How Machine Learning Impact Businesses

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June 1, 2021 Business

Machine Learning and AI have changed the way businesses used to collect and analyze data to make better decisions. Those days are gone when the production rate was quite low and companies used to do all the activities manually. Today, the world is connected through the internet which allows businesses to make their product global.

Machine Learning brought a huge disruption in the global market and led the companies to hire skilled professionals to increase their capabilities in decision-making, and cost reduction. So, if you want to start or level up your career as a Machine Learning engineer, now is a perfect time. To kick-start your career, you can take a Machine Learning Course, learn all the concepts, and apply them to make projects. Now, let’s talk about what Machine Learning is and how it’s changing the business world.

Machine Learning Definition

Machine Learning is a subset of Artificial Intelligence that provides a machine the abilities to perform data analysis, training, and predicting future events through various algorithms and mathematical & statistical models. ML applications are widely used in image processing, predictive modeling, feature extraction, and pattern recognition.

Machine Learning methods are often categorized into three main categories:

Supervised Learning: Models are fed with known datasets for which the solutions or output values already exist. So, the model processes the information and produces output values, which will be compared with the original ones.
Unsupervised Learning: In unsupervised learning, the explores the data from hidden patterns and inferences based on the structures it found within the dataset. In other words, the information used in unsupervised learning is not labeled.
Reinforcement Learning: This learning is based on the reward feedback system which determines the best action for the system called the reinforcement signal. A good example of reinforcement learning would be the maze game, where the maze has to start from an initial point and reach the closest destination.

How Machine Learning is Changing Businesses around the world?

Companies use Artificial Intelligence and Machine Learning applications to create quick and effective solutions that affect different areas of their business. From digital marketing to, HR, finance, and content generation, below is a list of the areas where Machine learning has a huge impact:

Marketing Automation

Organizations use Machine Learning techniques to generate leads, target specific audiences, communicate and find new customers. They can now use various tools to automate various processes like sending emails, notifications, providing newsletters, feedback forms, and more. Machine Learning makes it easier to do marketing for the target and reduces the costs.

Recruiting and Hiring

Hiring is one of the most important parts of any business as the person can either take your business one step further or ruin the whole project. HR professionals can use machine learning programs to analyze thousands of resumes and shortlist the candidates with the right skillset and experience. So, if you’re a candidate preparing for a job, make sure you’ve mentioned all the relevant skills. Also, a Machine Learning Certification will add more weight to your resume and make you stand out from the crowd.

Conversational Intelligence

Conversational Intelligence helps a business to use messenger apps and virtual chatbots to find potential customers, filter service requests, and streamline the service process. These chatbots provide the first assistance to the customer and resolve the general problems they have related to any product, service, or transaction. Businesses can also use them to get customer feedback and improve their model.

Content Generation

Content generation is another area where a business needs to spend a lot of resources and time. With emerging technologies and machine learning applications for content generation, a business can use them for creating blog posts. Newsletters, and other content related to the company operations.

The Washington Post is already using content-generating applications and generates about a third of its content through machine learning. Although applications like these are very costly which makes them difficult to use by a small business, experts predict that the cost will go down in the future.

Customer Relationship

Knowing your customers is one of the important things a business should do, to improve their product or service and maintain a better customer relationship. Machine Learning algorithms and models bring valuable insights from raw datasets that help the company in making decisions and improving the growth. Applications like AdoreMe, provide the business the necessary tools required to and understand the trends and analyze customer reviews.

Automated Personalized Recommendations

Companies like Amazon, Youtube, Instagram, etc extensively use ML recommendations systems for better targeting and provide a better user experience. These systems use cookies to analyze their customer’s browsing history, keywords used, and user behavior to give relevant recommendations.

The user will also get a better experience and be encouraged to buy the product or services. Moreover, E-commerce businesses can provide some discount coupons on the product searched by the user in the past.

Fraud Prevention

Machine Learning models can detect hidden patterns and relationships among various dimensions. This enables a business to identify unusual patterns and fraudulent activities in the transactions. Fraud prevention systems are widely used in the Banking sector, where thousands of transactions take place every day. AI tools and applications can also track the activities of suspicion accounts and inform the responsible parties to take precautionary measures.

Cost Reduction

Before starting any project or development lifecycle, cost estimations play an important role in creating detailed software requirement specifications. Also, AI can be used to automate various workflows and further reduce the cost. Machine Learning models can be trained by feeding in the data of previous projects and employee activities. Over time, these models get trained enough to accurately predict the areas where you can automate and significantly reduce the cost.

Conclusion

More than 4 billion people are connected to the internet and generate petabytes of data every single day. Businesses can use this information to find new opportunities, generate leads, increase transparency, and boost revenues by understanding market behavior. Moreover, they can also deliver better experiences to the user and predict what he needs. Machine Learning eliminates the errors that might cause a big failure or loss to the business.