Machine Learning has become a kind of blessing for businesses, and many individuals. Many companies have begun incorporating Machine Learning into their products, or services, and it has helped them a lot in many terms, like improvement in operations, improved efficiency, improved services, enhanced customer experience, automation the boring tasks, and much more.
The miracles that are happening due to Machine Learning has thrilled many people, leaving some worried, and others in excitement about what is going to be the future. People are becoming more and more interested in using Machine Learning in the interest of their businesses because there are a lot of benefits to it.
Through this article, we are going to discuss some of the benefits of Machine Learning in business. Also, we will see some examples, through which, you can get a broad picture of how Machine Learning is already being used in businesses, and it has a lot of benefits.
Benefits of Machine Learning in Business
What is Machine Learning?
If you are completely new to the term “Machine Learning“, we will discuss it in super brief, about it. But if you are interested in knowing more about Machine Learning, click here, and read the article which explains Machine learning, in super simple words.
So, let’s try to understand machine learning quickly, and in simple words here.
You can understand it as if the Machine learns from the data, and then makes predictions, or takes decisions on the basis of that learning, without being explicitly programmed. There is much more than that, but in brief, you can understand it like this.
In a quite formal way, we can say that Machine Learning is a branch of Artificial Intelligence, which provides machines with the ability to learn from data and past experience, identify patterns, and structures, and make predictions on the new data.
Let’s get this from an example. Let’s say that we are training a Machine, to be able to classify some image as a cat, or not a cat. So for this, we have to provide a lot of images of cats, and other animals. While showing the image of a cat to the machine, we tell that it is a cat, and for any other image, we tell that it is not a cat. Meanwhile, the machine learns from the data, what how a cat looks like.
After the training, when you show some unseen image of an animal to the Machine, it would be able to classify the image of the animal as of a cat, or not a cat.
So here, the machine is understanding the pattern and structure in the data, so that it can make predictions on future data.
I hope this gives you a broader picture, and a sort of curiosity to explore more about this incredible field.
Advantages of Machine Learning in Business
So now, that we have a big picture of what is Machine Learning, let’s now dive into the concept that we are interested in right now – the benefits of Machine Learning in Business. Here is the list of some of the advantages that we are going to go through, and then we will explore them in detail, one by one –
- Enhanced Customer Experience.
- Working on Complex problems
- Error reduction and cost reduction
- Better decision making
- Right product recommendation
- Improved Efficiency.
So, let’s now explore these benefits one by one.
Enhanced Customer Experience
For businesses, customers are extremely important, as they form a base for that business to exist, and the customers are a source of revenue for the business. But at times, it might happen that the customers may not get the desired products or services, and they might not return, or leave the platform, and this can hamper the reputation of the business, and can have a negative impact on the business revenue in the future.
So, it is important to keep customer satisfaction a priority, and with Machine learning models in action, like chatbots, and product recommendation models, the customer experience can be taken to the next level.
Machine Learning algorithms can also be used for resolving customer queries/ problems, assisting them with the product or the services, or incorporating the models for just improving the performance and the business response.
If your business has some work, which can be easily automated, but right now is being done by the human workforce, then you should think of bringing Machine Learning to action, automating many tasks. Many times this happens, and the human workforce is stuck in doing some repetitive work, which can actually be automated. If Machine Learning takes over automating those repetitive tasks, then humans can work on something more creative, complex, and high-value works, which would require more human intelligence.
So, if your business has some tasks, which can be automated, then you can think of bringing Machine Learning to action.
Working on complex problems
With Machine learning, we can solve many complex problems, which would otherwise cost much time and money for humans. So, with Machine Learning in action, you can relatively easily tackle some complex problems.
Error reduction and cost reduction
When humans are involved in the work, many times, these works can be error-prone, due to some inevitable human errors, and these errors can be bad for the business in many terms. But with Machine learning, these errors can be reduced, or eliminated from the business. Also, the thing is that Machine Learning can help in cost cutting since it can reduce the required workforce, and the algorithms can work much stronger, with greater efficiency, and also, they don’t get tired.
Humans can be engaged in working on something more creative, complex, and something which requires more human intelligence.
Better Decision Making
When it comes to Machines, data is like food for them, and they learn from the data and make predictions, or take decisions. With humans, manual data processing cannot be done as quickly as machines can. So, with Machine Learning in action, the decision-making process can be quicker, and also, without any human emotion interfering with the process.
