How can Machine Learning Improve Business in Simple Ways
Business today are experimenting with increased use of Artificial Intelligence and machine learning tools to digitally transform their business processes from providing good customer engagement to employee management. The corporate sector has the capability of making automated decisions without any risks involved by incorporating machine learning. In fact corporate investment in machine learning and AI is expected to increase manifold in the next five years or so.
Below are the several ways businesses will be influenced by machine learning leveraged by the ‘cloud’.
1. Providing Personalized Customer Service
Machine learning has the potential to provide a personalized customer service along with reducing costs. With this technology businesses can combine the large data related to customer service with the natural language processing. The NLP algorithms offer customers with personal interaction giving most accurate answers to their queries that tends to satisfy them. Chabot of late seem to be preferred over human interactions.
2. Data Visualization & KPI Tracking
Better and informed decisions are usually made after visualizing data. When questions regarding the launching of a new product or services are taken, data will not be found in a database. With machine learning decision makers can pose questions and get knowledgeable answers. Machine learning helps to make simple the process of reviewing business intelligence while creating visual reports automatically. This platform also helps organizations to track their key metrics.
3. Improved Finance Management
Machine learning can help to manage and automate a company’s financial processes like invoice analysis, payments and several others. This technology besides analyzing multitude of invoice in no time also provides protection to all the processes. Companies can save on manpower thus reducing costs leaving the finance experts to study other strategic issues.
4. Innovate Marketing & Management
AI tools are being used for marketing and management for several processes like collecting customer data and supply chain management. Machine learning tools can help to enhance your brand exposure for better results by finding data from social media and other sources about their products, logo and other factors. If the right tools and algorithms of machine learning are applied, it would lead to innovation in almost all spheres of your business.
5. Recruitment Process made Simpler & Convenient
Recruitment and hiring the right people has always been full of struggles like removing human bias, shortlisting the most suitable candidate and at the same time being cost effective. Machine learning brings automation to this hiring process. With this software it is possible to shortlist the most suitable and qualified candidate from among hundreds of applicants who will be able to take the company to greater heights.
6. Detection of Fraudulent Practices
Companies often lose a fraction of revenue every year due to frauds. Machine learning algorithms can use information from social network, historical transactions and other sources of data for recognizing spot anomalies or exceptions. This will help to detect as well as prevent fraudulent practices of any kind in real time.
To conclude machine learning has great potential for reimaging its business processes. It is advisable to integrate the right tools to improve your ROI helping to make your business into a profitable venture.