Nowadays, technology is offering so many powerful ways to do things that you’d be forgiven for sometimes being agog at the fact that life feels more like a science fiction film than the world you lived in when you were younger. Perhaps no area is this feeling more prevalent than in the world of machine learning, artificial intelligence, and deep learning.
While all of these concepts are connected in how they use algorithms to make accurate predictions, there are a few key distinctions between the three technologies and some distinct ways in which machine learning can be valuable to your business at this current moment.
What is machine learning?
The first question you’re wondering is “What is machine learning?”—and how is it similar to or different from artificial intelligence and deep learning? Put in the simplest terms, artificial intelligence uses computer programming to simulate cognition. In contrast, data science and machine learning involve the use of algorithms to create predictions based on business data systems to inform your decision-making. Deep learning takes machine learning a step higher by analyzing videos, images, and audio. Now that you understand a bit more about the differences between machine learning, deep learning, and artificial intelligence use algorithms, and make predictions, read on to learn more about the four different ways machine learning can add value to your business.
How can machine learning add value to your business?
As is the case with many different tools, machine learning can add a lot of value to your business if you frequently handle a wide range of data points and don’t have in-house data scientists. One of the first ways machine learning can help you run your company is by predicting customer behavior patterns. Machine learning can take a much deeper look at new data collected about each customer while also making predictions about how likely they are to purchase certain items at different times of the year. Getting this granular when analyzing your data set can take many workforces; however, you can segment your data and make predictions in dynamic new ways thanks to machine learning algorithms.
Machine learning can also handle data entry with greater accuracy than a human. Entering new data into spreadsheets and databases is tedious, that many people don’t want to do it. Using a machine learning model, you can input a large amount of data much more accurately, making it an ideal way to deal with specific tasks related to large data sets. Machine learning can help you use virtual assistants to add efficiency to your business in other areas, too. For example, chatbots use deep learning algorithms, predictive analytics, and speech pattern recognition to help serve your customers more quickly before they’re connected to a live support agent.
The fourth way machine learning can add value to your company is by helping you create accurate predictions about other aspects of your business. Forecasting sales or supply chain issues can be significant in accurately managing your resources and budget. As such, when used in conjunction with historical data, machine learning can be a powerful way to identify different opportunities and trends in your company’s yearly performance.
As you can see, there are various ways that machine learning can add value to your business. While the above applications are by no means the only ways machine learning can positively impact your business, they give you a good idea of how machine learning and big data can be useful for your company. The human brain is only capable of so many tasks, so using machine learning and the right computer program to analyze big data can be a major boon.
