Machine learning is a subset of artificial intelligence that deals with algorithms and extracting meaningful insights from the raw data. The technology is significantly changing the way businesses look at and process data. Regardless of the size, companies are leveraging machine learning into their businesses to reap the most out of their available data.
According to a recent survey conducted on 168 large companies, more than 50% of enterprises are applying machine learning to refine marketing issues. A study conducted by McKinsey figured out that numerous European banks and businesses have shifted to machine learning from statistical modeling approaches as it offers better and faster data insights.
Business benefits of ML
With tech giants like Google, Microsoft, and Amazon launched their machine learning platforms; technology has gained immense prominence in recent years. These platforms have simplified the adoption of machine learning as a technology for enterprises. Business benefits of machine learning are numerous; here are some of the prominent ones.
Financial analysis and management
Machine learning has brought substantial advantages to businesses in terms of financial analysis and management. With large volumes of data being generated every day, machine learning can increase financial efficiency to further upscale business performance. Here are some financial benefits that ML can offer:
- Better analysis of funding channels, business expenses, portfolio management, underwriting, and fraud detection
- Reduced operational costs by reduced human intervention.
- Enhanced algorithm trading.
- Better security.
Defining strategies and customer behavior
Machine learning helps business in a host of ways by analyzing market trends and consumer behavior. It helps you to reap deep insights from the vast user data, constantly review it to build an insightful action plan for your business. For instance, machine learning can help your business analyze what type of discounts you need to bring to attract a particular customer to buy your services.
Machine learning is a powerful technology to improve the online security measures of an organization. Here are some ways through which machine learning can help organizations:
- Analyzing behavior and work patterns, machine learning can identify threats and unusual activities. This could highlight suspicious activities and prevent problems.
- Identifying fake accounts at scale.
- Assisting in differentiating malicious software and apps from useful ones.
Real-time decision making
For businesses today, the volume and streams of data continue to increase; manual decision-making is being replaced with automated processes. Machine learning can be used to automate ever-increasing channels of user data and enable more insightful business decisions through real-time learning.
How are companies using ML?
Many companies are using machine learning and finding exciting ways to utilize technology for more insightful outcomes. Here are some real-life examples.
PayPal uses at least three machine learning algorithms including deep learning and neural networks to eliminate fraudulent activities and business risks.
In 2015, Pinterest acquired a firm that builds commercial applications of machine learning techniques. Today, Pinterest incorporates machine learning in almost all of its business operations, from content discovery and spam moderation to advertising and offering personalized images to newsletter subscribers.
Google has been a forerunner in adopting machine learning and neural networks to build applications that enhance speech translation and search ranking and prediction systems.
Machine learning is being used to achieve complicated business objectives with ease and speed. However, the most important part here is the volume of data that businesses collect. The quality of data decides how well technology produces outcomes.
By using new technologies like machine learning and artificial intelligence, etc., businesses can be more productive and efficient in terms of day-to-day work and make data-driven decisions. Moreover, machine learning algorithms help to prevent risks and fraud ensuring secure processes and higher customer satisfaction.
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