Updated on November 09, 2023
- 9 min
Machine learning use cases and business applications
Perhaps you’ve wondered how you could use machine learning in your business to make it more efficient, more profitable and more streamlined. We live in an age where machine learning applications are expected to explode. You can use it to turn data into insights and insights into action that leads to higher profits. