Fancy terms like “artificial intelligence” and “deep learning” are thrown into articles without the author really explaining what they mean. This makes it difficult for people to understand the value that these new technologies can bring to businesses.
The same goes for machine learning (ML). There are a bunch of articles across the web discussing whether or not businesses should use this technology and how it could help them grow, but without delving too deep into what the technology is and how it can be applied to business in practical terms.
Well, let’s change that up a bit and really dive into the practical side of machine learning and business growth.
So, What Is Machine Learning?
Machine learning is a type of artificial intelligence that allows computers to learn without being explicitly programmed.
In business, machine learning can be used to make predictions about future trends and behaviors. It can also be used to automate decision-making processes. In other words, machine learning algorithms find patterns through intent data and use them to make predictions or decisions for a better customer experience.
According to Forbes, 76% of enterprises prioritize AI and machine learning. This is because AI-driven software is already helping businesses increase efficiency, enhance client interactions, and boost revenue. As more businesses start to use machine learning, it’s important for entrepreneurs and business owners to understand what it is and how it can be used to benefit their company.
The technology is already used in various industries, including healthcare, finance, retail, veterinary, and tech. As machine learning algorithms become more sophisticated, they will become even more common in business.
So, how can it be used to benefit businesses? Let’s look at four ways machine learning is helping business growth.
Four Ways Machine Learning Is Helping Businesses Grow
It’s time to take advantage of the resources we have today. Why would you spend time and money on manual tasks like it’s the early 1900s when machine learning can automate them for you?
Helps Businesses Develop Software That Understands Natural Human Language
One of the most frustrating things a customer can experience is trying to communicate with a chatbot or customer service representative who doesn’t understand them. This makes customers feel unheard and unimportant, often resulting in them taking their business elsewhere.
With machine learning, businesses can develop software to understand human language better. People like natural and intentional conversations, not ones that feel like they’re talking to a machine. This technology can be used to develop AI-based chatbots that can carry on a conversation with humans, as well as customer service applications that can interpret the emotion behind an email or support ticket.
This way, businesses can ensure that their customers feel heard and valued, no matter how they choose to communicate.
Several companies, including Google, Amazon, and Apple, are already using this technology. All three companies use machine learning algorithms to power their virtual assistants: Google Assistant, Amazon Alexa, and Siri. These assistants can understand natural human language and respond accordingly.
As more businesses start to adopt this technology, we will see an increase in the number of automated customer service tasks.
Helps Businesses Make Smarter Decisions
In the past, businesses have had to rely on intuition and gut feeling when making decisions. While there’s nothing wrong with it, it’s not always the best way to make choices. With machine learning, businesses can make more informed decisions using data and analytics.
Machine learning algorithms can explore a lot of data to find patterns, which can help us predict future trends and behavior. This is useful for businesses that deal with a lot of data, such as healthcare organizations and financial institutions. By using machine learning, these companies can make better decisions about how to distribute their resources, calculate cash flow, and plan for the future.
Improves Logistics and Transportation Networks
Another way machine learning benefits businesses is by helping to improve the efficiency of logistics and transportation networks. It is done by using ML to predict demand and optimize routes. This way, businesses can save time and money by ensuring that goods are delivered to the right place at the right time.
Big businesses are already using machine learning to improve their logistics, including well-known brands like Amazon and UPS. UPS uses machine learning algorithms to predict, demand, and optimize routes for its package delivery drivers. As a result, the company has reported a significant reduction in its fuel costs and an increase in driver productivity.
The same goes for Amazon, as they have used machine learning to develop a system called Amazon Flex, which helps find better delivery routes for its Amazon Prime service.
Build Useful Customer Profiles, Increase Sales and Improve Brand Loyalty
Businesses are sitting on a goldmine of data, but they often don’t know how to use it effectively. Machine learning can help businesses make sense of their data and use it to improve customer profiles, increase sales and improve brand loyalty.
When it comes to machine learning and business growth, there are a few key things to keep in mind:
- Machine learning can be used to target specific consumers and understand their buying habits (for example, which buyers prefer to use crypto for their purchases). This information can then be used to create targeted marketing campaigns that are more likely to convert leads into customers.
- It can also be used to improve customer service by helping businesses better understand customer needs and preferences. By using machine learning to identify patterns in customer behavior, you can provide a more personalized experience, leading to more happy customers.
Companies like Facebook are already using ML to better understand their customers by using machine learning to target ads at users based on their interests and demographics. Haven’t you always wondered how the present you were searching for on the Facebook marketplace for your dad on Fathers’ Day magically appeared as an ad on Facebook? This has also resulted in a significant increase in sales for the company.
Machine learning is a powerful tool that can be used to improve business growth in several ways. By using it to enhance logistics and leverage consumer data, businesses can increase sales, improve brand loyalty and reduce costs.
Whether you want to use machine learning to scale your digital marketing efforts or reduce spending, the bottom line is that machine learning can be a powerful tool to help your business grow.
So what are you waiting for? If you’re not using machine learning in your business yet, now is the time to start. Your competition is already ahead of the game, so don’t fall behind!