Classifying organizationals spend is not easy. It takes time and effort to define boundaries and put strategies in place to maximize returns. But the question is how we do it today? Is there may be a better tool out there which can help us?
Machine learning has the answer. It comes in very handy when it comes to discovering patterns in data which otherwise would be difficult to explore. How about when business conditions change daily, monthly or all the time, can we spot patterns quickly? Good thing ML algorithms can learn from data in real time and can categorize spend accurately when those changes occur. All we need to do is acquire the data, do some data preparation, explore questions we want to find, acquire the data again and apply the algorithm. It's that simple! So what is the difficult part then? Demand for Data scientists who can interpret all the data is high. It takes time to learn coding and applying it to problems, which can be the difficult part.
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