Artificial Intelligence (AI) is an umbrella that holds other fields like image processing, coginitive science, neural networks and much more. Machine Learning (ML) is also a part of this umbrella. It is a subset of Artificial Intelligence.
Machine Learning (ML) refers to a process of data analysis that leverages complex algorithms to acquire insights. In simpler words, it’s a piece of technology that helps you break down data and find hidden information that can help you identify patterns and make predictions.
Needless to say, ML has a lot to offer businesses. In fact, there’s already a lot of buzz surrounding ML across the business landscape. So, what are the exact benefits that businesses can gain from ML?
Well, here are a few examples.
It can simplify product marketing and deliver accurate sales forecasts
Marketing and sales departments have a lot to gain from ML. To begin with, the technology, which is actually a subset of AI (Artificial Intelligence), has the ability to consume extreme amounts of data. This data can then be leveraged by the system to review and enhance marketing/sales strategies. For instance, ML can break down customer behavioral patterns to identify key insights. These insights can be used to formulate various strategies aimed at improving consumer targeting.
The rapid rate at which ML analyses data can help you respond instantly with the appropriate actions. For instance, right after a purchase, ML can optimize a subsequent offer for the individual consumer. More importantly, the customer will be alerted about the offer without any significant human involvement.
Finally, ML can analyze past data to make near-accurate predictions about the consumer’s future actions, which allows your business to respond in a proactive manner.
In domains such as manufacturing, ML can simplify preventive or corrective maintenance practices. Factory data can be broken down to deliver key insights and hidden patterns. This whole process is referred to as predictive maintenance and essential in the reduction of risks associated with sudden failure. Also, it helps cut down expenses.
ML architecture can be constructed with workflow visualization tools, historical data, feedback loop, and a flexible analysis environment.
Apart from predicting customer behaviour and collecting data, ML can also be leveraged towards predicting network intrusion patterns and eliminating them. In today’s business landscape, data security is of the utmost importance.
ML can help develop network intrusion systems that monitor network traffic and check it for suspicious activity. An analysis of these intrusion patterns can help create proactive strategies that prevent more complex intrusions in the future. The analytic approach will also help detection become faster and more accurate.
At iMovo we specialise in Customer Experience Management (CEM), using Business Intelligence (BI), Big Data Analytics, Customer Relationship Management (CRM), Workforce Management and Artificial Intelligence(AI). Blending some of the most innovative technology solutions in the market with a formal advisory approach, we enable organisations to build long-term value relationships with their customers resulting in consistent and profitable growth. If you would like to learn more about how machine learning and AI can benefit your business, don’t hesitate to contact us.