Leverage Machine Learning To Business Problems

By Jyoti Nigania |Email | Dec 26, 2018 | 13110 Views

The technology boom is surging, and machine learning is that the core method that companies are taking this once new technology and turning it into one thing wonderful. Here's a way to apply machine learning to your business issues and the way it will profit your company.

The technology boom is stormy, and machine learning is that the core method that companies are taking this once new technique and turning it into one thing wonderful. As a testament to the current growth, Massachusetts Institute of Technology Sloan Management Review according to that seventy-six p.c of corporations currently use machine learning as a standard a part of their business model to spice up revenue. perhaps you are new mistreatment machine learning in your company, or even you are looking for tactics to enhance your already established system.

There is a variety that you simply will apply this revolutionary model to your business and begin obtaining results. we have a tendency to are visiting examine a number of the highest ways that to use machine learning to your business issues and the way this may profit your company.

Detecting fraud
Let's speak numbers. Americans spent brace yourself eleven,000 years looking on-line simply throughout Cyber Monday 2018. If that does not tell you everything you would like to understand concerning what number and the way usually individuals are looking online, you must conjointly understand there have been seven.9 billion bucks in sales throughout that day.

What will this mean? It means betting on the website, it might be a hacker's paradise.
Machine learning will facilitate curb the chance of fraud whereas customers are looking on your website. Take PayPal, for instance. They recently more new algorithms to their dealings method to forestall concealment to and from unsuspecting customers. The algorithmic rule appearance for knowledge points that spark the system, like first-time transactions, the number of cash sent, sender/receiver location and additional. PayPal has an automatic, filtered system that flags specific transactions thus humans will see them for fraud.

It's astounding to think about how far online businesses have come over the past few years. At one time, you had what was on the storefront and that was that. Now, with machine learning, your system is constantly running data points on customers based on their profile and the type of things they search for on your site/store.

You can change your algorithm to target customers who view certain content pages in your blog. For example, if you sell pet products, you can use machine learning to sell cat products to people who view your articles with cats in the title. This is a win-win situation because you can link to your products within your blog post. Machine learning is expanding in leaps and bounds and able to offer customers the right products at the right time.

On-the-fly pricing
On the fly pricing or dynamic pricing, is another feature found in the world of machine learning. In the old days, we had to offer everyone a flat rate. This takes the cross-selling aspect to a brand new level. Now, not only can you offer the right product at the right time, but you can offer it at the right price based on your user.

Airbnb is a great example of this type of machine learning, and it's carrying over to airlines and ride-sharing services like Uber. The artificial intelligence built into Uber's program analyzes each person, their route, other routes in the area and how they can offer their customers amazing deals that will keep them coming back for more. The pricing structure can change depending on a variety of factors, including location, time, customer frequency and more. You can apply this type of pricing structure to your product through machine learning and build a business that really caters to every customer's needs.

Customer service
Finally, you may want to consider using machine learning to help build your customer service presence. There are many businesses that use online chatbots to help answer customer questions.

There's no doubt that chatbots are boosting sales. Sites like Sephora, which sells beauty products, saw an 11 percent increase in sales when they switched to a bot to help customers on their Facebook page.

It's possible to build these chatbots from the ground up to reflect the personality of your business, help build rapport, acknowledge human slang and jargon and to carry on an online conversation as human-like as possible without a human on the other end. If it wasn't clear before, it should be clear now that machine learning is only getting better as time goes on. You can use this technology to grow your business, protect your customers, offer the perfect products to people on your site and more.

Source: HOB