How Machine Learning Can Help Your Business?
10 Business Benefits of Machine Learning
ML helps in extracting meaningful information from a huge set of raw data. If implemented in the right manner, ML can serve as a solution to a variety of business complexities problems, and predict complex customer behaviors. We have also seen some of the major technology giants, such as Google, Amazon, Microsoft, etc., coming up with their Cloud Machine Learning platforms.
Some of the key ways in which ML can help your business are listed here –
- Customer Lifetime Value Prediction
ML and data mining can help businesses predict customer behaviors, purchasing patterns, and help in sending the best possible offers to individual customers, based on their browsing and purchase histories.
- Predictive Maintenance
It helps in reducing the risks associated with unexpected failures and eliminates unnecessary expenses. ML architecture can be built using historical data, workflow visualization tools, a flexible analysis environment, and the feedback loop.
- Eliminates Manual Data Entry
Duplicate and inaccurate data are some of the biggest problems faced by businesses today. Predictive modeling algorithms and ML can significantly avoid any errors caused by manual data entry.
- Detecting Spam
Machine learning in detecting spam has been in use for quite some time. Previously, email service providers made use of pre-existing, rule-based techniques to filter out spam. However, spam filters are now creating new rules by using neural networks to detect spam and phishing messages.
- Product Recommendations
ML algorithms use customer’s purchase history and match it with the large product inventory to identify hidden patterns and group similar products together. These products are then suggested to customers, thereby motivating product purchases.
- Financial Analysis
With large volumes of quantitative and accurate historical data, ML can now be used in financial analysis. It is already being used in finance for portfolio management, algorithmic trading, loan underwriting, and fraud detection.
- Image Recognition
It involves data mining, ML, pattern recognition, and database knowledge discovery. ML in image recognition is an important aspect and is used by companies in different industries including healthcare, automobiles, etc.
- Medical Diagnosis
ML in medical diagnosis has helped several healthcare organizations to improve the patient’s health and reduce healthcare costs, using superior diagnostic tools and effective treatment plans.
- Improving Cyber Security
ML can be used to increase the security of an organization as cybersecurity is one of the major problems solved by machine learning. Here, Ml allows new-generation providers to build newer technologies, which quickly and effectively detect unknown threats.
- Increasing Customer Satisfaction
ML can help in improving customer loyalty and also ensure the superior customer experience. This is achieved by using the previous call records for analyzing the customer behavior and based on that the client requirement will be correctly assigned to the most suitable customer service executive.