A plethora of cost-effective machine learning solutions put the power of these tools at your fingertips. Our expert shares some ways small business owners can take advantage of them.
Copyright: builtin.com – “6 Ways Your Small Business Can Benefit From Machine Learning Solutions”
As AI and big data-powered innovations keep disrupting the way we live and work, the meaning of the term machine learning (ML) may remain opaque to many people despite its increased prevalence and business applicability.
At one time, implementing machine learning algorithms and integrating the necessary underlying technology was out of reach for many businesses because of the prohibitive costs and advanced knowledge necessary. Now, however, this is no longer the case.
Large tech companies like Google, Amazon, and Microsoft have found that sharing their cutting-edge ML tools can be a win-win proposition for the giants and SMEs (small and medium enterprises) alike. Doing so democratizes access to these advanced capabilities and their potential benefits.
Popular solutions like Google Cloud AutoML (which includes Vertex AI), Amazon SageMaker Autopilot, and Azure AutoML, in addition to open-source Python packages, have leveled the field. Business owners can incorporate these game-changing tools into their businesses and capitalize on all the benefits that they have to offer. These benefits range from increased visibility into their sales funnels and marketing and customer acquisition strategies to optimization of their human resources practices.
If you’re not sure what these benefits are, here are six of them to get started.
6 WAYS SMALL BUSINESSES CAN USE MACHINE LEARNING
- Optimize sales forecasts.
- Create more effective sales channels.
- Anticipate customer churn rates.
- Get unbiased opinions about customers’ feelings.
- Predict employee attrition and improve HR processes.
- Unleash the power of online sales channels.
1. Optimize Sales Forecasts
An unexpected downturn in sales can be fatal for SMEs, especially during a busy season for a heavily seasonal business. Unfortunately, with constantly growing competition, such dropoffs can happen.[…]
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