Machine Learning 101: Essential for the Modern Business
Today, machine learning is becoming incredibly important for businesses hoping to remain competitive. From shipping and logistics to the medical industry, machine learning is being used to improve upon products and processes. Here’s what you need to know about integrating machine learning into your organization’s infrastructure.
Why is Machine Learning “Essential”?
Companies in all fields are adopting machine learning. If you aren’t using machine learning, you’re already competing against it. Machine learning makes it possible for companies to leverage their financial, human, and technological resources in unprecedented ways. Small companies are now able to compete with larger companies. Mid-sized businesses are able to scale aggressively. These are the core benefits of machine learning:
- Reduced expenses. Machine learning can replace the need for administrative labor through automation and can help an organization optimize its solutions, such as its shipping and its inventory.
- Improved customer retention and acquisition. Machine learning can be used to do everything from scoring leads to identifying customers who are likely to leave for the competition.
- Optimized solutions. Machine learning doesn’t make mistakes. It simply looks at data sets and analyzes it. Consequently, machine learning is far more secure and stable than human intervention when applied to things such as computer security.
- Better customer service. Machine learning can analyze an organization’s current customer base and determine whether certain customers may be unhappy with the service and may need further engagement.
Machine learning also has niche applications. Legal firms are using machine learning for discovery; Machine learning can be used to find facts that are relevant to a lawyer’s cases. eCommerce stores are using machine learning to determine a customer’s needs before they determine it on their own; The algorithm can predict what a customer is most likely to be interested in.
How Can an Organization Adopt Machine Learning?
Machine learning is a complex analytical field. Experts and specialists are often required to integrate machine learning into an organization’s inner workings thoroughly, and many organizations are “adopting” machine learning without properly reaping the benefits. Because it is such a complicated and niche field, organizations need the help of an experienced partner if they want to ensure that they get the most out of their machine learning processes.
Today, many third-party solutions already include machine learning. The modern organization might have a machine-learning customer relationship management suite, a machine-learning enterprise resource management platform, and a machine-learning network securities solution. But that doesn’t mean that the organization has fully integrated machine learning into their enterprise; It only means that they’re using it through third-party solutions.
While there is some cost to adopting machine learning, it’s critical. Businesses are at the vanguard of an important digital transformation. Machine learning is not just a buzzword; it’s a radical paradigm shift regarding how organizations work. With greater levels of automation and analysis, organizations are able to operate on leaner budgets, with reduced manpower. All this is facilitated through a quickly growing technology that is improving in leaps and bounds. Find out more about new technologies at Starr & Associates, LLC.