How Machine Learning Help Can Boost Any Business!!!
Machine learning might look like a complicated topic when you hear it for the first time, but actually is quite simple and is effective more than you think!. It can help a great deal with almost any kind of business, and that’s why you should know about it (at least the basics). How it works, what can it do for your business and your customers!
What is Machine Learning?
It ages back to the 1950s when ‘Alan Turing’ created the TURING TEST to reveal if a computer has real intelligence and the motive of this test was to see if a computer can fool a human to think that it is also a human. Machine Learning is not a misnomer, it’s exactly as it sounds, a MACHINE that is LEARNING. Still confused? Let me put it this way, remember when you saw a Dog for the first time, obviously you did not know it was a Dog. But with passing days you probably looked at a lot of picture of Dogs and Real ones too. You looked at a lot of things that you were told weren’t Dogs and one day you were able to recognize a Dog without any help whatsoever. That’s what ML is. The Machine is fed with a huge amount of data and algorithms that helps it do tasks as small as recognizing if the picture has a Dog in it or as big as helping a whole business grow! and the biggest advantage of ML is it learns from it’s mistakes, which means it becomes more intelligent every time you use it. Isn’t that just amazing!?
Pick any successful organization today, Google, Amazon, Microsoft, Tesla and you will find that they have a dedicated section just for Artificial intelligence and Machine learning. Why are these big companies investing so much in this field? because ML is something that helps the business grow primarily by making the customers happy and this is helpful because when you make your customers happy, they’ll use your service more and recommend you to their family and friends. Even though ML is in it’s early stages among enterprises, there are a lot of ways it can have a direct impact on your business productivity! let’s go through them.
Sales and Marketing!
Data that a customer profile holds like recently purchased items, browsing history, or personal details, can be useful to predict what product that customer most likely to buy next, which can do you a huge favor while trying to sell your product. ML is most commonly used for improving sales and marketing techniques in this field. According to this survey, around 40 percent companies are putting efforts to improve sales and marketing through ML.
The algorithms that drive ML and significantly deepen customer loyalty as well as improve customer experience. For example routing customer care calls to the executive that is most suitable for that customer more quickly using ML will reduce call duration and help resolve issues in a single call at most! and organizations like YouTube and Flipkart use predictive algorithms to provide their customer with products or suggestions that they will enjoy, which leads to greater customer loyalty and satisfaction.
Safety of your Employees
Ensuring the safety of your employees is also one of the most important points while growing your business. Monitoring health of equipment in real time to forecast any malfunction that may take place leading to failures that might put the employees at risk is made easier with predictive analysis. ML can be trained to identify segments that are most risky for employees by providing it historical data of your organization.
How To Make The Best Out Of Machine Learning
Machine Learning can help your organization grow in ways you can’t imagine, if implemented correctly. It can solve a huge variety of difficult problems and predict customer’s behavior. Organizations these days are flooding in data and yours is probably no different! Everything from web analytics and usage information to purchase behavior and delivery systems all of this impacts ‘customer behavior’ which is a huge factor in any organization’s growth. Going through all this data is not humanly possible but the advancements in computing power makes it possible for machines to analyze tons of data to benefit your business.
The basic things you need to apply ML to your business are
- A basic understanding of Machine Learning. (which you probably got from this blog).
- Understanding what algorithms are available and what problems they solve. (to check which algorithm suits you the best).
- Huge amount of data. (The more, the better).