Machine learning and AI are working together to improve everyday business processes.
Machine learning is improving business processes in many ways from daily tasks, to how the company operates.
Machine learning is improving all types of businesses. Many companies have already begun using AI to automate the decision-making process, making their daily tasks much easier to complete. The rapid growth of digital transformation the companies are undergoing allows AI and machine learning to get better every year and it is estimated that six years from now, corporate investment in AI will reach $100 billion, further establishing the importance of advanced technology for businesses.
What is machine learning? Well, according to most tech professionals, the simple definition of machine learning is, “[it] is the science of getting computers to learn and act like humans do, and improve their learning over time in autonomous fashion, by feeding them data and information in the form of observations and real-world interactions.” Machine learning is improving experiences of customers and businesses themselves in major ways.
How Machine Learning is Improving Business Processes
- Customers love when their experience with a company is personalized and their specific needs are met. One of the best machine learning applications is allowing this to be possible while also reducing costs. Deep data mining, natural language processing, and continuous learning algorithms provide extremely personalized interactions with customers with little or no human intervention required. This reduces a company’s cost of having to pay a person to do the job a computer can do much better. Chatbots not only cost less than their human counterparts, many customers today actually prefer them to human agents.
Loyalty and Retention Improvement
Companies using machine learning are provided with sufficient data that allows them to thoroughly research and understand customer behaviors. This data can identify customers that are at high-risk of not being retained by the company and allows the business to develop and implement efforts to target those customers to retain them. Being proactive in their retention and loyalty efforts enables a company to be more profitable over time.
Improved Hiring Processes
Hiring the best-qualified applicants for job openings is a difficult process for hiring managers. Many times, a company will receive dozens, even hundreds, of applicants for one job opening. Sifting through this immense volume of applicants is a very daunting, time-consuming process. Machine learning helps hiring managers by automating this process and turning hours of work into minutes. Automating this process allows software to shortlist candidates that are the best fit, narrowing down the hiring pool from hundreds to just a few.
Improved Fraud Detection
It has been shown that, on average, businesses lose 5% of their total revenues each year due to fraud. One of the best benefits of machine learning in business is that it helps to combat this with algorithms that can track data and apply pattern recognition to identify abnormalities in the data. These algorithms help risk management teams detect fraudulent activities in real-time, preventing attacks before they get out of hand or even started. Applying these algorithms to cybersecurity efforts and leveraging AI quickly and accurately identifies threats allowing companies to address those threats before damage can be done.
Simplified IT Operations
AI and machine learning are simplifying IT operations through intelligent IT automation. When IT tasks are automated, companies save time and money, while gaining more efficient and accurate outcomes. Machine learning also gives companies great control over their IT infrastructure and decreases the average time for problem resolution. Machine learning is revolutionizing companies by providing them with intelligent IT automation and allowing them to focus more on their customers and growing the business, rather than on repetitive daily tasks.
Machine learning is improving businesses in many ways. From providing improved customer experiences to providing a more comprehensive fraud detection system, machine learning is changing the way businesses look at tasks and the way they conduct their business operations. As machine learning and AI progress, companies and customers will both benefit more and more from what they offer.