New technologies push us to a new reality where Artificial Intelligence and Big Data represent a great progress in different areas and also offer new tools to boost and solve problems in an efficient and accurate way which are unreachable for human mind so far. Focusing on this point, we find a concept which already lives in our present and that we are going to study deeply: Machine learning and its implementation in a company.
What machine learning is and how it can help your company.
Machine learning is a practise that uses previously programmed algorithms to reach data and to be able to make predictions about them. This is to say, an algorithm which reads data and learns from them being more precise than human mind.
For example, a subscription-based streaming company often gathers data about their customers. Among this data, you can find patterns and similarities between its customers that can be used to prevent them from unsubscribing. How? For example, if it has been a long time since this user logged in to watch films and services, it is likely that he unsubscribes. This is detected by this algorithm that could inform the right department so that they can send him any offer or information about a new service that could be interesting for him, as it already knows his preferences in the platform, and, this way, avoiding losing a customer.
Because of this, applying new technologies in your company ensures that you are ahead of many others and have a greater vision of your business.
From the beginning of Artificial Intelligence, algorithms have improved being more and more accurate every time and making it possible to navigate between endless data and variables. Artificial Intelligence is the broadest concept and the one which involves machine learning, and inside this last one, there are different techniques and applications in business world (one of them already explained to make the concept more understandable) .
Some of the applications of machine learning in your company can be:
- Prediction of trends: You can predict what product will have more sales in a market through the customers’ habits.
- Solution Search: As it is an algorithm based in case studies, it is also able to find the more optimal solutions.
- Cost Reduction: Besides studying data and getting efficient solutions, machine learning can also save human capital. For example, it is being used by Human Resources companies as it is possible to access great data bases through it and to detect the best profile for a vacancy.
- Customer segmentation: Addressing target audience in your company is much more efficient using machine learning, as it generates behaviour patterns that you can use to create targeted and specific campaigns for different audiences. Besides, geolocalization for companies is a very useful tool for targeting, as it lets you reach local audience, if it is your main target.
Without a doubt, the implementation of machine learning in a company starts here, but when new ways of making this analysis even more accurate emerge, they will be able to give better solutions: intelligent vehicles, medical predictions, search engine optimization, or even fake news blocking, are some of those which are being developed nowadays. With all this, it is important to be in constant contact with this future which is getting closer to our present.
Everything that is watched and measured, improves.