Machine learning (ML) is an application used by a variety of different businesses. Whilst the likes of tech giants such as Amazon and Google are renowned for using this type of technology, machine learning is also adopted by smaller companies, being valued for its ability to identify and predict future patterns.
But what exactly does machine learning do for a business? And how does it achieve this? Below is a list with just some of the many ways this subset of AI can help improve your operations:
- Increased security
- Insightful marketing
- Automation of mundane tasks
Machine learning can be used to help improve the security of your business operations. By its very nature machine learning works by tracking particular patterns in data. Therefore, it’s very good at recognizing irregularities/suspicious behavior such as fraud.
Machine learning can be used to provide an enhanced level of security for businesses, protecting a their network from harmful breaches, and thereby helping to ensure company operations run as smoothly as possible.
Machine learning can also be used to enhance a business’s marketing strategy, helping to improve predictive models and increase sales. In fact, reports have shown that 58% of enterprises use machine learning and AI first to tackle their most challenging problems in marketing.
Some of the best marketing departments out there will use Key Performance Indicators (KPIs) and analytics to help analyse their progress in growing both revenue and the customer base.
Through machine learning, marketing departments can gain deeper insights into their operations, helping to subsequently optimize their strategy in boosting sales and increasing overall productivity.
One example of how machine learning is integrated into a business’s marketing strategy includes personalized suggestions. This involves customers interacting with certain products online, and the platform creating personalized suggestions that the user might also like.
This is used by numerous different companies, including Amazon, Netflix and Spotify. Businesses can use this information not only for customers’ purchase suggestions, but also to help improve ad campaigns, making them more personalized to the user to further promote engagement.
Automation of Mundane Tasks
Another great benefit machine learning can bring to your business is automation. ML technologies can be used to automate some of the more mundane and repetitive tasks, such as organizing paperwork or responding to certain types of email.
Chatbots are a great example of this, being commonly used to help customers with queries and issues they have before speaking with a human member of staff. This technology helps to free up employee time, only being used for the more complicated queries the chatbot cannot help with.
Machine learning can be used in various different areas to offer a cost-effective way at managing mundane and repetitive tasks.
Whilst many may be concerned that this use of machine learning will replace people’s jobs this technology also creates new jobs, and could instead be used to free up employee’s time to be spent on more productive tasks rather than lose their job entirely.
Machine learning can therefore be used is a variety of different ways, helping to improve security, cut down on costs, and streamline numerous operations in your business.