Can Machine Learning Improve Your Business?
In just a few short years, the amount of data available for analysis has skyrocketed. With all manner of companies adding sensors into physical products to learn more about their performance in order to provide new services, data is becoming a major factor in the lives of businesses. Data input is at the heart of machine learning. By gleaning hidden insights from this data, businesses can work more efficiently and can also gain a competitive edge.
AI and machine learning have been a part of our daily lives without realising it for longer than you might think. Those handy product recommendations which pop up when you are browsing an online store, credit score checking when applying for a mortgage, customer service operations and so much more. When used responsibly AI and machine learning are key to business growth and development.
Machine learning (ML) equips computers to learn and interpret without being explicitly programmed to do so. The computers are then exposed to sets of new data, they adapt independently and learn from earlier computations to interpret available data and identify hidden patterns. There are many algorithms available to use with machine learning including neural networks, decisions trees, SEO and more so it’s key to know exactly what you to get from ML.
Machine learning can simplify marketing and formulate accurate sales forecasts due to its ability to consume large amounts of data which can be reviewed and modelled to reveal customer behavioural patterns integral to building out marketing strategies. With rapid analysis, predictions and processing machine learning enables customers to receive just the right enticement just at the right time. Not forgetting that the mass amounts of data that can be analysed can form better predictions of customer behaviours and therefore feed into more accurate sales forecasts.
Subsects of AI such as Computer Vision will mean a complete overhaul of quality control and vision inspection based practices – the automotive and pharmaceutical industries are among those making the best use of these technologies to maximise output and guarantee quality products. Click here to see how AI has revolutionised these sectors and many others.
Data entry and validation can be massively improved with machine learning. Data duplication and inaccuracy are the major issues confronted by companies wanting to automate their data entry process. ML significantly improves this issue by using predictive modelling and algorithms allowing machines to perform time-intensive data entry tasks, leaving your people to focus on other value-adding duties. Not to mention eliminating human error and certainly not needing coffee or lunch breaks.
Cyber Security is a major consideration for any business, particularly those that deal with personal information. Machine learning was deployed early on with email providers making use of rules using brain-like neural networks to eliminate spam emails. The neural networks can identify messages and junk mail by evaluating the rules across a huge network of computers, reducing the likelihood of dangerous emails getting through to unsuspecting business owners.
As mentioned above, data analysis and machine learning are key to serving customers with predicted related purchases when browsing an online store. Product recommendation is an important aspect of any sales and marketing strategy including upselling and cross-selling. Machine learning enables a business to review purchase histories and identity products that may be of interest to a specific customer. In this way, machine learning helps in creating a superior product-based recommendation system.
I think it is easy to see that machine learning is a top value-producing digital innovation trend. From removing human error and the reallocation of personnel to feeding into business strategy, removing the threat of security breaches and serving customers exactly what they need when they need it. All these give businesses the opportunity to be more efficient and to gain the upper hand over competitors.
