With machine learning, companies can do a deep dive into customer behavior to identify those who are at a higher risk of churning. This enables organizations to develop and implement next steps designed to target and retain those high-risk customers. The more proactive a company is in this area, the more profitable it will be over time.
Today’s forward-thinking organizations are leveraging the power of artificial intelligence to automate the decision making process. In fact, corporate investment in AI is predicted to reach $100 billion by the year 2025. As a result of this rapid digital transformation, many changes are underway in the workplace. In particular, there are a number of ways that machine learning is already making an impact for companies in every industry.
- Helping You Do More with Less:
It drives down the cost of prediction, and prediction is rooted in all business decisions. It can help entrepreneurs and business owners fundamentally change operational models, through cheap predictions.
- Finding Areas To Maximize Efficiency:
The first thing is to not get caught up in the hype. Start out looking at your organization and find areas where you have large data sets where you can apply ML to extract information to help your business maximize efficiency. Where can you remove needless touch points and manual tasks? This can help bring vital decision-making information to your teams, enabling them to really use ML.
- Automating Routine Tasks:
When everyone is talking about the lack of IT talent, machine learning can become your indispensable team member. Machine learning can empower you to automate routine IT tasks like security monitoring, auditing, data discovery and classification or reporting, so that the team can focus on the more strategic tasks.
- Managing Unstructured Data:
So much of today’s organizations are trying to manage growing volumes of unstructured data. Machine learning puts structure and meaning to that data quickly and efficiently to help inform decisions, investments, and strategies.
- Driving Strategic Business Advantage:
While historical reporting focuses on “what happened,” ad-hoc analysis allows companies to answer “why it happened” and “what is happening now.” It is predictive modelling powered by machine learning that can answer the question of “what is going to happen next” and “what is the best that could happen.”
- Solving Big Problems Humans Can’t:
Machine learning is ideally suited to help solve complex problems that humans can’t, where data analysis can be streamlined. More data is zipping across data networks than anywhere else, but often remains untapped as a resource to improve user productivity.
- Speeding Up Research On What Customers Want:
With machine learning getting cheaper by the day, it’s becoming accessible to more and more people. Entrepreneurs and business owners can use machine learning to process customer data more efficiently. You’ll know what type of users is more likely to convert into customers, what’s the behaviour of great customers.
- Making Customer Engagement More Effective:
Machine learning is a smart way to engage consumers or a potential client in a way that saves your employees time and collects valuable data.
- Detecting fraud:
Did you know that the average organization loses up to 5% of their total revenues each year due to fraud? Machine learning algorithms can be used to track data and apply pattern recognition to identify anomalies. This can help risk management detect fraudulent transactions in real-time so they can be prevented.
- Streamlining IT operations:
Another way AI and machine learning are revolutionizing how organizations operate is through intelligent IT automation. Powered by machine learning algorithms, agentless automation and orchestration platforms become force multipliers, driving efficiency and helping enterprises save time on manual and repetitive tasks, accelerate mean time to resolution, and maintain greater control over IT infrastructure.
