Have you ever noticed that social networking sites often displays content similar to what you have searched in the past. For example if any person is interacting more with the posts of a particular friend, then when the next time he is active on the site, he will see that friend’s post first in his feed. These and many other amazing technological brilliance is possible now a days due to the evolution of machine learning and artificial intelligence.
The main beneficiaries of machine learning are the businesses that provides services to its customers. Machine learning can help them in identifying what are the prime interests area of their customers and which content they interact with the most. Based on this study organizations can provide favourable and personalized services to their users hence increasing the chances of more sales and profits.
Let’s discuss in detail why Machine Learning is Important for Businesses
Ability to Analyze Data Without Human Interference
Machine Learning can study a user behaviour for a specific time period and can present a statistics of the data without any external programming. This saves a lot of time and resources of a business and they can get an accurate scenario of their targeted user preferences. Software applications using machine learning algorithm can predict accurate outcomes as it is completely automated and eradicates the possibility of human error.
Capability to Process Large Chunks of Data
The main reason why business giants like Google and Facebook are using machine learning is because of its capability of processing large amount of data in quick time. Machine learning is helping these businesses to earn a fortune as they are able to show relevant advertisements to their users based on the users past searches. Also they have hired machine learning developers who are working on enhancing the capabilities of machine learning algorithm and hence improve the data accuracy and relevancy.
Very Effective in Terms of Marketing
Machine Learning has revolutionized marketing process and made it possible for businesses to promote their products to the most relevant audiences. Use of machine learning ensures that relevant ads is shown to users who have expressed their interest in similar products in the past. This has made the work of marketing team very easy as they don’t have to invest hours in research to pick the correct audience to promote their brand.
Helpful for Healthcare Mobile Applications
Machine Learning can be extremely helpful for development of mobile applications related to healthcare industry. It can recommend best treatment and medication by analyzing the medical reports of the patients and also reviewing past medical records of patients with similar symptoms. This increases the possibility of the most accurate diagnoses and also can make treatments for patients cost effective.
Can Help in Customer Retention
As machine learning has the capability to analyze large amounts of data, it can also be helpful in predicting which users are not interacting with your content. It can identify the users that are less interested in your services and possibly can stop using your services or products. So in order to retain these customers, businesses can pitch more relevant advertisements or offer them special packages or discounts based on their recent behaviour.
Ease in Planning Future Prospects for Businesses
The most time consuming part in any business is to identify the correct audience and pitch the product to them, machine learning makes this process very easy and that too without human interference. As a result of that business owners can devote their time in planning their next move or ways to expand their businesses, instead of spending considerable amount of hours in finding the correct audiences.
Easy to Detect Spam and Irrelevant Data
Detecting spam has been a major concern for small as well as large businesses. They spend a considerable amount of time and resources to filter out the fake users from the real ones. Another major benefit of machine learning is that it can easily analyze the information and detect whether it is relevant or not. This is very helpful in blocking spam and promotional emails from fraudulent companies that intend to misguide users giving incorrect information.
Machine Learning and artificial intelligence is a powerful tool if used effectively can benefit both the users and businesses to a great extent. Apart from the healthcare industry machine learning is also helpful in industries like financial, banking, retail, publishing, social media, gaming and many more.
Virtueinfo has always been focused on the future and hence have been able to adapt latest technologies for developing web and mobile applications. We are in the Internet Technology field for more than 14 years and built highly stable websites and mobile applications for small as well as large businesses.