If you are a business owner, then you must have heard about machine learning. It is latest topic of discussion for businesses, quite similar to the “cloud” back in the early 2000’s. Machine learning allows a system to use a combination of algorithms and statistics to analyse and process information without explicit human interference. It can transform your business in the following ways.
1. Identify Hidden Patterns
Your existing technology stock is limited in its capability to identify hidden patterns from the data and activities of your customer. Machine learning unlocks a greater degree of potential for you to look for hidden patterns (things you fail to notice earlier). In machine learning, there is an algorithm known as clustering. Clustering is a technique which groups similar set of data by matching common attributes or features. This means that you segment your customers more efficiently and offer them a higher quality of personalisation.
2. Provide Better Recommendations
Perhaps, one of the most popular applications of machine learning is the recommender systems. They are primarily used by e-commerce websites. Recommender systems use machine learning algorithms to offer product recommendations. For example, if you run an e-commerce website, then you might have a customer who mainly shops products that lie in the category of gaming. Machine learning can quickly understand this habit and help you deliver gaming-related recommendations to the customer so they are encouraged to purchase. Similarly, they are shown gaming-related apps so instead of being annoyed by irrelevant ads, they can relish the user experience.
If you have made up your mind to harness the power of machine learning to increase your revenues, then there are multiple platforms for you to choose from. IT giants like Amazon, IBM, and Microsoft offer their own machine learning platforms. Examine your existing IT infrastructure and pick a suitable machine learning platform accordingly.
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