How Machine Learning Can Benefit Your Organization

Organizations are becoming more aware of machine learning solutions and artificial intelligence due to all the buzz around these terms. A lot of people have heard of machine learning but don’t really know what it does and how it can help a business. Machine learning is the study of computer algorithms that automatically improve through experience and existing data. With machine learning, computers can learn hidden insights without being programmed for it. It is a subset of artificial intelligence, which is why artificial intelligence consulting companies usually deal with machine learning as well.

Artificial intelligence has been gaining popularity and prominence in recent years due to Google, Amazon and others launching their own cloud machine learning platforms.

There are numerous ways in which machine learning solutions can be beneficial for a business. Some of the major benefits include:

• A large amount of data consumption, which can be used for constantly reviewing and modifying the sales and marketing strategies based on the behavioural patterns of customers.
• The rate or speed at which machine learning consumes data makes it possible to take the right actions at the appropriate time by identifying the right data.
• Interpreting past consumer behaviour to analyze the data better, so that better predictions can be made regarding consumer behaviour.
• For the healthcare industry, machine learning helps in the identification of high-risk patients and recommends the best possible medicines. Better diagnoses and medicine recommendations will improve patient recovery rates to a great extent and that too with minimal costs.

Simplification of data entry for organizations is made easier via machine learning. Since duplication of data and inaccuracy are some of the main issues faced by organizations, the process can be greatly improved with predictive analytics and machine learning. Machines can perform time-intensive data entry tasks leaving skilled human resources free to focus on other tasks.

• Machine learning also has a very significant impact on the financial sector. Some common benefits of machine learning in the financial sector include algorithmic trading, portfolio management, loan underwriting and fraud detection. It helps in the improvement and precision of financial models.
• One of the most important problems solved by machine learning is spam detection. Machine learning uses brain-like techniques to eliminate spam emails. Neural networks recognize spam and phishing emails by evaluating the rules across a vast network of computers.
• Manufacturing firms usually have preventive and predictive measures in place. Although these measures are often very expensive, and that is where machine learning comes into play. Machine learning can create very efficient predictive maintenance plans that minimize the chances of unexpected failures, and hence reducing the need for predictive maintenance.
• Product recommendation is a really important aspect of any sales or marketing strategy. Machine learning helps analyze the purchase history of a customer and helps identify the products that they connect with. The algorithm identifies these hidden patterns among items and groups similar products into clusters. This process is called unsupervised learning, which is a specific type of machine learning and helps create a superior product based on the recommendation system.

All of these applications make machine learning solutions a very good investment for any business.