3 ways machine learning is changing businesses
Data is one of the most powerful weapons that businesses today have in their arsenal. But while data analytics is powerful, machine learning turbocharges it and takes it to a whole new level. The potential applications of machine learning are endless and there are plenty of ways that it is already changing the world of business.
More efficient marketing
Marketing is one of the most important aspects of business. Every successful business is built on a solid marketing strategy. Without good marketing, it is virtually impossible for a business to get noticed today. There are simply so many businesses starting up all the time that a high level of competition is all but guaranteed in most industries. Data-driven marketing is nothing new; we’ve been doing it in one form or another since long before computers were common in the workplace.
However, with the benefit of modern technology on our side, we can now devise much more informed and efficient marketing campaigns. If you have the right data and the means to analyze it appropriately, the level of insight that you can gain into your customers is extraordinary.
By harnessing the power of machine learning to analyze marketing data, businesses can further enhance these capabilities. More importantly, machine learning helps us to understand people’s behavior based on available data. This kind of predictive power is something that we could only have dreamed of just a few decades ago.
More accurate data processing
Data is a very useful resource for modern businesses, informing corporate strategies, and providing businesses with deep insights into their market and their customers. However, inaccurate or incomplete records can cause serious problems. If the well is poisoned, so will the conclusions that you draw from it. Maintaining accurate and up to date information is a significant challenge for many businesses, especially those that are reliant on their data to serve their customers. Machine learning allows for more accurate and reliable data processing.
For example, insurance businesses are dependent upon their client records. If they can’t trust these to be accurate then it creates serious problems and uncertainty for them and their clients. Machine learning in insurance enables businesses to process their data more efficiently, reliably, and accurately. Artificial is a business that provides cloud-based insurance software built on machine learning and artificial intelligence in insurance. Their cloud-based modular underwriting platform and associated underwriting software is a great example of how machine learning in insurance can be a very powerful tool.
More accurate diagnoses
One of the most promising applications of machine learning is within the field of medicine. Researchers have already trained machine learning algorithms to diagnose a range of diseases and ailments. Machine learning algorithms are able to pick up on details and make connections that a human would have no chance of identifying. While this research is still in an early stage, it is showing great promise for the future.
This presents us with some very interesting possibilities. For example, if businesses can develop machine learning algorithms that are able to diagnose patients more accurately than trained doctors can, the commercial and humanitarian implications are very significant. In poorer parts of the world, getting doctors and equipment out to patients can be a significant challenge. The ability to accurately diagnose even a small number of conditions using a digital image would be game-changing.
Machine learning is still a relatively new field of study but already it is one that is changing the world in a number of ways. Once we realise the full potential of machine learning, the benefits for businesses will go far beyond what we have outlined above.
