With all the buzz around Big Data, Artificial Intelligence and Machine Learning (ML), companies are getting curious about the applications and benefits of Machine Learning in business. Many entrepreneurs have probably heard of Machine Learning,but do not know exactly what it is, what problems can help solve or the value they can add to their business.
Machine Learning is a data analysis process that uses algorithms to intuitively learn from existing data and help computers find solutions without being programmed to do so.
With Google, Amazon and Microsoft Azure launching their Cloud platforms, we’ve seen artificial intelligence and Machine Learning gain prominence in recent years. Surprisingly, we all witness the rise of Machine Learning without really knowing.
Some of the most common instances are the detection of ‘Spam’ by your email provider and the markup as ‘Image’ or ‘Face’ made by Facebook. While Gmail recognizes the selected words or the default for filtering spam, Facebook automatically marks the uploaded images using the image recognition technique (face).
Commercial Benefits of Machine Learning
We leave here some of the most significant benefits of Machine Learning, with special emphasis on the sales and marketing sector.
- Simplifies Product Marketing and assists in sales forecasts
Machine Learning helps companies in a variety of ways better promote their products and make accurate sales forecasts.
- Massive consumption of data from unlimited sources
Machine Learning consumes a virtually unlimited amount of comprehensive data. The data consumed can then be used to constantly review and modify your sales and marketing strategies based on customer behavioral standards. Once consolidated, the model will be able to identify highly relevant variables.
- Fast analysis prediction and processing
Machine Learning makes it possible to take the most appropriate actions at the right time. For example, it allows you to optimize the best subsequent offer for your customers. In turn, the customer will be able to see the right offer at any given time, without having to invest time to plan and make the ad visible.
- Interpret past customer behaviors
Machine Learning allows you to analyze data related to past behaviors or results and interpret it. Based on new and different data, you can make more accurate predictions of customer behavior.
- Improves the accuracy of financial rules and models.
Machine Learning also has a significant impact on the financial sector. Some of the benefits include portfolio management, algorithmic trading, loan subscription and, more importantly, fraud detection. In addition, according to a report on “The Future of Subscription” published by Ernst and Young, Machine Learning facilitates continuous data assessment to detect and analyze anomalies, which helps improve the accuracy of financial models and rules.
- Easy detection of spam
Spam detection was one of the first issues solved by Machine Learning. A few years ago, e-mail providers used rules-based techniques to filter spam. However, with the advent of Machine Learning,spam filters are creating new rules, using networks to delete spam emails.