Exploring the Potential Impact of machine learning across businesses
Artificial Intelligence is no longer a thing of science fiction movies and TV shows, it is a reality. The rapid growth of machine learning services and solutions are considerably transforming the way organizations across different industry verticals operate. Machine learning is an important component of artificial intelligence, and primarily involves development of algorithms for learning customer behaviour and operate without any human intervention or programming after feeding structured data. Machine learning applications are widely used in voice assistants on smartphones, personalized recommendations on websites such as YouTube, Facebook and on Google search results.
With machine learning witnessing rapid adoption across the country, it is an opportune time for start-ups, SMEs and large enterprises in the machine learning market in India to expand the capabilities of machine learning technology. Some of the compelling opportunities prevailing in this market are –
Machine learning in business analytics
It comes as no surprise that machine learning is extensively used in business analytics. Machine learning algorithms are compelling for forecasting future patterns and predicting relevant information by interpreting large amounts of data that can be somewhat incomprehensible for the human mind.
Machine learning in cybersecurity
Cybersecurity has emerged as one of the major threats for the connected world, and the year 2018 saw considerable application of machine learning to counter this threat. Despite the fact that it is not a comprehensive solution, machine learning is extensively used as a first line of defense against cybersecurity attacks initiated by hackers. For tackling cybersecurity breaches, minimizing any potential threat is as important as thwarting an attack, and this is where machine learning is useful. In cases of any security compromise, machine learning algorithms can automate certain tasks to contain hackers, which provides the opportunity for cybersecurity experts to take actions.
Machine learning in sales and marketing
Machine learning applications are compelling option for sales teams to identify the most highly valuable customers as well as attract new prospects. Machine learning and AI-driven solutions are critical tools of a salesperson for reaching out to valuable customers looking for what they offer. Moreover, insights derived from the data generated by the algorithms help the sales team to gain more closed sales and enhance performance. With further advancements in machine learning techniques, sales & marketing team of any organization would likely be self-sufficient for a number of years, or even decades to come.
Machine learning in customer service
To understand the efficacy of machine learning applications for customer service, one has to just look at the e-commerce giant Amazon itself. The company, which has earned global recognition for meticulous customer service, generates 55% sales through their algorithm-driven custom recommendation engine. It is true that the adoption of machine learning is quite low in customer service compared to other sectors but it is a domain where machine learning shows its best in the form of image recognition, speech recognition and natural language processing (NLP). Voice assistants, such as Amazon Alexa have raised the bar for voice-based communication, and are gradually resulting in the development of chatbots powered by machine learning algorithms across industry verticals.