What is Machine Learning?
Machine learning is a subset of artificial intelligence, which enables machines to become more precise at predicting results without being explicitly programmed.
Examples of ML Usage:
- Smart Assistants.
- Smart Home Devices.
- Proactive Healthcare Management.
- Facial Recognition.
- Maps & Navigation.
- Chatbots
- Search Engine Algorithms.
These are a few examples of the use of ML in our day-to-day lives. Many more ML technologies are evolving. We need to identify MI technologies that we could leverage to gain maximum output in our business processes. Let’s discuss this in detail
How is Machine Learning (ML) Important to your Business?
Machine Learning (ML) can have a major impact on your organization’s performance. It can automate a large volume of your work and help lessen the risk of human errors. As a result, your systems will learn and get smarter The ML Technologies Businesses could use to increase ROI
1. Sales Forecasting Technology
Accurate Sales Forecasting is very crucial for the smooth operation of any business as sales activity is considered to be the core of any business. Inaccuracy in sales forecasting may lead to inappropriate investment decisions. ML empowers businesses to make smarter sales-related decisions with smarter Sales Forecasting Technology. A Business should leverage such technology for the sake of its growth & development. ML-powered sales forecasting technology adds precision to forecasting based on current and historical data, weather & traffic, market segments & regions, product types, user behavior & preferences, etc. Moreover, it derives actionable and valuable insights to enable decision-makers to be precise. It also assists in determining dead stock valuation via past & present market study & data analytics. It also helps in determining a profitable replacement of the dead stock based on the market demand & user behavior
2. Chatbots
ML-powered Chatbots communicate with people using instant messaging and can be integrated into a variety of applications and websites. It provides round-the-clock availability to customers & prospects, which helps them in satisfying their queries instantly anytime anywhere without having to wait for the next day or working hours. ML can efficiently handle multiple users simultaneously, enhancing the user experience remarkably. It learns through previous interactions & adapts to the user queries & responds accordingly. It automates the process & reduces the need for humans in such positions. Thus, saving time & cost drastically.
3. E-Commerce Algorithm
We can promote upselling & cross-selling products on eCommerce websites & applications based on user behavior via machine learning. ML can optimize Google Smart Bidding campaigns for conversions & boost the ROI. We can use Machine Learning to provide accurate eCommerce results to the users, based on user search history, interest & behavior, Latent Semantic Analysis (LSA Keywords), etc. Thus, increasing the sales & ROI! Advanced user tracking can be performed via machine learning. We can serve Automatic Price Analysis via ML based on competitor data scraping techniques. Inventory Management can be enhance via machine learning. We can achieve customer purchase prediction with precision via machine learning.
4. Online Fraud Detection
Machine Learning Algorithm assists in detecting fraudulent activities such as email phishing, payment fraud, identity theft, etc., & alerting the authorities at the right time.
5. Data Analysis
Machine Learning plays a crucial role in data analytics by adding precision & scalability in Data Analytics. We can create self-improving learning algorithms that take data as input and present statistical inferences.These are just a few examples of the applications of the Machine Learning Algorithm for a business. It is used in a large number of applications & is becoming more & more crucial in our lives. In the coming time, it will evolve & will become all the more prevalent!