WAYS YOU CAN APPLY MACHINE LEARNING TO SOLVE BUSINESS PROBLEMS
Business problems occur daily, but by using machine learning, you can solve most of them as it helps to breakdown large extensive data with high volumes of complexity quickly.
Whether your business is at the top or at the bottom is determined by the fact how you use your ability to gather and use the data. Those who are at the top not only collect data from trusted sources but also analyses it with the help of intelligence. Further, this intelligence comes from acquiring technologies like big data and machine learning (ML) that help them solve various business problems. Here are a few ways to apply ML to solve business problems:
Machine learning is equipped to make sense of highly unstructured data, such as text written in everyday language as well as objects in images. ML, in this way, helps the various businesses to understand customer sentiments from several social media platforms. They weigh the ratio of positive to negative comments. They categorize things based on content, which helps to infer data correctly.
A business often stumbles when advertising is not done correctly, advertising happens when one understands consumer behavior. Machine learning helps to create models that identify different customers and track their behavior online. In this way, a business can manage ad campaigns to maximize customer engagement. Further, to extract the benefit of advertising, ML automates ad bidding on various media platforms.
A business can go for a toss if they are not able to identify specific customer needs. Machine learning is capable of understanding the many likes and preferences of consumers across multiple platforms, this helps the market study more relevant. If you want to increase your sale, then the advertisement should be done for the target audience. For example, Netflix uses machine learning to give the best to its audience. It provides them with a choice of movies and series based on their viewing history, age, gender, nationality, etc. This keeps its user engaged and interested in their application.
IMPROVING CUSTOMER RELATIONS
Machine learning can solve business problems like Customer relationship management (CRM), this is done by analyzing customer’s behavior when they interact with various brands. Different businesses monitor different data points and run them through machine learning algorithms to evaluate their CRM initiatives and efforts. Gaining feedback from these algorithms and tweaking their customer experience helps businesses ensure maximum customer engagement. Machine learning can also improve AI chatbots for conversational commerce by making them more human in their interactions.
ML also helps the business to fix their physical assets such as vehicle and machinery. They are capable of predicting maintenance, this they do by identifying early signs of mechanical failure in equipment. In this way, every business can maintain their stuff, and there is regular monitoring, this reduces the situation of a complete failure. Such applications have allowed manufacturers to save massively on maintenance costs and maximize operational efficiency.