With the buzz around machine learning, enterprises are becoming more curious to know how it will benefit their businesses. Though most people have heard of machine learning but few have a clear idea of what it is and more importantly, what business problems it can solve and what value it can add.
Let’s tackle the initial question first – what is machine learning?
To put it simply, machine learning is a data analysis process that leverages the computing power of algorithms. These algorithms, algos for short, reiteratively learn from the active data and help computers find hidden insights.
For example, suppose you run a school and have a school management app that tracks student attendance, homework done, parent-teacher interactions, etc. An old-school app or software solution will only do what it is programmed to but an intelligent app will find hidden insights like how does attendance or homework done impact exam scores, does the frequency of parent-teacher meetings make the child more active in school, etc. This helps you in innumerable ways to make your school better.
Surprisingly, most of us have witnessed machine learning without even knowing it. The most common example of machine learning is the ‘spam detection’ feature in emails. Email service providers recognise specific pattern or words and filter the spam emails from reaching your inbox.
Let us now look at the next question – how machine learning helps businesses?
Here are a few advantages of machine learning:
Simplification of Product Marketing and Sales Forecasts: Machine learning helps businesses in multiple ways to promote their products and get accurate forecasts of sales. It uses consumer data to review past trends and put forward marketing strategies on the basis of customer behavioural patterns. This analysis is invaluable for your marketing and business development teams.
- Precise Medical Forecasts and Diagnoses: Machine learning is becoming a heaven-sent tool for the healthcare sector. Among other things, it helps to identify patients with high-risk from certain diseases, suggest best possible medicines, make near-perfect diagnoses and predict remissions. These results are based on patient datasets including health records and exhibited symptoms. Precise diagnoses and medication facilitate faster recovery at minimal cost.
- Simplify Time-Consuming Documentation Process in Data Entry: Inaccuracy and data duplication are key issues confronted by businesses looking to automate their data entry processes. Machine learning algorithms and predictive modeling help solve this problem. With this, data entry processes become simpler and allow businesses to allocate skilled resources to other important work.
- Better Accuracy of Financial Rules and Models: Machine learning has a major impact on the financial sector as well. Some common benefits for this sector include algorithm trading, portfolio management, fraud detection, etc. Machine learning assesses the data continuously to detect and analyse the probable anomalies and nuances. This way it helps to make the financial rules and models better.
- Customisable Learning Experience for Schools: Machine learning has a huge impact on the education sector. Machine learning acts as a predictor. Based on students’ repetitive actions, the programme designed by software development companies finds weaknesses of students and suggests better learning paths for their betterment. Apart from this, machine learning promotes unbiased grading system, improves organisational processes and helps in educational experiments, among others.
- Spam Detection: The earliest problem solved by machine learning was spam. A few years back, email providers used the rule-based technique to filter out spam emails from your inbox. However, the process was cumbersome and not perfect. With the introduction of machine learning, spam filters are now able to make new rules by using neural networks to remove spam emails. This network recognises junk and phishing emails by evaluating rules in the computer’s network. This means spam filtering becomes better. The ability to move out spam is a critical element in the success of marketing and consumer complaint departments.
If you are keen on getting a lead in this area and boosting your revenues, then it makes sense to contact firms offering intelligent software development services in Canada. Talk about what you need and the best firms will help you get what you want. You can give us a call if you want to know how to choose from your shortlist.