Machine learning offers immense potential for businesses, helping them improve their efficiency and make informed business decisions.
This technology is a hot trend nowadays, which can do everything from predicting consumer behavior to automating redundant tasks.
Machine learning removes friction at every stage of business, whether you are coming up with new product ideas or delivering the product to the right customer.
Even companies leveraging machine learning are experiencing an 80% increase in revenue.
If these companies get value out of this technology, why not you?
In this blog, we will explore everything related to machine learning, study its impact and know the top global players harnessing this technology to serve their customers.
Table of Contents
What is Machine Learning?
Machine learning revolutionizes the way business operates today. It acts like a superpower for business as it can learn from previous data and detect future trends.
According to Fortune business insights,
Consider Machine learning as the next-generation technology that recognizes your face and predicts your next moves based on your previous behavior.
There are various applications of machine learning in business, such as
Helping companies make data-driven decisions
Gives you a competitive edge in the market
Improve your business operations
Machine learning is the subset of AI concerned with imparting human Intelligence onto machines and developing machines capable of making sense, reasoning, acting, and adapting. This technology has been for decades, but now its popularity has exploded because of big data.
As you already know, humans learn from past experiences, and machines follow human instructions. But what if machines follow instructions given by humans? Machine learning is the ability of machines to learn from past data and do what humans can do faster.
So, machine learning is the science of programming machines to think and act like humans without being specifically programmed to.
How Does Machine Learning Work?
It uses algorithms to learn tasks, and these algorithms are fed with data by which it learns to perform these tasks. So, as this technology continues to adapt, it is there to transform the lives of business owners.
In a nutshell, ML in business is about training the machine algorithms by inputting data and output into machines and letting machines execute the tasks on their own in this way –
” If x situation occurs, execute Y behavior.”
Impact of machine learning on business
1. Understanding Consumer Behavior
Machine learning helps to decode consumer behavior by providing various insights into their behavior that will help businesses to identify their preferences and choices.
With the help of machine learning technology, businesses can analyze customer data and determine which product/service will perform in the market.
For example – Spotify, a music streaming company, effectively uses ML to provide personalized experiences to customers.
It uses machine learning to keep an eye on various aspects such as playlists, user listening behavior, and understanding what users like/dislike, what they skip, and what they click on.
Thus, Spotify uses historical data to keep you listening and provide personalized playlists and music recommendations.
2. Enhanced Cyber Security
Another application of machine learning for business is to enhance cybersecurity. As AI/ML technologies process large amounts of data speedily, it helps your business to respond faster to emerging threats.
With such an advanced capability, organizations can detect potential threats that might go unnoticed.
We already know that online attacks are spontaneous, so machines are eligible to detect potential threats way better than humans.
So, how is machine learning detecting fraud?
Businesses implementing machine learning in business processes can get insights into historical data about threats, risks, and previous disasters. So, if similar patterns continue to occur in the future, ML algorithms inform the administrators and prevent the occurrence of such disasters again.
3. Enhances Customer Satisfaction
Businesses can leverage Machine learning capabilities to understand customer behavior and provide excellent customer experience. You can smoothen a customer’s journey by integrating sophisticated chatbots and voice bots, which are there to answer customer queries.
In addition, such chatbots are more effective in providing resolution to customers by understanding customer needs.
The machine learning algorithm does its job more effectively as it can determine which customer is interested in buying what product and presents the right products to the right set of users.
4. Automating Redundant Tasks
Machine learning is revolutionizing business operations by automating repetitive tasks so that people can focus on core business operations.
Additionally, ML systems create automated systems for various business processes and take your business to the next level by handling a higher volume of resources, etc.
In the manufacturing sector, performing quality control is a tedious and time-consuming process that requires human inspectors to examine each item for defects.
With the help of ML, manufacturing processes can be automated. Even designated robots are employed to perform routine tasks such as welding or fabricating.
By leveraging such technology, businesses can automate data entry tasks, let their employees focus on other important tasks, and, as a result, lead to efficient utilization of resources such as time, money, etc.
5. Recruiting And Hiring
Hiring is considered the foundational pillar for any business as it could either make or break your business when not done correctly.
Machine learning helps human resource managers by taking off their load by extracting data from previous applicants and using that similar data to make the next hire.
ML is a goldmine for HR professionals as they have loads of candidate data, and making informed recruitment decisions is not an easier job.
Moreover, they don’t have enough time to spend hours reviewing each candidate’s resume or tailor job descriptions accordingly.
Human resource managers can focus on strategic and value-adding tasks by automating repetitive recruitment operations using machine learning.
6. Conversational Intelligence
Conversational Intelligence is a part of Machine learning which processes unlimited quantities of written or spoken data.
A few years back, retailers used to rely on customer surveys to make informed business decisions.
Implementing machine learning in business processes makes a positive difference because virtual chatbots can filter customer service requests, streamline customer service processes and identify potential customers.
These chatbots serve as a non-stop guide for customers, providing constant assistance and resolving customer queries.
7. Content Generation
Content generation is another area where business owners leverage Machine learning to create blog posts, newsletters, press releases, and other content related to their company operations. They no longer need to spend hours and hours researching to generate content.
It can help you with predictive analytics and tell you what type of content is more popular, what topics people are more interested in, and how to convert boring content into stellar content pieces.
Examples of Companies That Use Machine Learning
Here are some popular examples of companies that are leveraging machine learning in their business processes-
The company uses ML based recommendation algorithm to personalize recommendations for viewers, and the Netflix algorithm looks upon various things, such as the viewing history of customers, when a customer is most likely to be more active on this platform.
It analyzes subscribers’ entire watch, search, and rating history and then recommends programs to those subscribers.
Besides that, Netflix puts its best foot forward to keep its viewers engaged on this platform. It uses AI to auto-generate, personalize thumbnails, and even optimize streaming quality by predicting bandwidth usage.
YouTube is another global player that has been using machine learning for many years now. With the help of Machine learning, it analyzes historical data and recommends videos to viewers.
Moreover, it keeps an eye on the viewing history of individual users and the viewing history of users having similar interests. Then, it recommends videos to viewers that they like to enjoy.
Google is making full use of Machine learning algorithms to provide a personalized experience.
Sundar Pichai (CEO of Google) says –
Machine learning is a transformative way by which we rethink how we are doing everything.
Google search leverage machine learning. When you start typing on Google, it automatically predicts what the user is looking for and what’s trending now. All these suggestions are shown to the user because of past data.
Another area where Google is going ahead is Google Music. Google Music uses Machine learning which provides song recommendations to users based on what they are already listening to. Now, users can listen to their favorite songs similar to what they have played in the past.
Recently, Google has been developing “Google MusicLM,” an AI browser-based tool that can generate music from text prompts.
Google says that AI can now understand prompts related to genre, mood, and type of instrument and then develop appropriate music for a given context—all thanks to MACHINE LEARNING.
To Sum Up
The opportunities that Machine learning provides for businesses are limitless. If you want to provide better experiences to the user, leverage the potential of this technology to make better business decisions and stay ahead in the industry.
When global corporations such as Google, Netflix, Facebook, YouTube, etc., get exciting benefits while using this technology, why not you?
Machine learning is the future of every business.
We at BigOhTech provide innovative AI/ML solutions, making your software delivery processes intelligent and fast. Having a qualified team of AI/ML professionals, we are here to provide AI-driven solutions that will increase your business growth by 83%.
Recently, we helped a client who was running a 5-star luxury hotel by developing a product that uses AI/ML technology to capture the sentiments of users.