4 ways Machine Learning is affecting the business landscape

Companies of different sizes have progressed from researching AI and Machine Learning’s potential to purchasing and deploying the technologies. It confidently believes that these investments will deliver substantive advantages. As a result, many changes are underway in the workplace with the use of Machine Learning proved worthwhile in increasing efficiency, productivity, and speed.  Research and Markets predicts that the global machine learning market will grow to around $8.81 billion USD by 2022. 

In this article, we talk about why Machine Learning (ML) as one of the most thrilling areas of AI nowadays, and how using ML is able to save your organization time, predict trends and transform the organizations and industries.

Machine Learning (ML) is a discipline of Artificial Intelligence (AI) that deals with the design of algorithms for computers to perform tasks without explicit instructions. Machine Learning algorithms can be applied to large data sets with lower processing time. Algorithms analyze patterns within the underlying data sets and allow intelligent decision-making, guided by the given rules and conditions.

The business organizations can take advantage of the matured technology in the following ways:

Improving the customer experience

Helping to improve the customer experience and at a lower cost are the most thrilling benefits ML can have for businesses. Through Machine Learning, it is possible to monitor the behavior of customers and anticipate their questions and problems. Chatbots that answers consumers’ questions and automated customer response systems guiding them to the right information or a person with little to no human intervention are a good example of Artificial Intelligence (AI), and one most people have experienced personally. It can be performed automatically at scale, high accuracy, and above all else, don’t make customers wait for the support agents.

In fact, more organizations are investing in chatbot development which uses Artificial Intelligence (AI) to mimic human conversations. According to the 2019 Gartner CIO Survey, CIOs identified chatbots as the main AI-based application used in their companies. And by 2022, 70% of office workers will deal with conversational platforms on a daily basis. Actually, it is just one way to apply AI technologies in business.

Speed up the business operations

AI and Machine Learning to become force multipliers for data analytics driving efficiency and allowing companies to save time on manual and repetitive tasks. Nowadays, data sets can be analyzed in a fraction of the time it used to take just two years ago. Its more due to AI and machine learning algorithms have gotten extremely good at data analysis, and as long as analysis can easily be scaled in the cloud. Besides, their speed and accuracy are expected to improve considerably in 2020.

Recent research of big companies with 500 mln dollars in annual sales found that about 76% of them said that they experienced higher sales growth by using machine learning. ML technology enabled them to predict better consumer preferences and behavior, and optimize recommendations in real-time to sales staff.

Numerous European banks already shifted from statistical modeling approaches to ML allowed them to refine customer satisfaction, said McKinsey study.

According to the survey by Deloitte, by 2036 over 100,000 legal professions will be automated. For instance, some law firms are making use of the large volumes of contract information and data they have to create value for their business using advanced analytics. Thus, automation and machine learning will make a huge difference and change the way how we work.

Making decisions confidently

Machine Learning allows uncovering different opportunities, verify results, define the scope, and refine our decision-making to take your companies to the next level. Through Machine Learning, organizations can transform large data sets into knowledge integrating this information into everyday business processes and operational activities to respond to changing market demands.

In the financial sector and banking, AI and Machine Learning are empowered to accurately analyze past trends and large datasets and give advice which is actually based on real facts. ML is used for risk and client analysis, credit scoring, trading exchange forecasting, fraud detection. As a result, ML is now able to guide better business decisions.

Enhancing Security

As data scientists evolve complex algorithms to handle new or previously unknown threats and challenges, it will be up to enterprises to harness these technologies to their advantage Machine Learning algorithms may help monitor possible vulnerabilities and unknown threats to prevent cyber-attacks and network intrusions. The technology allows smart mechanisms that detect deviations from the baseline traffic characteristics, user behavior patterns and other parameters. Also, ML solutions filter the inbound traffic and detect suspicious behavior that is typical for spam and phishing.

Conclusions

The implementation of Machine Learning models in your organization can boost your business to stay ahead and drive innovation aided by technology. The technology enables companies to optimize a wide range of business operations, improve the accuracy and speed of your business’ decision-making.

 

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