Machine Learning and Business: What’s The Impact?

25 Feb 2020

Machine learning allows us to extract important insights from raw data, which allows us to quickly solve ‘data-rich’ business issues. Algorithms used for machine learning actually learn from the data inputted without being programmed to do so. Machine learning within business can help to boost business scalability and improve business operations.

Within the business industry, machine learning and artificial intelligence have gained incredible popularity. More and more businesses are choosing to utilise this type of technology, which has led to a boom in machine learning advancements. Machine learning has become increasingly popular as, when used in the right way, it can help to manage a number of complex business problems, as well as predicting client behaviour.

It’s clear that machine learning has had an impact on the business sector, but the question is: what’s the impact?

A more personalised approach

Having the ability to offer customers a more personalised approach can help to generate customer loyalty and boost sales. AI technology allows businesses to determine patterns in their customers’ buying behaviours. This allows AI to use the data stored in the cloud to create accurate, personalised offers for each customer.

A key example of this is when you go shopping at a supermarket, and when you pay for your items, a voucher is printed out offering money off of items frequently purchased. AI technology is used to create these personalised offers for customers, boosting feelings of brand loyalty and contentment.

Automation is making communication easier

Currently, most customer communication has to be done manually, such as emails, social media conversations, and instant messaging, however that’s changing and it’s all thanks to machine learning. AI technology is allowing companies to automate these kinds of communications, making customer responses quicker, easier and less time-consuming.

Of course, AI chatbots do already exist and are a great resource for businesses, however there is still a long way to go in regards to other areas of automated communication. Soon enough, AI will allow for a more complex approach to automated communication.

Easier to predict outcomes

Another important benefit of AI is that it has the ability to predict outcomes based purely on data analysis. This means that it’s easier than ever to predict important business outcomes, simply by using data stored on the cloud, companies like Artificial, can harness the information and use it make predicting outcomes easier, which aids the process of finding the right insurance package for both businesses and customers. Being able to predict outcomes more effectively, is extremely beneficial for those within the business sector for a number of reasons.

Machine learning may still be relatively new, and may also still have a long way to go before it’s completely perfected. However, it’s safe to say that AI has had a huge impact on the business sector in a fantastically positive way. There are already a number of changes that AI technology has implemented in how business is done in today’s tech-focused environment. However, over the next few years, more and more changes will begin to occur.

Image by Gerd Altmann from Pixabay

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