Scribd
Upload
188 views3 pages

Machine Learning in Business

Machine learning is an artificial intelligence technique that allows computers to learn from data and experience to identify patterns and make decisions with minimal human involvement. Businesses are increasingly adopting machine learning tools to analyze data and gain insights that can help cut costs, increase profits, and stay competitive. Common business applications of machine learning include using large data sets to identify market trends, predict customer churn, streamline hiring processes, optimize supply chains, and enable personalized health monitoring. As machine learning algorithms continue to improve with more data and experience, they have the potential to transform businesses across many industries.

Uploaded by

HadiuZzaman Sajib
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
188 views3 pages

Machine Learning in Business

Machine learning is an artificial intelligence technique that allows computers to learn from data and experience to identify patterns and make decisions with minimal human involvement. Businesses are increasingly adopting machine learning tools to analyze data and gain insights that can help cut costs, increase profits, and stay competitive. Common business applications of machine learning include using large data sets to identify market trends, predict customer churn, streamline hiring processes, optimize supply chains, and enable personalized health monitoring. As machine learning algorithms continue to improve with more data and experience, they have the potential to transform businesses across many industries.

Uploaded by

HadiuZzaman Sajib
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 3

Machine Learning in Business

Machine learning is an artificial intelligence (AI) discipline geared toward


the technological development of human knowledge. It allows
computers to handle new situations via analysis, self-training,
observation and experience. Machine learning facilitates the continuous
advancement of computing through exposure to new scenarios, testing
and adaptation, while employing pattern and trend detection for
improved decisions in subsequent situations.

Businesses have always sought ways to make their operations more


efficient and effective, thereby cutting costs and increasing profits.
Machine learning is simply the latest technological tool to be used to
those ends. This is compounded by how important collecting and
analyzing data has become in today’s business world. To stay
competitive, companies have needed to use the best machine learning
software to properly utilize that data. With the many different types of
machine learning out there, nearly every type of industry can benefit
from this technology. It’s easy to say that companies should adopt
machine learning solutions for their businesses, but some might not
understand what machine learning can actually do. So it’s important to
look at each machine learning application for the real world in order to
see how best to apply it for your own operations.

One of the most common examples is the ability for machine learning
algorithms to identify market trends and perform market analysis. This
has been especially helpful for companies in the financial industry, but
since every business needs to be on top of market news, it can be used
almost anywhere. Machine learning works in this category by analyzing
vast amounts of data to identify specific patterns that can indicate what
markets will do in the near future. Some of these signals can be slight,
possibly so small that a human observer would miss them. With enough
data points, however, machine learning can pinpoint them and give
companies valuable information on what the market will do in the days,
weeks, months, and even years ahead. Best of all, this type of analysis
can be done in real time. With this information at hand, companies will
always be prepared for what’s to come.

Improving the customer experience with machine learning can go even


further than that. With machine learning algorithms, businesses can
improve customer retention. Companies are collecting a great deal of
data on their customers, and it’s through analyzing customer behavior
that machine learning can pick up on certain “warning signs” that a
customer might soon leave. If companies know a customer is on the
verge of leaving, they can take further steps to keep them around. Even
in this approach can machine learning make a difference by basically
identifying what the next best course of action is in retaining the
customer.

While much of the focus on machine learning is on improving customer


relations, there are aspects and work processes within the organization
that can be improved as well. Take hiring practices, for example. A typical
job opening at a large organization could get dozens, even hundreds of
applicants, and sifting through them all can consume a lot of time and
resources. That’s where machine learning can step in and direct
companies to the best applicants. Machine learning algorithms, based
upon past and current successful employee data, can determine which
of the applicants would have the best chances at being successful at the
job. This can narrow down the field to something much more
manageable. Machine learning can also eliminate potential biases that
can come up in hiring practices, which would lead to a much fairer
process on the whole.
Machine learning can also play a role in helping organizations improve
their overall logistics. The supply chain can get quite complicated,
especially when a business doesn’t have control over every step of the
process. If something goes wrong, it can cripple a company temporarily.
Machine learning algorithms in this case can be used to predict when
things might go wrong, such as an accident at a factory. If something
unfortunate does happen, machine learning can also be applied to
finding solutions to mitigate the damage and keep businesses up and
running despite the setbacks.

Medical and insurance companies are seeing the benefits of utilizing


machine learning in their practices. This can also benefit the health of
patients and customers through the use of health monitoring. Through
various wearable devices, organizations can now collect data on a
person’s health, anything from their heart rate to how many steps they
walk each day. Based off of this information, the health industry can get
a better understanding of how healthy someone is. Machine learning
algorithms can even detect if future health problems may arise or predict
if something bad might happen soon.

Machine learning in general will also get better over time, as is its nature.
Many of the examples given above will only become more efficient as
machine learning algorithms become more ingrained in business
practices. While some machine learning problems still need work, these
real-life examples show that the promise of machine learning isn’t all
hype — it stands to completely transform businesses.

You might also like