As we march into the future with each day new instances of AI and machine learning testing the boundaries of what we thought we knew about technology. With companies racing to give their businesses a competitive edge over others, few companies have figured out a way to harness the power of machine learning to build profits.
The International Data Corporation has predicted that investment in cognitive and artificial intelligence systems is set to grow over $52 million by 2021. The tech leaders of companies are left wondering as to where to begin. With machine learning helping businesses scale up and improve their operations, where do the CIOs focus the machine learning budgets on and how to build their company’s vision around it? It is safe to say that rather than making technology behave more like human, the leaders must focus on taking advantage of the more non-human capabilities possessed by computers.
AI and various machine learning algorithms have gained substantial popularity in business analytics. With the easy availability of data, faster means of processing the data and massive storage capacity has lead to a tremendous boom in machine learning. It is now possible to extract insightful information from the pool of raw data, thereby helping organizations to understand the use and importance of machine learning for the betterment of their businesses.
If used and implemented in an appropriate manner, this can help address a lot of complex business problems, explain or predict customers buying and behavioural patterns. Major technology giants like Google, Microsoft and Amazon have come up with their own Cloud Machine platforms.
Here’s what machine learning can do for your business:
Increasing Customer Satisfaction: Predictive algorithms provide organizations with suggestions of products which are doing well. This drastically brings down the cost and time that would be invested in manually managing customer data. This, in turn, will help in improving customer loyalty and experience.
Financial Analysis: It can be used in financial analysis, especially when there are large volumes of quantitative data. Machine learning can also be used for loan, portfolio management, trading and much more.
Automation: Machine learning and automated processes help avoid errors that may be caused by manual data entry.
Improved Security: Machine learning helps in building newer technologies which can be deployed to thwart threats related to cybersecurity of an organization.
Predictive Analysis: It can help businesses derive meaningful information from the huge pool of data to further predict customer buying and spending patterns. This enables an organization to send customized offers to their customers as per their buying and search histories.
Posted By :Pace Wisdom