Machine Learning is the most powerful tool that businesses are using today. Software and machines have been developed which are not just performing operations for businesses but also enhancing and reshaping the business. Thanks to Machine Learning that businesses can now be reliable to Machine learning in knowing their customers, predicting their customer wants, assisting their customers and moving the business to the next level. Machine learning is going to become an inseparable tool that businesses will be going to use in the future where there will be impossible to imagine a business without using machines which learn and improve over time. If we will look at how Machine Learning is helpful and reshaping the world, we will encounter many things from weather forecasting, flood forecasting, healthcare assistants, smart assistants in education and many others which are possible using machine learning algorithms. But these are far from the scope of the present article. In this article, we will particularly be discussing how Machine Learning is reshaping business and is serving a key factor in increasing its growth.
- Recommendations and Improved customer experience
Every business is focussed on its customers and customer experience means a lot to it. Businesses are running because there are customers who are using the services offered by it. So creating a good customer experience is the demand of every business today. Why Google is one of the top tech companies is because of its ability to leverage the power of machine learning in its products. Google's smart search engine which gives recommendation in searches gives the users a good customer interaction and is one of the reasons behind why it is one of the most used search engines today. This is possible using machine learning. Amazon is using machine learning to provide a personalized experience to its customers by recommending articles based on the customers' past shopping experience.
- Effective Market campaigning
Market campaigning is the heart of any business operation. Market campaigns are done in businesses to reach out to potential customers for the sale of goods and services. A good Market campaign generates heavy revenue for the business. Effective Market campaigns are done when using machine learning algorithms it is easy to predict the trend and interests of the potential customers. A proper marketing strategy is developed based on the learnings gathered by the machine of what the market trend is today, which products are getting more attraction and where the interests of the customers lie. This targeted marketing helps businesses to focus on the key areas and help in generating greater ROIs for businesses.
- Recruitment and selection
For a business hiring the right employee matters a lot, but it is also true that hiring the right employee from thousands of resume is the tough part that HR team has to face in businesses. A recruiter has to select key resumes from a list of resume from the job portals. This obviously takes time. Now with the help of Machine Learning, this problem of the businesses can easily be done with the help of machines and software. Using Machine Learning algorithms software can be developed which can select useful resume from a list of resume available online and can help a business in saving a lot of time of its HR team. Recruiters do not have to go through one by one resume to check the basic eligibility but can easily make it done with the help of using machine learning systems and software. This can improve the productivity of the business.
Chatbots cannot be forgotten when businesses leverage benefits offered by machine learning systems. Whether its improving productivity, good customer interaction, no delay in services or in brand promotion, a chatbot is the distinguishing factor used by businesses today in generating higher ROIs for it. A chatbot is an Artificial Intelligence program which can conduct a conversation via text or speech. It has been observed that Businesses have improved their customer interaction a lot using a chatbot. The usage of chatbots have not been limited to a particular sector but is also used in healthcare where patients can be assisted and diagnosed in the absence of a doctor as well.
Businesses work on data and finding insights out of the data is the core work of any business.
Why a business focuses on these insights is because of the following reasons:
- Insights help a business to know its weak areas
- Wrong decisions taken in businesses which lead to unfruitful results in the past could easily be analyzed using insights.
- The growth of a company is analyzed
- Predictions are made for future events. So make a business prepare for future outcomes.
These insights can easily be gathered using machine learning algorithms when using machine learning algorithms large datasets are analyzed using machines and machines provide the relevant insights out of it. This also helps data scientists to gather information from large datasets.