to happen at different rates, levels, and intensities. Why are the adoption rates different?
BW) On the surface, using machine learning to improve business decision-making seems like a no-brainer. You might wonder why all companies have not adopted this approach, full force. Before any new technique, process, system, or even mindset is adopted, several challenges and boundaries need to be overcome. Adoption rates most likely vary for a number of reasons, including cultural acceptance, using data to drive decisions, technical expertise, understanding and interpreting results in relevant ways, among many other factors. What might seem like an easy and logical decision from the outside, could take a long time to implement for a variety of reasons.
Where is machine learning going for business? Is this a fad, but we see more, will it change? What do you think the future holds for machine learning in business applications?
BW) I think we’ll see more machine learning applications in business, particularly as large innovative companies have improved and proven the value. The diversity of data structures, coupled with the increased volumes, plus the need for real-time answers, all beg for new ways of harnessing and using data for business decisions.
Dr. Beverly Wright leads the Business Analytics Center at Georgia Institute of Technology’s Scheller College of Business. Beverly brings over twenty years of marketing analytics and insights experience from corporate, consulting and academia. In her consultative roles for both nonprofits and for profit businesses, she has solved critical issues through the use of modeling and advanced analytics. Her academic experience spans over a decade with a strong emphasis toward community engagement and experiential learning. She’s also worked for companies within or leading Marketing Analysis departments.
Beverly earned a PhD in Marketing Analysis, a Master of Science degree in Analytical Methods, and a Bachelor of Business Administration degree in Decision Sciences from Georgia State University. She has also received a Professional Research Certification from the Marketing Research Association and CAP certification from INFORMS. Dr. Beverly Wright regularly presents at professional and academic conferences, as well as publishes articles in various business journals.
