The entire globe is living in the age of Dynamic Technology. Machine Learning and AI are one the greatest gift of technology to mankind. In this era of digitalization, every industry irrespective of its type and sector needs innovative IT support. Automation, intelligent Decision making, secure Cyber support and Optimized use of resources are the major demands of enterprises of different Industries.
Today, mixing of emerging technologies to bridge the gap between physical, biological and Digital Domains is becoming the basis of the 4th Industrial Revolution. Use of Machine Learning will be the most important ingredient to achieve the goal of the Industrial Revolution.
Machine Learning Introduction
Machine learning is the branch of computer science which enables machines to learn on their own. It focuses on making the software work without the need for explicit programming. Machine Learning use the statistical approach to work with existing Data. In more simple words, Machine learning is a one step ahead application of Artificial Intelligence. It uses AI to add learning skills to machines. Different Industry uses Machine learning in their own unique way. After having a clear concept of Machine Learning Introduction, let’s discuss the use of the Machine Learning in Business.
Use of Machine Learning in Business and Enterprises
Today, Every sphere of Human life uses the technology and innovation. Business and Enterprises are also not untouched by it. Machine Learning is one such technology which is emerging as the must-have tool for every enterprise. A Business can deploy Machine Learning to achieve automation the in Following ways:
Personalising Customer Services
Machine Learning acts as an effective tool in terms of customizing the Customers experience. For example, 40-45 % of the Customer prefer chatbots over Human. The 24X7 availability and instant reply not only makes better Customer relation but also reduce the cost.
Recruiting the right Employee
90% of the HR professionals believe that shortlisting proper resume from a heavy heap of applications is the hardest job. It takes the big amount of time to manually do this. Some software does the proper scruitning of resume in very less time in an effective manner on the basis of Skills and Qualifications. This makes the CEOs and HR professionals free to focus upon strategic activities rather than wasting time on filtering resumes. This is only possible with the use of Machine learning with software.
Understanding Customer Demographics
The use of Machine Learning also enables to understand the customer behavior through his previous data and actions. Using these demographics, a company can offer customized offers to the customers. Most of the telecompanies are using this strategy. Due to which, they can easily stop the flow of the customer from their brand to another one.
Automation of Finance
Finance Department is one of the most important parts of any enterprise. Using Machine learning in Finance makes different processes automated. The software can filter and label different types of transaction. ML software can also help to detect fraud and incomplete transaction based on the history and data of previous transactions. Automated Finance is more secure than the manual one as it has the feature of Fraud Detection.
Automation in Logistics using machine learning helps in the prediction of anomalies. The proper anomalies detection in different types of equipment reduces the threat to life due to accidents. The prediction Before due time also gives flexibility to maintenance work. An enterprise can use alternate logistics with the prior knowledge of maintenance activities. This reduces time as well as the cost of Business.
Some industries are also using Machine Learning in managing their Assets. Proper use of resources and Assets in this Data Driven Market is only possible with the knowledge of Data Science. Adequate and ideal processing of data becomes easier and feasible by deploying Machine learning. Hence, machine learning plays an important role in the proper use of resources and Asset management.
Challenges of Using Machine Learning in Business
Different industries are ready to adopt machine learning in their Operations. It is emerging as one of the major element of the Fourth Industrial Revolution. But, some challenges also exist in deploying Machine Learning. There is a huge quantity of high-quality data that can be processed to develop algorithms for different operations. But, the improper format of this data can lead to blunders in operations as well as financial losses. The second challenge is setting the priority of choosing the activities before deploying machine learning for different operations. The major barrier in using machine learning is Cultural acceptance. Machines are replacing employees in enterprises. Lots of Employees worry about the consequence of their replacement.
Apart from these all challenges, Machine learning is going to be the must-have technology for industries in upcoming years. Proper integration of Machine learning with an IT service company will add wings to your Business. So, is your enterprise ready to adopt machine learning in Your Operations?