Let’s understand what actually is CORE. Why did we name it CORE?
CORE stands for Create your Own Recommendation Engine. What we have experienced in enterprise is machine learning and big data are the technology where major new developments are being made and these are the consultants who are not only future ready but are also making a lot of money in current projects as well.
To give you a number, it is about 80 to 90 % of the projects where people are working on a Big Data challenge and in fact big data and machine learning are growing together and they have gone hand in hand too and there is no other way to do it, because machine learns better when you train them with large data set. The real challenge, the Million dollar question is how to do it in real time and where can it fit in your business. It is like your first salary, you don’t know what to do with it.
When you are using an application where entire data which is acquired over a period of 30 or 40 years or may be 5 years of data or even 1 year of data .In this case the challenge is much harder to solve because it becomes a big data problem and the tools necessary to solve them are completely different. Even a simple task of sorting 10 million records or just 1 million records can become a big data challenge far along making it do what your customer wants, which is like racing a bunch of horse with spoon in mouth and making sure the potato on it doesn’t fall.
The next thing is machine learning. Here, if you can’t really use the power of a computer and take advantage of its ability to learn then it can’t help you be more productive. I mean no disrespect here but in that case there is no difference in you and Billy who lives next door and still thinks unicorns are real.
To understand the seriousness of the situation you might have to look into who might use it. Consider it the dragons used in Games of Thrones; if you have dragons just 3 of those then you can defeat the entire army of 10,000 men or more. Machine Learning is that dragon if you know how to use it. You might not fly with it or say cool commands while riding it but you still need to know the commands to start your ML tasks right?
When it comes to real competition any big company having a known rival, and they need to keep themselves one step ahead because sometimes it is winners who take it all and losing means a lot. Imagine you are a FMCG company and you launched a product in a new market and want to make sure the 23.7 Million USD you invested to make that product go live and available in store gives you return and also take off. You also need to make sure of what if scenarios. In your successful campaigns, knowing what will happen and getting prepared for it before hand is all the difference it makes.
It can happen that you spend 30% of the budget marketing, hiring a big celebrity to endorse the product and create an awesome advertisement. If the product took off and suddenly you realized that the container on which it is sent cannot be produced on large quantity because the raw material is out of stock. And it takes month to get a new stock of raw material as the plastic you use have a special procedure of manufacturing which is fermentation and it takes 3 months for manufacturing. In that case if you are a marketing manager or production manager who was marked in CC of every email for this new product launch better start looking for a new job and good luck if they ask you the question – why did you leave your previous Job?
The entire point here is, it is real for businesses when they put money on any new endeavor which can be an investment from their part and failures have consequences. Your solution can make all the difference if it is done right or it is not done right. It can be the root cause of you and your company winning most innovative business award or becoming an example which they teach in business school of what not to be!