TOP 10 BUSINESS BENEFITS OF MACHINE LEARNING
Have you ever watched a recommended movie on amazon prime, paid for a service with PayPal, or seen a specific marketing advert across multiple social media channels? You have enjoyed a slice of machine learning.
Machine learning is a branch of artificial intelligence (AI) and computer science which focuses on the use of data and algorithms to imitate the way that humans learn, gradually improving its accuracy.
Machine learning (ML) is the process of using mathematical models of data to help a computer learn without direct instruction. It’s considered a subset of artificial intelligence (AI). Machine learning uses algorithms to identify patterns within data, and those patterns are then used to create a data model that can make predictions. With increased data and experience, the results of machine learning are more accurate – much like how humans improve with more practice.
The adaptability of machine learning makes it a great choice in scenarios where the data is always changing, the nature of the request or task are always shifting, or coding a solution would be effectively impossible.
Many companies are generating large quantum of data from different channels. Managing a large amount of information has overwhelmed most of their conventional systems. With machine learning, they can easily create a model that processes large volumes of data and “learn” how it can impact the business in the future.
Top 10 Business benefits of machine learning
The benefit and adoption of ML can be seen in the ripple effect on its global market size, which is projected to hit a whopping 30.6+ billion dollars by 2024 at 48% CAGR. These figures are quintessential to the adoption by many businesses who want to take charge of their business processes.
Therefore, let’s look at the top 10 benefits of Machine Learning and how it is changing the narrative for many companies.
1) Real-time Business Decision making
ML can swiftly sift through extensive data from multiple sources to provide business analysts with real-time data-driven insights for business decisions. Machine learning leverages ML algorithms that analyze existing data, current business situation, market demands, and predict changes.
2) Predict Client Behaviors
Client behaviors are rapidly changing, with convenience at the top of the precursors for change. The right technology to quickly predict client behaviors and buying patterns will significantly impact any forward-thinking business that wants to sell the best-personalized product and sustain client lifetime value.
3) Optimize business Cybersecurity
Businesses use many applications to analyze fraud, and network intrusion, which are critical factors affecting their growth. ML monitors network behaviors and follows standard steps to prevent network intrusion or fraud. ML uses different applications, including AI processors, image recognition, multiple login verification, chatbot, and linked hardware and software to optimize business cybersecurity needs.
4) Predictive maintenance
ML uses existing data and real-time data of manufacturing facilities to predict operational maintenance, which helps firms remain efficient and cost-effective. Many companies have adopted ML’s predictive modeling to analyze the current state of equipment and help predict when care is due.
5) Product Recommendation
Convenience has risen to the hallmark of most online and mobile purchases. Customers are interested in buying the best products available. This human shopping behavior is complex, but ML can analyze human behaviors, shopping history, and search to determine which product interests customers. ML algorithms further analyze hidden and computational patterns via an unsupervised learning process to recommend products for clients. This plays a vital role in improving a brands marketing strategy, and their a few marketing software’s that have introduced ML to their application features
6) Image Recognition
A lot of industries are introducing new ways to satisfy their customers. One such way is image recognition. Whether retail, healthcare, marketing, or automotive, ML algorithms can predict consumerism and improve image recognition. Moreover, businesses can effortlessly track access from barcodes and monitor numeric/symbolic information from images and complex datasets.
7) Pattern Detection
Every business needs a system to monitor and recognize label or non-labeled data abnormalities. Business analysts can train ML algorithms to identify regularities in a more significant market trend by looking at the large amounts of data generated. Once a business objective has been planned, business analysts can deploy ML algorithms to guide the company in sourcing the right partnership and relevant investment opportunities. The business can generate the relevant insights to optimize its decision-making process with such observations.
8) Dynamic Pricing
Big brands like Walmart, Airbnb, and Uber have all adopted supervised, semi-supervised algorithms and deep learning Machine Learning, which let them determine their base costs and dynamics pricing concerning competitors’ prices, future events, and seasonal changes.
9) Accelerate Full-Scale
ML allows organizations to automate their repetitive processes and move human resources to more brain-power activities. For example, exhaustive document searches, scanning, and cross-referencing tasks can be automated using an ML algorithm.
10) Scalability at a company’s pace
The goal of any forward-thinking business is to expand beyond its borders. ML empowers enterprises to scale their business in size, growth rate, and services. Using graph-based prediction labels, business analysts can leverage insightful customer profiles to improve their loyalty to the brand while preventing equipment breakdowns that limit business growth.
I think you have learned a lot on this topic; top 10 business benefits of machine learning.
Machine learning is becoming a fundamental skill as software development is entering a new era. This path will enable you to start a career as a Machine Learning Engineer. First learn the fundamentals of programming in Python, linear algebra, and neural networks, and then move on to core Machine Learning concepts.
Machine Learning plays a vital role in providing data-driven solutions for small, mid-size, and large companies. As a result, ML will continue to power many businesses. However, companies will have to align with ML strategies that impact their business growth.
“Machine learning” underpins many artificial intelligence systems, it allows computers to complete tasks which would previously have required human thought such as identifying faces in a photograph.
Sure it’s useful, but what if these systems are biased or manipulative? Governments and corporations have been found to have flawed algorithms that amplify bias, and law enforcement tools can trigger harassment and false arrests.