In part one of this series, we touched on machine learning technology. This article provides suggestions on how you can implement this technology in your business today.
Machine learning (ML) technology has produced many functional tools for the business sector. The ML algorithms decipher large amounts of data, images, text, video, voice, body language, and facial expressions and thereby learn to take on human challenges. Examples in use today include Amazon Echo, Google Home, Apple’s Siri, and SAP’s upcoming Copilot.
In an article for Readwrite, Bart Schachter suggests 7 ways to implement ML in your business.
1. Analyze Sales Data
According to the MIT Sloan Management Review, the realm of sales “is currently undergoing a digital Renaissance. Successful sales teams depend on accurate data to determine the effectiveness of a campaign or their potential success. Through the use of ML, they use software to target higher ticket sales which shorten the sales cycle and the time it takes to analyze data as well as finds the best leads to pursue.”
2. Real-Time Mobile Personalization
Digital personalization is rising to the task by using digital platforms to reach potential customers through smart devices. Software developers are working on a more personalized mobile experience to resonate with the consumer and yield a greater return. Flybits enables companies to deliver real-time personalization with instant cloud access to internal and external data to develop personalized mobile channels while keeping personal data safe.
3. Fraud Detection
The number of cybercriminals continues to grow as do the new ways these con artists use to build more varieties of malware to attack online shoppers. Companies realize, that despite their ongoing efforts to add safety software to their platforms, they still cannot combat the intensity of these acts. Machine learning can help improve the fraud detection process. For example, according to Bart Schachter’s article, “PayPal is using machine learning tools to sort out fraudulent transactions (including money laundering) from those that are legitimate. It operates by examining certain features in a dataset and building models to find fraudulent transactions midstream.”
4. Product Recommendations
When customers shop online, this model offers customers ideas for related or similar products to buy. Amazon pioneered this algorithm to improve the product recommendation process, which adds a new dimension to cross-selling.
5. Learning Management Systems
E-learning is a hot trend – estimates suggest its value to reach $325 billion by 2025. Companies utilize it to generate a relevant, customized training experience for both employees and managers. Job seekers add new skills to their portfolios through virtual learning platforms.
6. Dynamic Pricing
Dynamic or real-time pricing algorithms are implemented by some businesses to create prices based on user choices, the supply and demand at a particular hour or day, and other options. Machine learning can use existing data to predict demand as well as provide tax and delivery information based on the customer’s geographic location.
7. Natural Language Processing
There are so many areas in business where ML can be helpful, such as tech support, help desks, and customer service. What’s more, machine learning’s natural language processing (NLP) capability allows computers to take over by using an automated translation method between computer and human languages. Machine learning centers on word choices, context, meaning, vernacular, and other subtle distinctions within human language.
To summarize, the machine learning technology is being integrated across all business and personal platforms to enhance user experience, help determine appropriate sales funnels, increase ROI, provide predictive data, and more. Before implementing a program, however, create a clear strategy to assure smooth sailing throughout the process.
Springborn Staffing does more than provide relevant information for our clients. We handle your staffing details so you can focus on items like developing your ML, driving revenue, and business growth. As a locally owned and independent staffing firm, we work hand-in-hand with your team to design solutions that work for your business. We offer a level of hands-on consulting not found at typical temporary staffing agencies or temp-to-hire staffing agencies. Each of our recruiters is required to hold current certifications. Best of all – our services are 100% guaranteed.