Machine learning and businesses are linked closely. The former is developed to increase a company’s competitive advantage, while the latter requires innovation to eliminate repetitive tasks and keep customers happy and satisfied. The ML market is expected to grow to $90.1 billion by 2026, up from $17.1 billion in 2021, propelling various industries to new levels of sophistication. The technology opens a lot of opportunities for companies of all sizes and specializations.
Artificial intelligence and machine learning, which were once considered science fiction, are infiltrating our lives, influencing our decisions and astounding businesses with high-end solutions. Let’s discuss the application of machine learning in business and the key benefits it provides.
Advantages of Machine Learning for Business
While deep learning is still in its experimental stage, many businesses have already adopted machine learning. Actually, the technology is so widely used that there are numerous applications of AI ML platforms in almost every modern industry. Let’s dig deeper to be more accurate in our judgments.
#1 — Accurate Forecasts
Accurate forecasts play a critical role in strategic business planning and decision-making. The superpower of machine learning solutions is their ability to process massive amounts of unstructured information and uncover hidden insights through data analysis. As a result, many major risks can be identified and prevented before they occur.
Furthermore, businesses that work directly with customers can use machine learning in their IT infrastructure to predict demand spikes for a specific product and plan ahead of time for the necessary resources and inventories.
Inspirational Business Case
Amazon announced a few years ago that its development team was working on a machine learning-based solution that would allow for “anticipatory” or “predictive” shipping. Such a system will enable the company to begin delivery of a specific product before a buyer places an order. Sounds intimidating, doesn’t it?
But don’t panic! No one is going to read your thoughts (yet). Before you purchase the package, it will be shipped to a specific geographic area. However, the exact address will be provided while the product is still in transit (after you purchase it). The primary goal of the solution is to reduce delivery times and costs. Can you imagine how similar technology could transform your business?
#2 — Automation
Intelligent process automation, also known as IPA, is a fancy term for machine learning-driven automation. It includes a wide range of operations, from simple tasks like creating reminders or delivering invoices to more complex ones like risk assessment. Data entry, which is one of the most time-consuming operations for many businesses, can also be automated using machine learning technology. Even if the text is in a variety of formats (for example, invoices from ten different suppliers) or contains typos, an AI-powered solution can accurately extract and categorize the necessary information.
#3 — Personalization
Machine learning enables businesses to better understand their customers and deliver a more personalized customer experience. With AI-powered solutions, marketing is no longer a guessing game based on relatively simple buyer data such as age and gender. The ML models can process information from a variety of sources (for example, historical purchases, website user behavior, likes and comments, and so on).
As a result, they can predict customer lifetime value and needs, identify purchasing patterns, automate highly personalized ad targeting, and send offers for specific products that a person is interested in.
#4 — Predictive Maintenance
This advantage of machine learning is beneficial to the manufacturing industry because most businesses rely heavily on machines and other physical assets. Predictive maintenance capabilities enable identifying patterns in data collected from equipment sensors, detecting changes in such patterns, and predicting when a specific component is likely to fail.
As a result, factory workers can take preventive measures to avoid such failures or choose to replace the component before it malfunctions and causes negative consequences. In the long run, machine learning solutions help businesses schedule maintenance activities more accurately, reduce downtime, improve safety, increase productivity, and save money.
#5 — Cybersecurity
Improved cybersecurity enabled by AI technologies has the potential to permanently solve cyber attacks for many organizations around the world. Intelligent security programs, in particular, can collect and process data about cyber threats quickly, allowing them to respond in real-time. Furthermore, machine learning software can detect even minor deviations in patterns and stop a cyberattack in its early stages.
Boost Your Business with Advanced Machine Learning Solutions
The future of deep learning algorithms is here, and it will reinforce existing ML applications in businesses. However, with automation, personalization, and predictive maintenance features, machine learning will allow you to benefit from cybersecurity to stay safe, conduct behavior analysis to better understand your customers, and eliminate manual data entry to free up specialists’ time for more important tasks.
