Machine Learning Business Benifits
Machine Learning is a means to extract meaningful insights from raw(unfiltered) data to hep us in solving complex problems quickly. Machine Learning Algorithms learn from data provided to find various insights without explicitly programmed for the same. Machine Learning is evolving at a rapid rate is is being driven and integrated with new computing technologies.
Machine Learning helps in increasing the business scalability and helps in improving business operations, so AI tools and ML Algorithms have gained a tremendous boom in the Analytics Community. The boom is because of factors like growing volume and easy availability of data along with faster processing speed and affordable data storage.
Business Benifits of Machine Learning
Customer Lifetime Value Prediction
Customer ifetime Prediction and Customer Segmentation is one of the challange faced my major companies today. The data available with the companies is so huge and can be used effectively to derive business insights. ML helps in it by predicting customer behavior, purchasing pattern and offers the customer with the offers they desire.
Manufacturing industries use ML to discover meaningful insights and patterns hidden in the factory data which helps in reducing risks asociated with failures and to eliminate unexpected expenses.
Eliminating Manual Process
Manual data entry can result in duplicate as well as inaccurate data and the corrective maintainence is both costly and time-consuming. Using ML Algorithms, error posessed by following manual processes can be removed.
ML Algorithms are actively used in detecting spams by creating new rules using Neural-Networks to detect spams and phishing messages.
Unsupervised learning helps in developing recommendation engines by using customer's history and matching it with the inventory to identify the hidden patterns and group similar services together and suggest tem to the customer, making them to for the services.
ML in medical diagnosis helps healthcare organizations in improving the patient's health and to reduce costs, using superior diagnostic tools and effective treatment plans. The predictions are drawn using patient records and data sets along with the symptoms exhibited by the patient.
ML is being used rapidly to increase the security of an organization by allowing new-generation providers to build newer technologies, which quickly and effectively detect unknown threats.