Machine learning (ML) technology enables extracting valuable insights from raw data. ML algorithms are especially useful in business analytics. Through translating a huge amount of data into meaningful information, companies gain a better understanding of what can be improved both in internal company processes as well as in customer experience.
Let’s discuss the key benefits of machine learning for your company.
1. Financial Analysis
Machine learning turns out to be very effective in financial analysis thanks to an ability to process large volumes of accurate and quantitative historical data. ML algorithms are commonly used in customer service, often in a form of Chatbots. This way, clients can get most of the needed information 24/7. Other popular machine learning applications include fraud detection, loan underwriting, and portfolio management.
2. Detecting Spam
From the very beginning, spam detection was one of the key problems that needed to be solved by machine learning tools. The solution came with spam filters that are based on a set of rules and also create new ones according to emerging threats. In order to do so, ML algorithms use neural networks that filter messages.
3. Customer Lifetime Value Prediction
Customer lifetime value prediction is crucial for any business. Marketers are able to maximize the company’s outcomes only if they have accurate information about customers. Machine learning can process huge amounts of data and turn it into business insights. Basing on the obtained information, companies can carry out customer segmentation, determine clients’ purchasing patterns, and predict their future behavior.
4. Product Recommendations
Product recommendation systems are crucial in building a marketing strategy. Machine learning models analyze the historical behavior of each customer and offer the most suitable products based on it.
Moreover, ML algorithms can apply unsupervised learning which involves identifying hidden patterns among the products and suggesting similar ones. It is an effective solution to increase sales and ensure customer satisfaction.
5. Personalized Customer Experience
In order to provide personalized customer experience, there are two key elements that need to be taken into account: the right place and the right time.
“There are two main ways that marketers can impact the right time/place aspect of personalization. The first is by finding patterns in the relationship between location and engagement in the historical data brands have gathered (i.e. travelers most often upgrade airfare tickets when they are already at an airport).
The second is by finding patterns in correlations between when people typically make purchase decisions (deciding to buy a cappuccino or breakfast sandwich before they start a morning commute) and using that data to send right-time messages within those timeframes.” – Elizabeth Gallagher, CRO at Lineate.
6. Improving Cyber Security
As the technology is developing and the amount of data grows every second, cybercrime becomes a major concern for many businesses. Machine learning technology enables monitoring network behavior, spotting anomalies, and automatically taking up actions to prevent the attack.
ML algorithm is self-trained – adapts to changes and responds to them. It is an important improvement for a company as it replaces manual analysis and operations.
7. Medical Diagnosis
Machine learning turned out to be of great value for health centers. ML-driven diagnostic tools help in making an accurate medical diagnosis.
It is mostly used in:
- predicting readmissions,
- identifying high-risk patients,
- recommending medicines,
- decreasing healthcare costs.
How is that possible? Machine learning tools use datasets to carefully examine patient’s records and symptoms and then to discover the most probable cause. Once ML algorithm finds an answer, it recommends the best treatment method.
8. Predictive Maintenance
Corrective and preventive maintenance practices are crucial and mandatory for any manufacturing company. Unfortunately, they often turn out to be expensive and not efficient.
Machine learning offers a new solution – predictive maintenance. ML algorithms analyze data and determine hidden patterns. Obtained information enables businesses to minimize the risk of unexpected failures and reduce expenses.
9. Business Decision Making
In order to accelerate the growth of your company, you need to make successful business decisions. The only way to ensure the effectiveness of your strategy is to base it on information supported by research.
Machine learning tools and big data solutions enable business leaders to analyze huge amounts of data collected by the company and derive valuable insights from it. This process is integrated into everyday business operations. ML algorithms adapt to changing market situations and propose the best solutions considering current circumstances.
10. Eliminates Manual Data Entry
The main challenges faced by any company that wants to automate the data entry process are inaccuracy and duplication of data. Today’s technology has found a solution: implementing machine learning algorithms and predictive modeling.
These technologies are more effective than humans in terms of avoiding errors and time consumption. Employees can now devote their time to more complex tasks and leave data entry to machine learning.
All In All
Machine learning has a lot to offer to your company. Every successful organization depends on data analysis. ML solutions can be an excellent support in many business aspects by reducing the time and costs of various processes.
If you haven’t implemented machine learning technology in your company yet, it is high time you do so. Companies like Addepto can help you in the successful implementation of ML solutions.