With the advent of the digital age, multiple Machine Learning applications in business can be seen trending in the market space today. Projected to grow at a Compound Annual Growth Rate (CAGR) of 42.8% from 2018 to 2024, the global Machine Learning (ML) market will worth $30.6B in four years.
Businesses these days are adopting advanced ML techniques and algorithms for scaling their growth and profits. Big names like Amazon, Microsoft, Google have already invested in Machine Learning models, when will you? Hire a ML developer now to incorporate ML benefits in your business projects.
Machine Learning Applications in Business!
Machine Learning algorithms help in analyzing data for extracting meaningful insights. Based on this relevant information, companies can take strategic moves to increase profits. If you are wondering how to use Machine Learning in Business, then reading further will surely help. Here in this blog, I have spoken about the practical uses of Machine Learning. Let’s read these in detail.
Analyzing Sales Data
Analyzing sales data is one of the major applications of Machine Learning in Business. Machine Learning algorithms help in improving the productivity of the sales’ team. By analyzing the customer patterns and behaviour, ML algos enables the sales team to predict the closest leads.
Knowing about the actions and behaviors of their customers, sales managers can use these insights for designing smart marketing strategies to increase sales profits. Thus, Machine Learning Applications in business enhance the performance of the sales team allowing them to achieve their sales target.
Companies that have pioneered the use of Machine Learning (AI) in sales speak about the impact which includes an increase in leads and appointments of more than 50%, cost reductions of 40%–60% and call time reductions of 60%–70%.
[Read:- How Machine Learning Can Revamp Your Mobile App!]
Real-Time Mobile Personalization
Digital Personalization has become one of the most sought-after processes to engage customers. It helps to enhance the overall customer experience which compels them to come back to buy your products or services. With the advent of smartphones, tablets, and wearables, personalization plays an important role in the mobile environment.
Now, marketers and mobile app developers are looking for ways to leverage the incredible benefits of Machine Learning in Business to allure their users. They want to execute the practical uses of Machine Learning to develop a highly personalized mobile experience for their users and deliver customers with what they desire at the right time.
Automated Personalization helps in showing the targeted prospects with the messages and offers that increase the chance of their conversion. All thanks to Machine Learning! Flybits is one company that uses Machine Learning for rendering mobile personalization.
Online Fraud Detection
With more consumers preferring to shop online, there has been a tremendous rise in online transactions. This has led to an increase in the number of cybercrimes and frauds. Companies have already invested in fraud detection measures for keeping a check on cybercrimes.
Fortunately, there is one such technology that has greatly helped in improving the fraud detection process. It is Machine Learning! One of the major practical uses of Machine Learning is in Fraud Detection. PayPal is using machine-learning tools to detect fraudulent transactions and helps in separating these from legitimate transactions.
Machine learning algorithms examine the data set and reviews each transaction on the basis of certain signs that could be fraudulent. This helps in identifying fraud in advance before the process is completed.
While only 13% of organizations use artificial intelligence (AI) and machine learning to detect fraud, another 25% plan to adopt such technologies in the next year or two – a nearly 200% increase, says a press release.
Virtual Personal Assistants
Are you wondering how to use Machine Learning in business? Here is another way how Machine Learning is being used in businesses these days. Machine Learning is an important part of Virtual Personal Assistants. Do you know what Virtual Personal Assistants are? These are intelligent software that helps in finding information and execute tasks on receiving voice commands. Siri, Alexa, Google Now are some of the popular examples of these.
Let’s see how Machine Learning is an important part of these personal assistants. These intelligent devices use ML algorithms to collect and analyze the information on the basis of previous set patterns related to user behavior. After the analysis is done, this set of data is utilized to render results that are tailored to your preferences.
By responding to the given set of instructions given, Virtual Personal Assistants can control devices and perform as expected. This is one of the most amazing Machine Learning Applications in Business that has completely revolutionized the business world.
Here is another major application of Machine Learning in Business that helps businesses in customer retention. Product Recommendations is what I am going to talk about. You shopped for a product online and then you keep getting emails recommending you items that match your taste.
This is very common and I am sure you all must have experienced the same. This only enhances the shopping experience for the customers but also helps to increase customer retention. By creating an interactive and enticing interface for your application, you can render an improved shopping experience to your customers. You can hire a Reactjs developer who can build innovative app applications for alluring more users to your app.
On the basis of your behaviour with the website, past purchases, items liked or added to the shopping cart, brand preferences, etc., the product recommendations are made. Machine Learning algorithms analyze the customer pattern and then draw relevant insights for making suitable shopping recommendations to the customers.
Amazon has improved upon its own product recommendation process using Machine Learning algorithms. This has helped companies in raising business profits and scaling business growth. The above information is the answer to how to use Machine Learning in business?
“By leveraging machine learning and predictive analytics, brands can look beyond what customers are searching for and start connecting the dots on what they likely want. It’s cross-selling at scale —matching customers to specific products or content that will nudge them towards more conversions and greater lifetime values”, said John Bates, the senior Product Manager for Data Science and Predictive Marketing.
I am pretty sure that by now you got a clear idea of the different practical uses of Machine Learning and how industries are using ML algorithms for scaling their business profits.
Leveraging machine learning in business is surely a profitable deal as it allows companies to analyze sales data, render real-time mobile personalization, help in fraud detection, help in doing tasks as virtual personal assistants and make product recommendations.
These Machine learning applications in business is the reason why businesses these days are adopting ML techniques and strategies for scaling the overall productivity. The data here conveys the same. Have a look at it.
The global machine learning market totaled $1.4 billion in 2017 and is estimated to reach $8.8 billion by 2022, growing at a compound annual growth rate (CAGR) of 43.6% for the period of 2017-2022.
Ruchita is a voracious reader and loves to write on technology-related articles. She holds a pretty good knowledge of the latest technology trends and is well-versed in creating content strategy deliverables across project life cycles. She is currently associated with Resourcifi.