Artificial Intelligence and machine learning brought about a revolution in the IT Sector and we all cannot deny the fact that how day-by-day machine learning is increasingly used by the companies all over. We all can agree to the point that the use of machine learning is bringing a colossal change in the businesses efficiency, even many experts hold the view that machine learning is a breakthrough as big as the internet and also personal computers. But also we will have to accept the fact that even after years of Machine Learning is in use by the Machine Learning companies but still many audience are unaware of what machine learning is and what are its benefits. Keeping aside those, in the past decade machine learning has whipped the business world, and why not after all it is machine learning that enables computers with the ability to learn things without being explicitly programmed for.
In this article we are going to discuss how the leading machine learning companies and also the startups are using machine learning in their day-to-day business lives and also how it is benefiting them.
1) Increasing data and affordable storage : Machine Learning makes use of data for deriving decisions and when data is stored in the cloud, it is easier to refer to the data for analytics purposes. Also the growth of cloud has improved storage, so that the large data generated by the organizations can be stored in a safer manner.
2) Detection of Security and Frauds : Salaries for frauds are taken from management employees, chargebacks, and legitimate transactions and these are denied due to false positives, and all contribute to the expense of fraud. In the year 2016 the average E-Commerce retailer was over 7% of the total revenue. So now machine learning comes to the rescue as it has the potential as a powerful tool, and it intelligently monitors millions of transactions in the real-time which results in reduced fraud.
3) People Management : The secret of a successful business lies in the type of people working in it, if the team is dedicated and passionate towards their job the business will automatically succeed, but hiring these people for jobs becomes real difficult on the part of the company. This huge problem of the company is now solved by machine learning, as it has the potential to identify the people without being biased and inviting the high performing and diverse candidates for interviews who may be overlooked human recruiters at the first try.
4 ) Elimination of manual data entry : Duplicate and inaccurate data is one huge problem as the companies find it difficult to cope up with. The machine learning can handle this tasks better by using the already discovered data, the employees can invest the time they spend in manual data entry in some other tasks that would add value to the business.
5 ) Increase customer satisfaction : Machine Learning enables the company to improve their customer satisfaction and also provide them better experience. Machine learning uses the past call records for analyzing the customers behavior and based on that the customer service executive can be assigned the task. It has one more plus point that it reduces the cost and amount of time that was previously invested in the management of customer relationship.
6 ) Business Forecasting : In businesses the owners focus on multiple areas in which he or she is having an idea about the areas in which business needs can arise in the near future, the owner stays alert and plans to stay prepared for the unexpected situations, with the help of machine learning predictions can be made more accurately.
Organizations are already benefiting from machine learning processes of businesses and companies have improved the expertise of this technology. We can hope that in future machine learning algorithms will be upgraded and then they may help in each and every department of the company. Leading software companies like Techasoft are increasingly using machine learning and other latest technologies for excelling in their fields. As you could read in the above article we need for machine learning is increasing at more and more companies will try to incorporate this technology and will try to reach the business goals.