Machine learning is a crucial subset of AI that is making devices smarter and creating new opportunities to explore. So what are the best machine applications you can leverage for your business? Here's my attempt to help you find an answer to this question.Ajay Kapoor
Artificial Intelligence is no longer the subject of science fiction movies and TV shows in 2019. The rapid growth of Machine Learning Services and Solutions are changing the way organizations see and use technology around them. In fact, a study by Accenture predicts that leveraging the current AI & machine learning services itself can lead to a 40% increase in business productivity.
And why not so? Machine learning is a subset of artificial intelligence which allows for the creation of algorithms which can “learn” to perform functions without any human intervention or programming after feeding itself through structured data.
Machine learning Applications are vastly used in many services including the voice assistant service on your smartphones, personalized recommendations on websites such as YouTube, Facebook and even on google ads displayed on web pages.
Many online businesses such as Netflix and Amazon have already attained machine learning and saved over $1 Billion in earnings through personalized recommendations powered by machine learning. So what are you waiting for?
With Artificial Intelligence advancing at a pace faster than ever, the time is ripe for startups, SMEs and large enterprises to attain machine learning and gain new opportunities for their growth and expansion. With this fact in mind, I have thoughtfully prepared a guide for identifying the best Machine learning Applications & services in 2019. But first, let’s roll in a few statistics to get started:
(Caption: Biggest reasons for machine learning technology adoption in organizations worldwide as of 2018)
It is no surprise that machine learning finds its highest usage in business analytics. The reason being that machine learning algorithms are incredibly useful in forecasting future patterns and predicting relevant information by interpreting large amounts of data incomprehensible to the human mind.
Jobs in data science are at its peak demand in 2019, and it's not just the data scientists, but having the best Machine learning Applications itself that you would have to consider. While it is the data scientists playing a prominent role in cleansing and feeding data to machine learning programs, but it's the algorithms which deliver the necessary output without human intervention.
Experts using machine learning in python and machine learning in R could be difficult to hire or find in-house. In such cases, it would be ideal to opt for outsourcing through top software outsourcing companies to get higher quality service for your business.
Cybersecurity is one of the major threats in the virtually connected world of the 21st century. Thus its obvious that the year 2018 saw massive adoption of machine learning to combat this threat. But one truth is that Machine learning Applications aren’t a panacea to cybersecurity issues across the globe.
However, despite not being a complete solution, machine learning algorithms are highly useful as a line of defense against cybersecurity attacks perpetrated by hackers. In the battlefield of cybersecurity, it is not always about thwarting an attack, sometimes its only about minimizing any potential harm that would be inevitably caused by hackers- this is where machine learning is useful.
These algorithms can learn with experience and data, and thus make better predictions with time. In cases of dangerous breaches, ML algorithms can automate certain tasks to contain hackers, which gives some room and time for human cybersecurity experts to operate and take action.
Machine learning Applications can help sales teams to find the most highly valuable customers out of their total pool, and help them identify and gain closure with new prospects. Machine learning and AI-powered tools are the perfect compasses at the hands of a salesperson which help them reach valuable customers looking for what they offer.
Additionally, data-driven insights also enable salespeople to gain more closed sales and thereby increasing performance.
As for marketing, we all know about those personalized recommendations made possible through machine learning on apps like Spotify and YouTube, which keep customers glued on their platform for hours. But personalized marketing has also enabled companies to adapt to their customers’ preferences in ways that never had been possible before.
Today, most functions of sales and marketing teams, at least those done digitally are accelerated through machine learning. With more data and improvement over the years, Machine learning Applications in any organizations’ sales & marketing team would likely be a self-sufficient asset which won’t lose its shine for years, or perhaps decades to come.
What better example for customer services than the eCommerce giant Amazon itself? The company, well-known for its obsession towards customer service drives 55% of its sales through its personalized recommendation engine powered by machine learning algorithms.
Despite being adopted at a lower scale compared to other sectors mentioned above, customer service is a field where machine learning shows its best in the form of image recognition, speech recognition and natural language processing (NLP).
Voice assistants on smartphones, such as Amazon Alexa and Google assistant have set benchmarks for voice-based communication, and have led the way for the development of organizational chatbots powered by machine learning algorithms.
The use cases of machine learning in customer services are highly expected to influence the way we communicate with machines in the future, especially when considering the progress ongoing in the field of chatbot development services in the past couple of year.
So these are four of the top business opportunities you can have with Machine learning Applications in 2019. However, the scope of machine learning isn’t limited, it has an unlimited potential waiting for the right people with the right ideas to leverage them through machine learning companies and make their own mark on the world. Perhaps you could be one of those. Who knows!