Machine Learning in Business: Should You Consider It?

When you watch videos on YouTube or TV shows on Netflix, they start showing you recommendations related to similar genres. Similarly, when you misspell a word on Google, the search engine immediately shows up the alternative spelling suggestion along with relevant search results. Have you ever wondered for a minute how this is happening? If not, read on to this informative piece to get the answer.

The case of personalized recommendations and accurate search results are the most common applications of ML in our day-to-day lives. From Image and Speech Recognition to Traffic Prediction, Online Fraud Detection, Self-driving Cars, Virtual Personal Assistants, and Stock Market Trading, Machine Learning is influencing every aspect of our personal chores. What’s more interesting to note is that Machine Learning is not just limited to our day-to-day chores, in fact, this disruptive technology is taking center stage in the business realm. Today, businesses across verticals are embracing Machine Learning to stay ahead of the competition. For instance, healthcare practitioners are using Machine Learning for accurate diagnosis, while Medical researchers are using Machine Learning for drug discovery and development. Furthermore, businesses operating in the BFSI domain are using machine learning development company for online fraud detection. In other words, many use cases of Machine Learning being implemented are emerging from all sectors including retail and customer service, education, healthcare, travel and hospitality, manufacturing, supply chain, logistics, marketing, cybersecurity, and many more. Before diving deep, let’s look at some interesting statistics related to Machine Learning.

The global Machine Learning market is estimated to grow at a CAGR of 38.8% during 2022-2029 and would grow from 21.17 billion USD in 2022 to 209.01 billion USD by 2029.

Netflix saved a whopping 1 billion USD by using machine learning algorithms that recommend movies and TV shows based to users based on their personal interests.

The accuracy of Machine Learning algorithms to predict the mortality of COVID-19 patients was 92% (source: nature.com).

With Machine Learning, users can predict the highs and lows of the stock market with an accuracy of 62%.

According to a report by McKinsey, 51% of organizations proudly claim to be early adopters of Machine Learning, while 49% of companies are planning or exploring to leverage the potential of Machine Learning.

74% of the C-suite audience and data scientists use ML for reporting, analysis, and monitoring performance.

33% of IT leaders will use Machine Learning for business analytics, while 16% are planning to ML for sales and marketing, and 25% planning to use Machine Learning for security purposes.

4 Key Reasons to Adopt Machine Learning in Your Business

1) Eliminates Manual Data Entry

Another key reason to adopt Machine Learning in your business is that you can automate time-intensive, tedious, and recurring tasks such as manual data entry. Earlier, businesses used to struggle with inaccuracy and data duplication challenges since the data is manually keyed in by the human workforce. However, with the advancement in technology, particularly in the emerging tech space, manual data entry can now be easily automated using Machine Learning models. By automating manual data entry, businesses can free their seasoned professionals from recurring tasks and let them invest their productive time in tasks that require strong human intellect and drive greater business value.

2) Product Recommendations

Personalized product recommendations play a pivotal role in the sales and marketing strategy. The good news is businesses can develop a robust product-based recommendation system using unsupervised Machine Learning that allows them to upsell and cross-sell products with ease. In fact, many leading eCommerce players are already using recommendation systems to offer personalized products to their customers based on their browsing behavior and purchasing history. For instance, if a fitness enthusiast is buying a smartphone, the eCommerce platform would suggest buying a smartwatch along with the phone to keep a check on calories, blood oxygen levels, heart rate, footsteps, etc. Similarly, if a fashion lover is buying a new party dress, the eCommerce platform would suggest buying a pair of heels to complement the outfit.

3) Improved Customer Satisfaction

Did you know? Improved customer experience represents the top use case of Machine Learning in 2021, according to a report published by Statista. With the help of Machine Learning algorithms, you can also offer a delightful experience to all your customers, which in turn, increases customer loyalty. The Machine learning algorithms meticulously analyze the customer’s behavior based on their previous interactions, accordingly, route the queries to the most appropriate customer support executive, which leads to both cost and time savings.

4) Spam Detection

Gone are the days when email service providers were employing pre-existing, rule-based techniques to filter spam emails. Today, many of them are using advanced Machine Learning models for spam detection. In other words, spam filters create new rules using ML and neural networks to detect spam and phishing messages.

Summing Up

Machine Learning is transforming the business world dramatically. If you also want to make the most of this emerging technology, you should consider partnering with a professional Machine Learning development company. By doing so, you’ll get advanced ML solutions that allow you to drive workforce productivity, improve business agility, and gain a competitive advantage.