How Machine Learning Can Open Up New Business Opportunities

Machine learning is revolutionizing every industry in business. Here is how it's opening up new opportunities across the board.

There is a lot of hype and promise surrounding machine learning. Many smart businesses are realizing that machine learning technology is there to make business run easier and better. It’s a new technology which promises to impact the bottom lines of both large and small companies. Small businesses are able to do more with the limited resources they have, and large companies can make their operations run more efficiently. One of the best platforms for being able to create new machine learning algorithms is spark ml.

Machine learning is based on using mathematical algorithms to analyze data sets. Data sets are very broad – including images, text, and sound. The concept of machine learning has been around for a very long time. Recent advances in computer hardware and telecommunications networks have made it possible for machine learning algorithms to be used on this wide range of data sets.

 

1. Improved Customer Service

With machine learning technology through chatbots, you’re able to serve a wider range of customers 24/7. Because you’re able to serve customers around the clock, your customers will be able to reach your chatbot whenever they need questions answered. Chatbots can even act as your virtual salesperson which can qualify buyers before they are interested in moving forward with your product.

 

2. Freeing Up Employees

You probably have employees performing a wide range of manual tasks throughout your organization. Automating manual tasks through machine learning saves you money on the time that they spend performing manual, time-intensive processes. You likely know that your employees’ time is valuable – they can focus on what matters rather than wasting time on manual tasks. Employees will also be more satisfied with their jobs when they are able to do what they are best at.

 

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3. Creating New Products and Features

If you are a technology-oriented business, you can add machine learning features to your products to make them better. Microsoft is famous for using Bayes’ theorem to predict it’s users next actions. More recently, Google has implemented it’s own tensorflow technology to assist people with writing emails and text messages. Imagine what you could do to make your products more intuitive and adaptable using machine learning technology.

 

4. Predicting Trends

Machine learning originates from data science, which is interested in predicting trends. Many machine learning algorithms have been developed in order to forecast trends for data sets. Looking at customer segments and making marketing decisions is the best way to understand how to reach more customers.

 

5. Improving Security

Hackers are getting ever-more creative at bypassing firewalls. Machine learning has a definite use case in information security. The algorithms used canĀ detect spam emails to ensure that corporate firewalls are able to detect and remove spam more accurately.

Machine learning platforms are designed to combine multiple algorithms into a single pipeline. When you’re combining algorithms into one pipeline, you’re able to manage each algorithm in a very intuitive way. This allows you to accomplish your machine learning goal without having to spend time creating workflows.

Working with a machine learning platform can be significantly more intuitive than building a platform in-house. Building machine learning platforms in house is a very expensive, risky proposition even for large companies. If you’re a small business, you probably don’t have the resources to hire a development team in house to build a customized solution. If you’re a large business, you might be looking for outside ideas which can make your business run more efficiently. A machine learning platform can help you meet both objectives and perform better in terms of your business.

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