What was considered science-fiction or rather a far fledged imagination decades ago is a reality now. There was a time when machine-to-machine communication, robotics, and machine intelligence were considered impossible and only movies portrayed happening on other planets or other distant galaxies. Fast forward a couple of decades, we’re here witnessing instances of machine learning every single hour.
If you use Amazon Prime or Netflix, I’m sure you’d be getting recommendations of what to watch. That’s a simple example of machine learning. Self-driving cars from the Hollywood movies have made their way to California as prototypes and they’re examples of machine learning. Or, wait! Have you seen your social media app recognizing your face in your selfies and other group photos? The simplest form of machine learning.
Though machine learning is not new to the IT industry, it’s been gaining fresh momentum over the last couple of years. Now, as you read, thousands of researchers across the globe are working on their machine learning algorithms for distinct purposes and goals.
Why is Machine Learning important for your business?
The basic purpose of machine learning is to simplify tedious tasks that would be time-consuming for humans and improve efficiency by eliminating errors. A task that will take numerous weeks for humans can take just a couple of days with machine learning. Time-consumption and process optimization are two of the most common concerns businesses face today and machine learning has all the solutions for it.
For instance, machine learning can help in a lot of processes. Today, with tons of data generated every minute, machine learning can help in accurate market segmentation. If you’re launching a new product or if your existing product is not getting the reach and traction it deserves, machine learning can help you find the right target audience so you can come up with the right marketing campaigns and promotions for it. This will have directly have an impact on your ROI and ensure your business is stable.
Besides, machine learning will help you understand your customers better. With the algorithms programmed to look for crucial insights, this technology can help your business get an idea of customer behavior, their experience with your brand, their general market preference and their expectations from your business. Insights on these can set things back on track for your business or prepare your business for the future. Some concerns which appear the most complex for your business can be tackled easily with machine learning.
One of the other applications of machine learning is in supply-chain management and in predictive analysis, where your business can be intimated of the time machines in your business can malfunction and on managing your inventory better and more.
So, no matter if you’ve just started up or running a business, which needs fixes, you should seriously consider implementing machine learning techniques for your business. From process optimization to customer experience, everything will be taken care of. It’s high time you get started with it.