Understanding the Purview
With its capacity to resolve complex problems efficiently and promptly while being easily adaptable across industries, Machine Learning has earned a lot of fame in recent times. It stands capable of fixing several challenges for diverse use-cases by working with the right data sets. This blog post is here to lend you a comprehensive idea of the scope of Machine Learning, the everyday problems it could solve, and how they empower businesses to leverage their data accurately.
The Foreword
Starting with the facts: As per the report presented by the Markets and Markets, the Machine Learning technology is bound to reach USD 8.81 Billion by 2022 from the USD 1.03 Billion as in2016. This would stand for a CAGR of 44.1% during the forecast period, enabling a greater base for Machine Learning.
Owing to the major driving agents of the market like technological advancement and increase data generation, it could be witnessed that the organizations worldwide are adopting the ML-enabled solutions to enhance customer experience and return on investment, alongside achieving a competitive edge in business operations.
With this, we know that Machine Learning algorithms, being astonishingly effective and versatile, are typically practiced in fields where the solution demands perpetual improvement post-deployment.
Machine Learning radiates a series of applications including client-centric applications like product recommendations, customer service, and demand forecasts, to business-centric applications like product improvisation, process optimization, etc.
Let’s now understand the wide scope of Machine Learning with some of the major applications or use-cases here:
Spam Identification
This is one of the most central and applied applications of machine learning, the benefit of which we would have harnessed many times, but unknowingly. Yes! How? You would be wondering. We all use email services, wherein we ordinarily receive a few undesirable, bulk, or spam inbox, and our email provider automatically filters those unwanted spam emails.
This is none other than Machine Learning. In Machine Learning, neural networks, similar to our brain, employ content-based filtering to classify unwanted emails as spam. Hence, providing us with spam-free emails in a very successful way.
Making Product Recommendations
With Machine Learning, stay ensured that you pitch the right customers at the right time and for the right products/services. Capable of being used everywhere, be it the search engines, e-commerce websites, entertainment platforms, and multiple web & mobile apps, these recommender systems allow businesses many benefits. It helps companies drive more traffic, increase customer engagement, reduce churn rate, deliver relevant content and boost profits.
Also read: 7 ways why your business use machine learning
Customer Segmentation
By connecting Machine Learning with the Data Mining Process, businesses could experience customer segmentation, which could further be used for churn prediction and customer lifetime value prediction. By obtaining such valuable information, Machine Learning supports marketers to lend attractive and desired offers to customers at the right time and eliminate the unruly and risky guesswork.
Image & Video Recognition
Machine Learning’s subset Deep Learning has spurred Image & Video Recognition, which has been used for varied spheres like object detection, face recognition, text detection, visual search, logo and landmark detection, and image composition. Herein, Machine Learning algorithms can train Deep Learning frameworks to diagnose and sort images in the dataset with much more certainty than people.
Fraudulent Transactions
Machine Learning can create reliable predictive maintenance models to recognize and prioritize all sorts of potential fraudulent activities. Businesses can then produce a data-driven chain and examine the high-priority events.
Demand Forecasting
For Demand Forecasting, the past data is supplied to Machine Learning algorithms and models, which further envision the number of products, services, power, and more. This enables businesses across industries to competently handle and process data from the entire supply chain, lessen expenses and enhance performance.
Virtual Personal Assistant
Virtual Personal Assistants available nowadays are powered with Machine Learning algorithms that help tape the voice instructions, convey them over the server to the cloud, followed by deciphering them and responding accordingly. Thus, with the assistance of Machine Learning technology, virtual assistants can benefit us by undertaking various tasks like calling someone, opening an email, appointment scheduling, etc.
Sentiment Analysis
Sentiment Analysis is one of the real-time applications of machine learning that aids in ascertaining the emotion or sentiment of the speaker/writer. It can help you know the real spirit and tone of the text written, be it in the form of email, document, etc., or said through call or live.
Customer Service Automation
Machine Learning has made it more manageable for corporations to supervise and settle customer queries by facilitating chatbots and other automated systems to deal with periodic requests. Hence, relieving the employees from low-priority and mundane tasks for high-level customer service tasks.
Conclusion
To remodel businesses dramatically in the evolving markets and abide at the edge of competition, it gets crucial to keep a tab on the developments of the machine learning applications. The deployment of machine learning applications brings you a series of benefits like cost reduction, better efficiency, better user experiences, and likewise. However, to adopt machine learning and adapt to its developments in your organization, it is necessary to have a dependable associate with extensive domain expertise.
At Teksun Inc, we contribute exceptional machine learning services that include surmising the intricacy of different business issues, recognizing the existent gaps, and advancing qualified and practical tech solutions to accomplish these challenges. If you want to discover more about how machine learning solutions can boost potency and automatize business processes, reach out to us.
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