Almost every startup software company is looking forward to practicing machine learning. Many of us might have heard about the term machine learning, but very few might know the advantages of ML for their companies and the business related problems it can solve. Big data, artificial intelligence and machine learning are fast gaining fame.
ML is totally based on data analysis and continuously learns from the existing data using ML algorithm. It is a part of AI which learns and continuously improves by studying the high volume of available data. It learns by observing and mimics the human brain. There are n numbers of benefits of AI and ML in the field of business. The most popular is the spam detection feature of your email providers. Gmail automatically detects some selected words and filter them out as spam.
Earlier, there were some rule-based techniques which used to filter out spam from our mailbox. But now with the invention of AI, some new rules are made with the help of neural networks to filter out spam emails. These neural networks use wide networks of the computer to evaluate rules which could recognize phishing messages and junk mail.
Product recommendations are one of the important aspects of sales and marketing strategy. With the help of ML, the analysis of customer purchase history and identification of their interest is easy. This further helps the companies making efficient product recommendation for their customers and leads to the company growth helping them to discover new trends and patterns from the existing diversified data sets.
AI is being used in the medical field to assist doctors in surgery. With the help of AI, doctors can easily identify high-risk patients; perform perfect diagnoses and recommendations of best medicines. They learn and gain experience from the available data set of the patients. This helps in faster patient recovery and improves patient’s health at minimal cost.
Machine learning helps in improving the precision of financial models and rules. It assists banks in algorithmic trading, portfolio management, loan underwriting and fraud detection. It continuously analyses data and detects the issues related to it.
ML assists companies in promoting their product in multiple ways in order to make effective sales forecasting. It offers multiple advantages for sales and marketing companies. Some of them include data consumption, prediction and processing of the analyzed data, interpreting past customers behaviour and much more.
Further, all these benefits make machine learning, a digital innovation trend and help organizations to discover new trends from the existing data. It further helps them to deliver new and differentiated product and services.