5 Machine Learning Use Cases that are Making a Difference in the Business World
Companies that are using machine learning are starting to reap the rewards and transform the way they do business. Machine learning is allowing businesses to optimize operations, deliver better customer experiences, enhance security and more. As enterprises race to stand out from the competition and do more with the same resources, machine learning is becoming an important investment. Here are five machine learning use cases that highlight how machine learning is changing how the world does business.
Use Case 1: Personalization
Thanks to advanced algorithms, websites and apps are learning customer preferences for food, clothes, electronics, and other consumer products. Businesses are leveraging machine learning to enhance the online shopping experience, matching customers with products that fit their tastes. Everything from past purchases, brand loyalty, and engagement with recommendations helps machine learning algorithms refine results so customers find what they’re searching for, and even discover new products that they are likely to enjoy.
Use Case 2: Customer Support
AI is transforming customer support, and while the empathy of good human customer service may never give way to machines, there is no doubt that enterprises can increase service and customer satisfaction by leveraging intelligent automation. According to IBM, 80% of all routine customer queries today can be handled by efficient chatbots, which deliver the responses customers seek and cut business operating expenses.
Use Case 3: Better Search Results
In the past, search engines relied solely on algorithms and keywords to return results. Now, enhanced with artificial intelligence, search engines can understand a user’s intent to provide more relevant information. Google utilizes AI technology known as deep neural networks to analyze vast amounts of digital data that can identify photos, recognize spoken commands, and respond to and even predict Internet search queries.
Use Case 4: Enhanced Data Security
Hackers are always developing new malware to breach data security and steal valuable information. Machine learning can detect patterns within codes to accurately pinpoint malware, tightening data security so that users can more confidently engage with digital content without fear of making themselves vulnerable.
Use Case 5: Automated Administration
According to McKinsey, companies are automating the back office like never before, thanks to machine learning. Tasks like data processing and extraction can now be fulfilled by computers with the right machine learning algorithms in place. In fact, some companies believe machine learning could automate up to 85% of their operations. And, according to KPMG, such automation could save companies 75% of operating budgets.
Machine learning is helping enterprises create better experiences, while enhancing efficiencies and security – but machine learning needs high-quality data to reach its full potential.
Appen provides high-quality training data to improve machine learning at scale. We partner with leading enterprises to help them develop, enhance and use products that rely on machine learning and AI. With a comprehensive suite of services spanning data collection and annotation, to search evaluation and relevance, to linguistic consultation, we have the expertise to deliver the data you need so you can get more from your machine learning. Contact us to discuss your specific business goals and learn how we’ve helped businesses like yours around the world optimize their machine learning efforts.