The technology boom is surging, and machine learning is the core way that businesses are taking this once new technology and turning it into something amazing.
Here’s how to apply machine learning to your business problems and how it can benefit your company.
The technology boom is surging, and machine learning is the core way that businesses are taking this once new technique and turning it into something amazing.
As a testament to this growth, MIT Sloan Management Review reported that 76 percent of companies now use machine learning as a normal part of their business model to boost revenue. Maybe you’re new to using machine learning in your company, or maybe you’re looking for ways to improve your already established system.
There are a number of ways that you can apply this revolutionary model to your business and start getting results. We are going to look at some of the top ways to apply machine learning to your business problems and how this will benefit your company.
Let’s talk numbers. Americans spent – brace yourself – 11,000 years shopping online just during Cyber Monday 2018. If that doesn’t tell you everything you need to know about how many and how often people are shopping online, you should also know there were 7.9 billion dollars in sales during that day.
What does this mean? It means that depending on the website, it could be a hacker’s paradise.
Machine learning can help curb the risk of fraud while customers are shopping on your website. Take PayPal , for example. They recently added new algorithms to their transaction process to prevent money laundering to and from unsuspecting customers.
The algorithm looks for data points that spark the system, such as first-time transactions, the amount of money sent, sender/receiver location and more. PayPal has an automated, filtered system that flags specific transactions so humans can double-check them for fraud.
It’s astounding to think about how far online businesses have come over the past few years. At one time, you had what was on the storefront and that was that. Now, with machine learning, your system is constantly running data points on customers based on their profile and the type of things they search for on your site/store.
Airbnb is a great example of this type of machine learning, and it’s carrying over to airlines and ride-sharing services like Uber. The artificial intelligence built into Uber’s program analyzes each person, their route, other routes in the area and how they can offer their customers amazing deals that will keep them coming back for more.
The pricing structure can change depending on a variety of factors, including location, time, customer frequency and more. You can apply this type of pricing structure to your product through machine learning and build a business that really caters to every customer’s needs.[…]