Machine learning is becoming increasingly commonplace in daily business practice and this looks set to continue in the next decade, but what exactly is it?
Machine learning uses an application of AI, allowing systems to learn and understand data in order to then automate processes themselves.
This is all with the intention of helping to provide better consumer insights for business decisions in the future.
Can any business use machine learning?
Yes, regardless of the size of your company, you can use machine learning to help run your company more efficiently.
That being said, firms that have a lot of data to process will tend to benefit more from using this kind of data analysis.
Below is a list of some effective ways you can implement machine learning in your business in 2020 and beyond.
Fraud detection
Machine learning has been used by major credit card companies like American Express to help identify fraudulent activity in card transactions. This is because this method of data analysis is excellent at identifying key patterns in a significant amount of data quickly and efficiently.
Detecting manufacturing problems
It has also been used to help car manufacturers like Volvo to predict when car parts will need replacing or when cars will need to be next serviced.
Marketing purposes
Another way businesses can use machine learning is for their marketing strategy. It can be used to analyse existing customer data, helping to clarify their preferences and based on this data recommend products they are likely to purchase.
You can see machine learning marketing in practice through platforms such as Netflix and Spotify that recommend you programmes or songs based on what you have previously watched or listened to.
Content
Some news sites are using machine learning to create content. This is through gathering information on other sites to create news stories relating to things such as traffic accidents and football results.
Chatbots and virtual assistants
One of the most popular ways businesses are using machine learning is undoubtedly through chatbots and virtual assistants.
Costing relatively little for business to have on their website or e-commerce store, they provide customer support by predicting customer questions and automatically providing answers.
Is machine learning for businesses expensive?
No, not necessarily, machine learning businesses like Optalitix and Hubspot, provide a platform to use machine learning, for businesses of all sizes.
In particular, Hubspot has a free version where you can add live chat and manage your customer data using their portal. You can upgrade depending on how many users you have and whether you require added functionality such as social media, paid and web design.
Read also our article about Somdip Dey who is making AI affordable for businesses.
