By Charity Prado
Advances in automated computing technologies create fresh opportunities in today’s business world. Machine learning is at the forefront of the revolution. According to the majority of the forecasts in 2022, its value will approach $8.81 billion.
Due to the potential to increase productivity, speed, and efficiency, it has found extensive recognition in the corporate business. In 2021 75% of respondents reported that they had already applied machine learning as part of their business processes.
These statistics clearly indicate the huge potential of machine learning and its relevance in the company’s development.
— In what areas of business can operators use this technology?
— What advantages can they get?
— How can they develop an effective implementation strategy?
If you already in great demand for professional ML support, check this link. If you do not have a clear vision yet, keep reading to find the answers to the question, how AI technologies facilitates different industries within the last decade.
In-demand Machine Learning applications in Entrepreneurship
Machine learning can improve business performance in many aspects. These practical applications are based on the qualities characteristic of machine learning systems. In essence, the technology allows computers to benefit from existing data and interactions without resorting to explicit programming. Such computer systems can subsequently turn the source data into useful information that companies can use to solve difficult tasks.
Let’s look at some of the popular ways that firms implement new technologies:
Improving Network Security
The threat of data theft and malicious attacks forces firms to apply enhanced security measures. Many of the measures to combat threats are becoming obsolete as viruses develop more and more actively. In this regard, the advantages of machine learning algorithms are that they examine current data to predict possible future threats.
Ratings And Tips
User engagement ensures a constant flow of useful information that companies can use to personalize customer service. By researching customer preferences and identifying consumer habits, he can recommend products that they are more willing to buy.
They also simplify the process of optimizing data-based marketing activities by improving forecasting forms. In this way, marketers will be able to improve the targeting of their campaigns and create more contacts to ensure better results.
Personal Customer Service
Advanced algorithms apply information about customer services for more effective cooperation. They provide each client with the timeliest information and make more thoughtful decisions based on the collected data. This increases the degree of customer engagement and satisfaction, which contributes to a more significant increase in the number of retained customers. And since chat-bots using such algorithms are constantly available, they recommend instant solutions that delight customers.
Optimization Of Employee Recruitment
The use of automated computer technology during the recruitment process gives innumerable business advantages. First, they carefully consider each applicant, comparing the credentials with the job description. In addition, they eliminate the bias of the process itself.
Accounting involves solving predictable and repetitive tasks that require a significant amount of information. By its very nature, this type of activity is optimally suited for use in automated machine learning systems. Automation of these trust processes gives firms the simplification of operations for managing expenses, bank reconciliation and accounts, among many other tasks.
Advantages Of Integrated Machine Learning
Combining machine learning into the above-mentioned aspects of business brings companies a lot of positive results.
Let’s briefly consider a few main advantages:
- High return on investment (ROI) such as integrating WooCommerce with Etsy
- Automation increases overall efficiency, therefore multiplies the return on investment. For example, predictive marketing based on machine learning provides better results than the usual method.
- Moreover, data-based purchase recommendations can increase sales and reduce churn. To demonstrate this, a report by the McKinsey World Institute, quoted by Forbes, showed that Netflix saved $1 billion in 2017 by offering customized recommendations with the use of machine learning.
Reduced Operating Expenses
Automation of various business processes can provide significant financial savings. Some of the ways is to eliminate the costs associated with human labor in the performance of various tasks. For example, changing assistants to work with clients by chat-bots significantly reduces labor costs. The same can be said about automating monotonous and everyday tasks.
Another way to reduce costs is to simplify the hiring of staff. This reduces the amount of time and human resources required to complete this process. And due to its high efficiency, it also reduces the costs incurred in case of unsuccessful recruitment of employees.
Reducing The Number of Errors and Typos
Sometimes, when a person manually does repetitive tasks, there is a high probability of errors and inaccuracies. On the other hand, machine learning methods are completely error-free and reliable.
The human effort spent entering data manually is incredibly time-consuming and tedious. Automation of such processes frees workers, directing them to perform more useful and productive types of employment. It also significantly speeds up the process and increases productivity. In addition, employees of departments that work with large amounts of data, such as accounting, can use this method for deeper study and value growth.
Practical Aspects When Creating a Strategy for Implementing Machine Learning
Many business operators recognize the fact that the method has a huge transformative effect. But the most important problem is how to put this into practice in your everyday work. In order to implement the integration procedure as efficiently as possible, it is necessary to pay attention to such factors:
Identify The Problem
A common mistake that firms often make is to use machine learning only to draw attention to the current technological trend. But in order for the methods to exert real pressure and allow solving existing problems, it is important to accurately identify the business processes that you want to improve. Avoid cheating at all costs and identify clearly defined target areas for actual application.
Scope Of Possibilities
After identifying the problem, the next step will be to develop a solution structure. Identify your goals, stakeholders, constraints, and the current state of the process in which you want to apply machine learning. With all the information at your disposal, you will be able to find the best approach for using your solution in certain technological processes. From the very first steps, try to achieve clarity in assessing how you will output the results of your scheme, and what the possible consequences for consumers and employees will be. Otherwise, without productive integration, all you will have is a series of numbers.
Form The Necessary Information Structure
One of the most important stages in the implementation of a machine learning system for business is the formation of an information ecosystem that simplifies integration throughout the organization. Without obtaining relevant data and effectively organizing them, the company will not be able to fully use this opportunity to make a profit. Creating this foundation will eliminate the tendency to create a “garbage” script, which will actually damage the business.
Attract The Talents You Need
The correct implementation of machine learning is based on the formation of a suitable team of employees for its implementation. Focus on creating a multifunctional team, but not limited to a data processing engineer, a domain expert and a statistics specialist. Although you have the opportunity to outsource most of these experts, it is equally important to organize a closed channel for successful implementation throughout the business.
Include Human Intelligence in Your Machine Learning Implementation Policy
By universal agreement, the development of artificial intelligence is taking unprecedented steps. But it is important not to forget about the importance of the human brain for innovation and creativity. Think of machine learning tools as a way to increase opportunities, not as a substitute for humane staff. Get employees’ praise by putting the right tools in safe hands to successfully use technology in business applications.
Add A Revolution of Machine Learning Technology to Your Business
Initially, the introduction of machine learning was quite intimidating, but now even the AI designers are among the most popular artists. The businesses no longer need to create their own models from scratch. Instead, they can use pre-prepared models to create their own cases. Due to the fact that the barriers to entry are getting lower, companies from any industry have every reason to use this universal technology.
Despite the fact that machine learning is not able to replace or fully reproduce human insight, it has huge opportunities to improve business efficiency. Taking advantage of a great opportunity can mean the difference between gaining a competitive advantage and getting dismissed from the market.
About the Author
Charity Prado is a freelance writer. She loves to write about Business Ideas, Health, Home Improvements and Technology Trends. In her free time, she looks busy reading novels and watching movies. She’s working with many other online magazines like NewsDailyArticles, CrazeEarth, Styleeon and RevBuilders.