Machine Learning (ML) is a subset of technology within Artificial Intelligence (AI). These machines are trained using patterns to predict new sets of data. As more data, computing power, and algorithms become available ML has become more popular.
Machine Learning can be extremely beneficial to businesses. You can understand your business, your customers, and your employees better through both ML and AI machines. Forbes released an article explaining the major role ML plays in the future of business culture. Implementing these machines isn’t always easy though. Keep reading to find out the pros and cons of using ML in your business.
Machine learning requires large amounts of data to be productive, but having a lot of data and analytics is only useful if you know what to do with it. This advanced technology can extract useful information from large data sets to help solve problems within your business.
Demand forecasting is a problem many businesses struggle with, that can be solved using ML technologies. In the modern market it is difficult to know buyers’ spending habits and prepare their supply chains accordingly. By collecting data, such as spending habits, labor hours, ML can forecast the resources needed for companies to thrive. Retail and e-commerce benefit greatly from using this technology. Insights can help create accurate adaptations in business.
Not only can machine learning be used to solve problems, but it can also make complicated tasks easier. Employees can eliminate certain time-consuming tasks so they have more time to spend on priority jobs. Machines can perform manual jobs like data entry, and make it more accurate. Less human intervention = less human error. ML algorithms can learn from past mistakes, such as improper calculations, to ensure it does not happen again.
Detection of Problem Areas
Since machine learning uses patterns, it easily detects outliers that do not fit with the rest of the data. Hacking, spam, and other problem areas are quickly and easily detected through machine learning and ultimately improving cybersecurity. You probably use ML in your daily life to detect problem areas. Your email “spam” folder recognizes junk mail and removes it from your inbox. This technology can also be used on a much larger and in-depth scale within businesses.
Improve Customer Experience
Not only will ML help you, but it will also help your customers. Using its algorithms, it can recommend specific products to each customer based on past purchases or items they have looked at. Customers highly value personalization and will appreciate your company understanding their wants and needs. Unsupervised learning promotes purchases of specifically chosen products for each consumer.
Time & Resources
Implemented machine learning into your business can be a long and expensive process. Depending on the algorithm, it can be a high initial investment and a long time to get it running and gather valuable data.
Once the machine is up and running it will require updates, supervision, and possibly more upfront costs. Using outdated technology can have major downfalls, so ML algorithms and technology require a lot of investments from you and your computer.
Machine learning is a valuable tool to have in your business. Before you implement any new technology, it is important to know the pros and cons of the system to determine if it is right for your business. Software is not a ‘one size fits all solution. If you want a custom solution to your workflow issues, we can help.