Machine Learning and Business
In order to remain competitive, businesses have to be aware of and use new technologies as quickly as possible. One technology that is rapidly spreading throughout the business world is machine learning. In fact, a recent survey reports that over 70% of respondents stated machine learning was important or critical to their business operations. This indicates that your competition is likely already implementing machine learning and you probably need to do so, too.
But let’s tap the breaks for a moment. Before rushing headlong into deploying new technology, it is prudent to first know what it is and how machine learning helps a business achieve its objectives. Let’s answer these questions. First, let’s define exactly what machine learning is and then how it can be used to enhance scalability and improve operations.
What Exactly is Machine Learning?
The ability of a machine to make decisions and/or perform some task(s) based upon learning or acquired knowledge without any appreciable intervention by a human.
Okay, so what does that mean practically? To answer this question we need to define a few other terms with regard to machine learning:
- Data mining. The process of analyzing large sets of data to identify underlying patterns and/or mathematical relationships, which typically requires substantial computing capability.
- Neural networks. Mathematical models based on the topology of the human brain (especially the neurons, synapses and their connectivity), often used for processing and/or analyzing data in order to discover or form classifications.
- Deep learning. A subset or type of machine learning where neural networks are used to perform data mining on large unstructured data sets or data of unknown structure. In many cases for learning and/or classification.
- Unstructured data. Unstructured data is information that does not have a pre-defined data model. Or this data is not organized in a pre-defined manner. It may have an internal structure but isn’t structured by predefined models.
- AI. The theoretical or actual capability of a computer (or machine) to exhibit, display or perform activities that typically are performed by or necessitate human intelligence.
- Autonomous. Able to perform a function or action without human control. There are varying levels of autonomy; such as semi-autonomous (partially controlled by a human) and fully autonomous (no direct human control), which most machine learning falls under.
Now, let’s return to the question of the practicality of machine learning for business. Based on the definitions above, we can define machine learning for business as:
The utilization of an AI technique; such as neural networks to apply deep learning to a business activity or problem with the objective of discovering ways to enhance or improve operations.
Let’s see how this can be done.
How Machine Learning Helps Business Grow and Thrive
Machine learning can be used to help with two areas that demand most of your attention: growth and operations. Just as the implementation of a new strategy or process mandates that your software development is agile, so does machine learning utilization.
Machine Learning to Scale Up Your Business
📈 Customer acquisition
Machine learning can be used to analyze industry data and trends, identify and then target potential customers with focused and relevant marketing strategies.
📈 Customer retention
By analyzing customer habits and preferences, techniques, and interactions can be designed and tailored to accentuate why they return and address why they leave.
Improving Operations with Machine Learning
📈 Internal data processing
By monitoring and rating internal processes, operations, and networks, focus areas for improving efficiency can be identified and then methods to do so implemented.
📈 Usability and access
Machine learning can be used to deploy interaction tools such as chatbots to improve customer interface and interactions and to improve data security and establish and maintain customer trust.
The list above is only a partial list of how you can leverage machine learning technology to improve your company’s operations and its trajectory. As every business is unique, the best use of machine learning is to develop custom software that is focused, targeted and uniquely meets your needs.
We now know the benefits of machine learning. The next step is implementation. If you are considering applying machine learning or want a better ROI on your current deployment, then you need the right strategy, tools, expertise, and software development process agility to optimize its utilization.
At BairesDev, we have the requisite expertise and experience so that you can reap the benefits of how machine learning helps business scalability and improves operations. We hire only the Top 1% IT Talent in Latin America; therefore, we are close by to provide nearshore IT staffing solutions to meet your objectives. To learn more, contact our team.