Top 3 Applications Of Machine Learning To Transform Your Business – Forbes

Top 3 Applications Of Machine Learning To Transform Your Business – Forbes

We all hear about Artificial intelligence and Machine learning in everyday conversations, the terms are becoming increasingly popular across businesses of all sizes and in all industries. We know AI is the future, but how can it be useful to businesses today? Having encountered numerous organisations that are confused about the actual benefits of Machine Learning, AI experts agree it is necessary to outline its key applications in simple terms that most companies can relate to.

Here are the three most impactful Machine Learning applications that can transform your business today.

1.  Automation

Machine learning can be used to automate a host of business operations, such as document processing, database analysis, system management, employee analytics, spam detection, chatbots. A lot of manual, time consuming processes can now be replaced or at least supported by off-the-shelf AI solutions. For those companies with unique requirements, looking to create or maintain a competitive advantage or otherwise prefer to retain control of the intellectual property (IP), it is worth reaching out to end-to-end service providers that can assist in planning, developing and implementing bespoke solutions to meet these business needs.

2.   Optimisation

The reason why machine learning often ends up performing better than humans at a single task is that it can very quickly improve its performance through analysing vast amounts of historical data. In other words, it can learn from its own mistakes and optimise its performance very quickly and at scale. There is no ego and no hard feelings involved, simply objective analysis, enabling optimisation to be achieved with a high efficiency and effectiveness. Popular examples of optimisation with machine learning can be found around product quality control, customer satisfaction, storage, logistics, supply chain and sustainability. If you think something in your business is not running as efficiently as it could and you have access to data, machine learning may just be the right solution.

3.  Insights

Companies are inundated with data these days. Capturing data is one thing, but navigating and extracting value from big, disconnected databases containing different types of data on different areas of your organisation adds complexity, cost, reduces efficiency and impedes effective decision making. Data management systems can help create clarity and put your data in order. You would be surprised how much valuable information can then be extracted from your data using machine learning. Typical applications in this space include churn prediction, sales forecasting, customer segmentation, personalisation, or predictive maintenance. Machine learning can teach you more about your organisation in a month than you have learned over the past year.

If you think one of the above applications might be helpful to your business now is a good time to start. As much as companies are reluctant to invest in innovation and new technologies, especially due to difficulties caused by Covid-19, it is important to recognise that the afore mentioned applications can bring a long-term benefits to your business such as cost savings, increased efficiency, improved operations and enhanced customer value. Get started and become a leader in your field thanks to the new machine learning technologies available to you today.

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