Machine Learning, along with AI, is gradually becoming the fundamentals behind countless businesses’ success.
While Machine Learning is practically taking over numerous industries, small business owners are still skeptical about investing in it due to the higher costs.
At one point, when Machine Learning was introduced, it seemed like a vague concept that seemed like a trend that was just some time away from being lost in oblivion.
However, with time, Machine Learning started being implemented across a few important sectors. Now, almost half of the industries across the world depend on it.
Machine Learning and businesses: The implementation
Beginning in 1952, Arthur Samuel wrote the first computer learning program (a game of checkers). Fast forward to 2014, ML is one of the most renowned concepts that gained a lot of popularity over the past decade.
However, most businesses aren’t clear on the exact concept or how it can add value to your business.
Machine Learning, along with its futuristic implementations, is a vast concept that deploys some of the most powerful ML algorithms to learn from the existing data and provide personalized results without necessarily being programmed for the same.
Since Google, Amazon, and Microsoft Azure launched their Cloud Machine learning platforms, AI and ML have started to be used in a lot of platforms. With its frequent use in platforms such as YouTube and Netflix, businesses have started to automate most of their processes because of Machine Learning. In fact, Netflix even explained in one of their blogs how they use Machine Learning to work on the recommendations of the users.
In fact, we have been interacting with ML so much that we don’t even realize it’s so heavily applicable across a considerable part of our lives.
The face ID on your Apple phone or the spam detection in your email box, everything is being automatically filtered to provide the best kinds of results to the users.
And since Machine Learning has such a significant influence on businesses, you can practically deploy the same technology for your business needs as well.
How to use Machine Learning for your business?
1. Run personalized marketing campaigns
The data extracted by ML algorithms not only influence your sales strategies but also improves the relevancy of your marketing campaigns.
Judging on the basis of user information, marketing efforts are tailored to run advertisements and serve them to a very particular demographic.
The same could be done in multiple ways that are based on how your team decides to market your business.
A common implementation of ML in business is by running personalized marketing campaigns in email marketing where offers or promotion letters are shared with the users that show interest in a particular domain of your business.
For example, you are trying to book a ticket online from point A to B and exit the page without booking the ticket. After a while, you’d receive an email/text message with cheap fares on the same route with a coupon code specifically for you.
While retargeting is a popular concept in marketing, ML focuses a lot on how user experience is improved. This particularly makes Machine Learning very vital for your business.
2. Reduced manual tasks
For a considerable amount of time now, automation industries have been working to reduce manual tasks that basically work on a routine.
And even though it seemed like a lost cause because of the lack of proper equipment and a significant amount of adjustments in the working model of the business, Machine Learning has started to make it possible now.
With the rise of Machine Learning technologies, the automation needed by industries desperately started being filled. Even finance industries depend on Machine Learning now.
With the help of predictive models applied to data points that change in real-time, most of the manual tasks are executed automatically.
3. A firewall against security threats for your business
With the rise in cyber-attacks and anomalies, businesses are affected on a large scale. While taking cybersecurity measures on your own may help, there still is a whole another perspective of cybersecurity that we can’t deal with on our own.
For organizations to maintain security around their work environment, any unauthorized behavior needs to be addressed proactively before it transitions into a major concern.
The implementation of ML algorithms helps monitor the network behavior for anomalies in real-time to put forward measures that are automatically executed.
With the habit of self-training in the ML algorithms, the entire scenario of cyber-security within organizations takes a tremendous improvement leap.
And as these algorithms train, they adapt to changes and replace the manual research and analysis to provide security-related insights that monitor the entire network security in an organization.
4. Reduced Operating Expenses
With about 46% of customers preferring live chat and other automated services, business organizations with a large user-based need effective customer support delivered via phone or web-based chat.
While rising the number of employees is an option at hand, it could still incur a lot of costs, especially for small businesses with limited capital.
Machine learning technologies on the other hand include AI-powered chatbots and automated customer response systems, identifying the customer problems and navigating them to the right information can be done at lower costs and high accuracy.
Since customers don’t really prefer waiting in queues, automation due to Machine Learning is one of the best solutions to address their queries instantly.
5. Improve User Experience
The implementation of Machine Learning tools could improve the UX by promoting more relevant content to your users.
While Machine Learning significantly automates your business, it could also help you improve the efficiency of your entire business operations.
In platforms such as Netflix and YouTube, the algorithms learn by witnessing your behavior on the platform. If there’s a particular genre of videos/movies you are interested in, these platforms will provide you with similar options, just to retain your interests and serve you personalized results.
Machine Learning models will also analyze the purchase history of a customer. Based on this data, they identify the right products from your product inventory.
These algorithms identify the patterns among the items, match them against the user behavior, and group similar products into clusters.
With insightful data, you can basically improve your business models due to the reason that Machine Learning helps entrepreneurs identify where their services could grow/improve.
6. Expand business operations
Platforms like Prime Video and Netflix use Machine Learning to provide personalized recommendations to users based on their behavior, basically allowing the staff to work on other things while Machine Learning is doing all the work for them in the background.
As ML algorithms practically automate almost all business operations, you have the time and workforce to expand other business ventures side-by-side.
Because of these ML algorithms, providing the best kind of user experience is not your concern, since it takes care of all that itself.
And when that’s the case, you can start serving such sections of your customer base that were basically alienated before.
As per a study by O’Reilly in 2018, about 51% of organizations are already using ML. With such a significant number of organizations already depending on Machine Learning, it’s evident that the future would see more progressions in this field.
However, as pleasing as it seems, problems are bound to arise, especially when implementing Machine Learning in small businesses.
It will take due diligence for your businesses to see results from ML platforms due to the time that they take to learn from your customers’ behavior.
Along with that, such advanced tech requires more workforce and could be difficult for some businesses to implement, especially with limited resources.
That still doesn’t mean that you can’t learn how to find your way around most of the Machine Learning algorithms. Our Machine Learning training program is one of the best resorts to gain expertise in the field and monitor the functionalities of Machine Learning in your business.