Blog: Four Ways Businesses are Using Machine Learning
Understanding Machine Learning
The Accenture Artificial Intelligence Report forecasts that by the year 2035, AI and machine learning have the potential to create heightened economic growth rates that could double and workplace productivity can be increased by almost 40%.
The machine learning technique utilizes pioneering data analysis, which has the capacity to automate the analytical building model. It’s amazing to think that algorithms are used to mathematically compute and learn from data. Machine learning then enables computers to discover deeper insights without explicit programming where to search.
Using Machine Learning in Business
1. Customer Service Personalization and Increased Retention
Esteban Kolsky, CEO of thinkJar, stated that research shows that 66% of consumersswitched brands due to experiencing poor customer service. Personal service is an important factor in contributing to the overall satisfaction of customers and increasing the retention rate. Businesses are using machine learning to deliver personalized customer service and effectively improve customer loyalty. The consumer historical data is mined, and through natural language processing and interactive algorithm learning, customer service is improved. Machine learning enables customers to have the ability to ask questions and receive exclusive responses in real-time. This technology has revolutionized customer service and consumer satisfaction. Through data mining and analysis of consumer behavior, transaction history, and social media profiles, machine learning can easily recognize individuals who are dissatisfied customers. Businesses can use this data to implement actionable steps to personalize content to reach these people.
2. Quantifying Marketing Results for Enhanced Techniques
Businesses can better quantify the results of their marketing efforts through machine learning so that they evaluate measurable results to implement better strategies to reach their customer base. This computational process utilizes innovative image recognition to effectively see what their customers are posting regarding brand usage and where their brands are spotted, such as at concerts or sporting events. Basically, management is able to see through quantifiable data analysis how well their brand marketing is working through customers wearing their merchandise, like caps and shirts with logos.
3. Augmented Hiring Processes to Ensure Quality Hires
The hiring process is extremely important for any business. Hiring a candidate who is not the right fit for the job can lead to employee dissatisfaction and poor job performance. Machine learning has been revolutionizing the hiring process. Hirenamiis a hiring company that offers coaching, video screening, and training software that utilizes machine learning. Their Hirenami Request Builder system uses predictive analytics models to streamline, rank, and score job candidates through their video screening process. Such software is able to detect the highest caliber candidates who would otherwise have been passed over due to human bias and conventional expectations.
4. Enhanced Network Security and Fraud Detection
The Cyber Security Business Report stated that financial costs to businesses due to cyber crime are expected to increase to $6 trillion annually by 2021. Machine learning is effective in closing the gap in the vulnerabilities of the Internet of Things (IoT) in the workplace. Anything that can be connected to the Internet, from smart phones, printers, and computers, to the refrigerator and coffeemaker in the break room, is vulnerable to security breaches. This technology is also able to make data sharing on the local network and in the global arena on the Internet more secure. Machine learning is also able to use data mining and learning algorithms to detect irregularities in customer transaction history and their social profiles so that fraud can be detected.
If you’re not utilizing machine learning in your business, now is a good time to take that step to implement this innovative technology today.