5 Ways Machine Learning Can Help Entrepreneurs
Over the last few decades, we have seen some major technological advancements. These advancements have caused a major stir in our day to day lives as well as the business environment. Businesses from all across the globe have adapted to the latest technological trends, this empowers them to increase the efficiency of their business operations and increase their output. Among all the numerous technological advancements, ‘Artificial Intelligence’ is of substantial importance. There are boundless uses of Machine Learning and AI technology in businesses; Companies that are already implying ‘AI’ have an edge over others.
AI is still a new technology and even in its early stages, the AI-powered neural networks are already showing rapid improvement in image and voice recognition, problem-solving, pattern recognition, and process management. The best thing about Machine Learning is that it’s not only reserved for tech and Fortune 500 companies, small businesses and Entrepreneurs are also starting to leverage the benefits of AI technology. In fact, research reveals that 30 percent of businesses are already incorporating AI in their business strategies.
Biggest reasons for machine learning technology adoption in organizations
In this article, We will be illustrating how Entrepreneurs are leveraging Machine Learning for quality and efficiency.
Before I move on to Entrepreneurs, I want to explain what ‘Machine Learning’ is.
What is Machine Learning?
Machine Learning is the science of providing computer systems the ability to learn and act like humans. It’s the process of getting a system to automatically learn and build on its knowledge from examples and ‘experience’. ML technology is focused on developing computer programs that can access data and use it to learn on its own.
The process begins with the observation of data, its examples, and then with direct experience. Once exposed to certain data, the system automatically looks for patterns and trends so that it can make better decisions in the future. The primary aim is to allow the computer systems to automatically learn and adjust their actions, without any human intervention.
How Entrepreneurs Are Leveraging Machine Learning Technology
Personalization with Machine Learning
No matter what type of business you are, ‘Personalization’ is the new trend. AI-powered market insights are allowing Entrepreneurs as well as marketers to better understand their audience more efficiently. Machine Learning technology is helping entrepreneurs use their ad money more wisely with the help of personalization. AI powered bots and livechat applications are just some examples of it.
In a complex business environment, it’s a very tedious and difficult task to device a business and marketing strategy that fits their customer requirements. Machine Learning powered marketing algorithms have simplified the way businesses interact with their potential customers. For example, Facebook and Google are using marketing algorithms that can be personalized by all types of businesses. Even entrepreneurs can personalize their innovations with a specific target audience. Machine Learning can collect data about a market and that data can be used by Entrepreneurs to understand what their target market needs and what they can do to meet the market requirements.
Machine Learning for Lightening the workload
You know those never-ending day to day tasks that are so time-consuming that you start getting annoyed. Tasks such as ‘managing medical records’, ‘analyzing X-rays’, ‘managing customer information’, or ‘categorizing your products’, all these every-day tasks can consume the majority of your time and you even end up falling behind on other important tasks.
A number of hospitals have turned towards incorporating AI technology in improving patient healthcare. Machine Learning is also being extensively used by legal firms to review documents and previous legal cases (a task which would otherwise take thousands of hours to complete). CitiBank is an excellent example of a firm that uses Artificial Intelligence. Citibank uses Machine learning for data mining and tracking its previous financial transaction records. Otherwise this process would take more than 400,000 man-hours to accomplish.
Thanks to Machine Learning, the stress on human workers is decreasing day by day.
Enhanced Multitasking Ability
Managing a business isn’t an easy task, it requires your full attention and time, and the ability to multitask. The more profitable your business the higher is the number of activities in place. Whether you’re a small or a big business, at one point or another it becomes necessary to employ different tools to manage all your operations. Machine learning proves to be very useful for creating an effective multitasking tool that assists you in getting all your work done. Thanks to machine learning, it is very much possible to have a virtual office that can run multiple real offices, irrespective of the business interests. For example, global shipping companies like ‘MAERSK’ depend on Artificial Intelligence tools to assist them in tracking and handling multiple activities. An Entrepreneur can also use these types of management toolkits powered by machine learning for optimal results.
ML technology can help improve your marketing results by a milestone. For example, machine learning can analyze your potential customers and send them personalized notifications, and messages to get them engaged and drive more sales. The more personalized content you direct to your customers, the more they will be willing to interact with your brand. ML holds the ability to analyze data and use it to aid you in increasing sales. This is because AI algorithms can go through enormous amounts of user data to find patterns and trends that people follow. Entrepreneurs can further use this information to improve their content strategy and drive more effective results from marketing.
Think of all the people that use social media, imagine the amount of data that can be extracted from social media to leverage your businesses. Social media activity provides the AI algorithm enough data to pinpoint the purchasing habits of individual users. This information can also be used by Entrepreneurs to drive better end results.
Entrepreneurs are always on the lookout for ways to improve their efficiency in various business activities. Machine Learning and Artificial Intelligence allow you to incorporate instruments and tools in your day-to-day activity (such as tackling complex data-oriented activities efficiently and effectively). With the help of Machine Learning, and Entrepreneur can have full control of their workflow. For example, in the automobile industry, machine learning has empowered the object recognition technology for driverless cars, electric automobiles, and other such vehicles (keeping the production cost at minimum). Furthermore, machine learning enables Entrepreneurs to avail surveillance systems to help them directly monitor the activity in their premises in real-time.
By improving the efficiency of your daily operations, you can drive more results and grow your business. Machine Learning technology can analyze your supply chain systems and your workflow to find areas that require improvement. Consequently, Entrepreneurs will be able to streamline their workflow and use their resources more wisely.
Technology is evolving at a rapid rate without any signs of slowing down and businesses will continue to adopt the latest trends and technology to meet their business needs. The better an organization is able to adapt to the continuous technology evolution, the better results that will be able to drive. Are you an ambitious Entrepreneur looking for ways to improve your business strategy? Machine Learning is definitely the trend that you should be adopting. Once you learn how to digitize your workflow, you can transform your enterprise and find ways to elevate your business.