Machine Learning gets businesses ahead in the market

It’s been some time since algorithms are being studied for computers to perform operations like making real time business making decisions, eliminating manual tasks, enhancing security and network performance, improving business models and services, and reducing operating expenses. Mathematics, Statistics, and Artificial Intelligence are being put together to bring to us a technology that is greater than all. You wouldn’t agree more that this merger has skyrocketed the scope of business being better and smarter. We’re all well aware of the buzzword, Machine Learning and that it draws insights and learns from raw data and enables computers to solve complex business problems. Over time, this technology has evolved and brought to us approaches that have improved business operations across the globe and strengthened business functioning. There are a myriad of artificial tools and machine learning algorithms that serve various purposes and their implementation in the regular processes helps businesses earn profits.

There’s tonnes of data being generated every minute of our life. Thereafter, the data is provided to a machine learning model so that it is calculated and analyzed thousands of times to make progressive decisions and recommendations. With no human assistance, machine models learn, identify patterns, and make accurate and efficient decisions removing any possibility of human error. Abundance data availability, affordable data storage and processing marks the expansion of this prospective technology. This is also the reason that motivates companies to build compelling machine learning models that are able to analyze bigger and complex data in less time with improved results. 

Machine Learning Applications that drive business results

Countless industries like healthcare, government, marketing and sales, e-commerce, social media, transportation, logistics, manufacturing, etcetera are embracing the technology as the best way to walk the path of expansion and development. They understand the value that it can bring to business of all sizes.

75% of enterprises using AI and machine learning enhance customer satisfaction by more than 10% (Source: Forbes)

Making informed decisions 

This is a very crucial aspect for business organizations and they rely on good information available at the right time for that. Business organizations take advantage of ML technology and put other intelligent technologies to use to extract large data sets to integrate them into everyday processes and develop actionable predictions. This futuristic technology in the 20th century offers improved business models and services.

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AI-driven personal assistants reduce man’s efforts

These computer systems perform tasks based on human commands. Machine learning here uses natural language processing (NLP)  to program a system to process and assess the human language. The speech or text recognition is looked into that allows humans to communicate with computers in their own language and the computers to understand the command and act on it and perform likewise.

Machine learning improves logistics 

ML improves logistics (a business that runs on data) by enhancing the processes like buying raw materials, manufacturing, selling the end product, shipment, etc. It allows the service providers to study large frameworks of data making its management system intelligent and improved. From optimizing equipment costs, and increasing transparency across the supply chain, accounting for unusual activity, this technology is proving productive. 

Maintaining manufacturing for companies 

Predictive analysis and ML apps let businesses save and make money. It stores data, analyses it, predicts outcomes, generates insights, and brings solutions for the business. There are specific algorithms that can also analyse the working of a machine and when it requires maintenance and this avoids unexpected machinery problems and shutdowns.

According to a report, the global machine learning market was valued at around USD 1.58 billion in 2017 and is expected to reach approximately USD 20.83 billion in 2024, growing at a CAGR of 44.06% between 2017 and 2024.

Source: Globe News Wire

Analysing customer’s data

Now think of it this way, let’s say a company has 1 petabyte of data which is trust me a lot and calculatively, it is humanly impossible for one person to process all of this data without any errors. So, by using a machine learning software, the company will be able to analyze this large volume of unstructured data in less time and without errors. Now you tell me, won’t this give the company a competitive edge over the others?   

Business competition is overwhelming and for any business to do better in the market and earn profits, it is important for them to understand their customers and their ever-changing needs. There is large amounts of data to make the process a tad bit easier. And, when it comes to processing that data, machine learning comes next to help with the process. 

Customer’s data like purchasing patterns, preferences, demographics, their reviews, complaints, and more are analyzed to make predictions and machine learning will explain all the data that can be used to build business strategies and increase business by providing better customer experience. This can be achieved by building individual customer profiles, improving user interface and user experience and optimizing search results on search engines.

57% of enterprise executives believe the most significant growth benefit of AI and machine learning will be improving customer experiences and support.

Source: Forbes

Cybersecurity

Unidentified threats that are capable of causing harm to any business should be recognized and taken care of and having said that, machine learning in business is capable of doing so and within no time.

“If not now then when?” is the question here. It’s high time we discontinue manual data entry. There are errors and duplication of data likely to be found with a manual approach. Also, let’s not forget about the increased time consumption the process demands. Machine learning and predictive algorithms encourage to make the data entry process less arduous and also reduces the chances of glitches.

Financial Analysis

Investors, financers, traders, stock marketers use ML algorithms to analyse the market and make desired profits. Algorithm trading to make better trade decisions, fraud detection and prevention, portfolio management, loan underwriting and credit scoring are all taken care of with the use of developed machine learning systems. Oodles of data are accessed, studied, different parameters are adjusted to improve the overall experience by providing accurate insights and calculative predictions, streamlined processes, reduced risks, and better-optimized portfolios.

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Machine learning has become an integral part of all businesses and that is because entrepreneurs understand its value and how it can work in great ways for them, if used to its full potential. The flourishing internet, the booming online presence along with the outsized number of connected devices, will make businesses reliable on algorithms to bring solutions to their expansive problems. This discipline of artificial intelligence will increase performance and enhance security with a substantial booth in ROI and revenue. The key is to know how to take advantage of ML to solve business problems effectively.

Be that as it may, Logic Simplified, an artificial intelligence development company in Dehradun, India has aspiring and focused machine learning programmers that are innovative and share their experience with their admirable work. The real-world cases of machine learning are heard by many if not all and we as a team walk slowly but with heavy steps to bring to the world the unheard and unseen with our unparalleled work in the field of artificial intelligence and machine learning. To know more, drop in your queries at enquiry@logicsimplified.com