Machine learning, a subset of Artificial Intelligence is having significant impact and applications across various industries and verticals. Its potential uses range from pricing forecasts, customer service, product recommendations to speeding up repetitive processes earlier done manually.
The most relevant customer based use of machine learning is Chatbots or voice assistants that use ML models to understand what the customer says and craft the responses accordingly. These ML models have been trained in human languages as well as the variations in it because it needs to translate what it hears to words and then make intelligent responses. Also, industries dealing with the huge volume of data have realized the potential of machine learning. By analyzing hidden insights from this data will enable businesses to work more efficiently and gain a competitive advantage. Apart from enabling businesses in analyzing trends and patterns from the data sets, ML also helps to automate analysis, that was earlier done by humans. Thus ML helps organizations to offer customized services and differentiated commodities to satisfy the varying customer needs as well as to identify opportunities that can be profitable for businesses in the long run.
Machine learning helps businesses to enhance their scalability and improves their operations. Factors such as easy availability of data, cheap and fast computational processing, growing volumes, and affordable data storage have led to this machine learning boom. These ML models are used in businesses to predict customer lifetime value, is one of the major challenges faced by marketers today. ML helps businesses to predict customer buying behaviors and help in sending personalized offers to individual customers, based on their purchase histories. Also, it can be used to increase security as cybersecurity is one of the major challenges for businesses.
ML models allow us to build models that can effectively detect threats. Today, organizations can make informed decisions and judgments using the ML models which uncover trends, patterns, etc with minimal or no human intervention. Thus Machine learning is evolving at a rapid pace and is transforming businesses. So, organizations will benefit by knowing how their business can leverage the fruits of machine learning and implement it in their processes.