Machine learning is a subset of artificial intelligence which primarily functions through trial and error. As the term suggests, the machine learns through experience it gains by analysing different sets of data. Therefore, data can be considered as a fuel in machine learning. The most common example of the adoption of machine learning technology is the spam filter. Depending on the type of emails the user moves to the trash, the spam filter uses machine learning to identify a similar pattern in the emails the user receives in the future and moves the same into the spam folder.
The fact that machine learning thrives on data makes it a very important tool at the hands of industries and businesses. Machine learning tools help organizations to quickly identify and utilize opportunities to make profits and develop strategies to mitigate the risks. A few of the areas in which machine learning has proven its potential to the businesses are discussed below-
Customization- Customization forms the very basis of customer experience in the 21st century. The customer wants to feel special and wanted when being approached by a business entity. To this extent, the adoption of machine learning techniques have helped businesses to customize sales and marketing for its target audience by producing tailor-made messages and emails and interacting with potential customers through chatbots. This has further helped in enhancing customer satisfaction by improving customer experience and support.
Breaking the language barriers- Most businesses find it hard to expand their reach due to language barriers. It further creates a roadblock in customising advertisements and marketing strategies. Machine learning helps in addressing this challenge by translating simple texts into various languages with voiceovers. This helps the business to limit the cost of translating/ recording the same content in different languages and to target its marketing towards a broader consumer base.
Therefore, the adoption of machine learning tools by various businesses can help in addressing the key challenges faced by them in the course of their business, ultimately leading to greater profits.