Right Product Recommendation
With Machine learning, one can enhance the customer experience on the platform, by curating the content, or product, or services, based on the user’s interest. This increases the probability of the customer using the platform more, or spending more time on the platform, the product, or the service, which is good for the business. We are not going into the details of how this is done, since it is a whole different thing, but you can explore it if you are interested.
One more benefit of using Machine learning in business is that the efficiency of the operations is improved. Let’s say that you are using Machine Learning in your business, then you might have tackled the problem of repetitive tasks by automating them and reducing or eliminating the error which can come with humans.
For example, if you have a chatbot system in operation, which can help resolve customer queries on chat, it can work efficiently 24 x 7, and the machines can process large amounts of data, without being tired. All these things collectively improve the efficiency of the operations in the business.
Machine Learning in Business Examples
As you might have gone through the above-stated benefits, you might be wondering about what are the companies which are using Machine Learning in their operations. Or what are the example use cases of Machine Learning being used in businesses? So, let’s try to have a look at some of the example use cases so that you can get a broad idea about the same.
Google is a well-known name in the technological world, and it uses Artificial Intelligence, Machine Learning in a lot of its operations. Even when you are doing a Google Search, you are using/experiencing Machine Learning, and also when you are using Google Maps, you are again experiencing Machine Learning. These are just some examples that you might be familiar with, but Google uses Machine Learning in a lot of cases.
Google does this so that the customer has a valuable and personalized experience on the platforms.
Machine Learning is also used in a lot of Social Media Platforms like Facebook, Instagram, YouTube, etc. For example, they use Machine Learning to recommend some content or posts, which you might be interested in going through. This helps the customer to spend more time on the platforms, and get to see the relevant content, that the user might be interested in.
IBM is one of the oldest technology companies, and it also uses Machine Learning a lot. They continue to expand to some new and innovative technologies and continue to grow. For example, you might have heard about IBM Watson. It is a very powerful Machine Learning tool.
It is used in many use cases, like – many hospitals use it for treatment recommendations, for different types of cancer. It is also used in the retail, or hospitality sector.
Apple is one more such visionary example of Machine Learning. You might have heard about Siri, which can be essentially considered a digital assistant, which can do many things, like checking email, sending text messages, calling someone, and answering many other questions.
Amazon is another such company, which uses Machine learning a lot. Many people love Amazon because of many obvious reasons. Amazon uses Machine Learning for many retail tasks, like product recommendations, association, etc.
Netflix is a good example of a business that is using Machine Learning. Thanks to Machine Learning, when you are on Netflix, you do not need to think much about what to watch now, since it gives you recommendations, based on your interests, and previous watch histories. We can say that Netflix knows better about what you would want to watch, and provides curated content accordingly.
So, in short, there are many businesses, and many use cases, where Machine Learning is being used in action, and it helps in many terms, to the business, and to the customers as well. So, using Machine Learning in the business can prove to be of great advantage, for the users of the business, and the business as well.
Here, we have discussed some of the benefits of Machine Learning in business. Machine Learning has become a blessing for many businesses, and individuals in many terms, making human life easier. We have discussed some of the use cases of Machine learning in different businesses.
Machine learning is a game-changing thing in the world of business. As we have mentioned earlier as well, it has become kind of a blessing for the world of business, and businessmen.
So, if you want, you can explore more about Machine Learning, and other interesting and emerging technologies. I hope that you found this information helpful.
FAQs related to the benefits of Machine learning in business
Q: What is Machine Learning?
Ans: Machine Learning is a field of Artificial Intelligence, which enables Machines to learn from data, and past experience, make some predictions, and take decisions, without being explicitly programmed.
Q: Do businesses use Machine Learning?
Ans: Using Machine Learning in businesses can be of great advantage, and yes, there are many businesses, which already use Machine learning for many of their services and products, which adds a lot of advantages to the business. Some examples are Google, Apple, Netflix, Amazon, and Microsoft.
Q: What are the benefits of using Machine learning in businesses?
Ans: When used in business, Machine Learning can have great advantages, like –
1. Improved efficiency of Operations
2. Better Decision Making
4. Right product recommendation
5. The quicker Decision-making process and many others