You may or may not have heard of machine learning (ML), but it’s become a bit of a buzzword across various industries worldwide. More enterprises recognize the benefits of ML, as it can be used for different purposes and to achieve goals within an organization.
What exactly is ML, how can it be used in business and how can a company implement it successfully? It’s common for you to have questions about ML and whether or not your company can use it.
Here are the basics of ML, how it can be used to improve areas of your business and how to implement it into your organization.
What Is Machine Learning?
ML is a subset of artificial intelligence (AI) that can help businesses tackle real-world problems and common obstacles they face daily. It’s often used in health care and the financial sector, among many other industries.
ML uses algorithms to analyze datasets to identify patterns and trends that provide valuable insights to users. It can learn and adapt to information without human intervention. It’s important to note that ML has nearly unlimited use cases, which is why it can be such an attractive investment for companies of all sizes and industries.
However, it is quite a complex piece of technology, and it’s constantly evolving. It’s still gaining sophistication, and companies will have to prepare to adapt to those changes as time progresses.
How ML Can Be Used for Your Business
How exactly do these ML algorithms work, and in what areas of your business can they improve?
Here are a few ways ML can be used to better your business.
Improved Security
Consider using ML to gain a sense of enhanced security if you’re looking to improve your existing cybersecurity program within your company. ML can play an integral role in protecting businesses from cyberattacks. One use case for ML is facial recognition — it can grant authorized employees access to various systems and prevent unauthorized, malicious actors from causing harm.
Operational Efficiency
Every company strives to achieve high levels of operational efficiency, as it can help them meet their bottom line and boost profitability. ML can be instrumental in automating common tasks, thus increasing human employee productivity. Take ML’s role in the manufacturing industry, for instance. The adoption of ML has simplified machine maintenance, enhanced designs and optimized workplace safety and logistics.
Customer Personalization
ML can be leveraged to detect patterns in consumer behavior, such as their likes, dislikes and personal shopping habits. This can educate companies, especially in the retail sector, on gaining new customers and keeping existing ones. Businesses can customize marketing campaigns to make customers feel valued and find trends based on specific demographics.
Data Analysis
It would be extremely time-consuming and monotonous for a human to manually analyze large amounts of data. For this reason, businesses are turning to ML to make this an automated process. Using ML to yield quantitative and qualitative insights can be time and cost-efficient.
These are only a few ways ML can transform businesses for the better.
Implementing ML Into Your Business
Now that you know more about why ML is being adopted across industries, let’s explore how to incorporate ML into your business.
1. Learn the Ins and Outs of AI and ML
Before implementing any type of technology to give your business a competitive advantage, you must understand how the technology works. Familiarize yourself with how other companies in your industry are using ML.
For example, some companies will use AI for customer service chatbots or ML for system maintenance. Taking time to research ML will help you decide if you want to incorporate it into your business model.
2. Identify Problems That ML Can Solve
ML can solve complex, everyday problems, so it’s helpful to identify what issues you experience and how it can solve them. Too often, companies implement ML without knowing how it will act as a viable solution.
Data from Gartner suggests that 85% of companies who leverage ML for projects fail to use it correctly, and it’s likely this trend will continue. Remember that technology is only as good as its user, so be sure to identify the problems you’re hoping to solve before implementing ML.
3. Consult ML Experts
Consulting experts in the AI and ML field can greatly benefit companies inexperienced with these technologies. Collaborate with ML consultants to learn exactly how it can transform your business and allow you to reach new heights.
Many companies worldwide are adopting ML, and more consulting firms are cropping up to help make businesses successful. There’s certainly some type of strategy to help you during the implementation process.
It’ll be fascinating to see how ML becomes more widely available and how companies leverage it to improve operations. Vast amounts of data are being collected and shared at all times, and it’s becoming more necessary for businesses to consider using ML.
Expect Challenges When Incorporating ML Into Your Business
If you’re interested in adopting ML for your business, you should feel a bit more knowledgeable about its benefits. You should be ready to face challenges during the implementation process. However, that shouldn’t stop you from using ML, considering how much you can accomplish with it. Remember some of the tips above if you plan on incorporating ML into your company.
Author’s bio:
Zac Amos works as the Features Editor at ReHack where he writes about the many everyday applications of technology.
Read more of his work at ReHack!
21 January 2022
