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7 Major Benefits of Machine Learning for Business

Companies that recognise and understand the need for big data processing, data mining, artificial intelligence have the advantage over other organisations. Machine learning, is the heart of these technologies to make them smarter and more efficient for business optimisation.

 

Being strategic in adopting AI & ML technology means saving on cost and having the right roadmap for multi-stage implementation. Ensuring higher chances success in reaping the benefits of machine learning for business.

1) Effective Work Process Automation

Manual and repetitive tasks can be assigned and delegated to machines. Apart from doing the task faster, ML also eliminate manual data entry errors and data duplication thus ensuring high quality of work. With its ability to continuously learn and improve, your platform will automatically adjust work process without human intervention and constantly improve performance.

2) Better Customer Experience

Adopting machine learning for business allows executives and managers to analyse customer pain points when accessing products, engaging with customer service and availing services. This then provides rich insights to improving and providing customer experience by addressing these touch points. With more seamless interaction and friction-less transactions, expect higher customer engagement.

3) Improved Customer Experience Personalisation

Machine learning enables companies to analyse customer experience, behavior and needs allowing them to automatically create relevant recommendations. Personalisation efforts can boost revenue by up to 15% (Adweek) and advanced personlisation reports $20 return for every $1 spent (Clickz).   

 

As a result a brand can

Increase brand loyalty through improved customer satisfaction.

High engagement resulting to higher revenue.

Improved overall customer experience with better product matching and next best action.

4) Powerful Predictive Analytics

One of the main benefits of machine learning in business is the ability to forecast market change. Have the ability to predict and forecast upcoming innovations and changes and take advantage of knowing the most probable trend and be at the forefront of the bandwagon. At the same time predict and be prepared for business risks and vulnerabilities due to important market events.

 

On top of this, machine learning analytics can predictions on customer choice. Predict the changing demands for your brand’s features, products, or services. Allowing you to build effective marketing strategies to grow sales.  

5) Cost Reduction and Profit Enhancement

Delegating to machine learning manual and repetitive tasks provide opportunity to free up time and resources. This can be used to solve more complex issues, boost innovation and provide more attention to high priority items.

6) Increased Data Security

Security, both of the company and its customer, is an integral element for business development and expansion. Machine Learning is able to improve increased data security through secure payment gateways, protected confidential files and information, secured authorized information access – facial recognition, thumb print,etc. and most importantly ML’s capacity to detect fraud.

 

By adopting ML in data security

  • Eliminate fraudulent transactions and activities using company and customer data.
  • Increase customer trust through effective and data use and keeping information confidential.
  • Avoid information leaks within the organisation.

7) Efficient Data Management

The tremendous amount of company and client data and information can be difficult to manage and with more unstructured data available through various sources. It is fundamental to be able to effectively manage and maintain these for them to be useful. Through ML, separate relevant information from peripheral information as well as automatically label data based on characteristics to make them useful for company insights and processes.

For organisations who are looking to start adopting Machine Learning technology, AI Consulting Group’s Strategic Data & AI Think Tank provides an opportunity to map out ROI-based AI and ML opportunities and practical next steps.

 

We can assist you get started with Machine Learning adoption. Speak to our Machine Learning Consultant or Management Consultant for your organization to enjoy the benefits of machine learning for business.

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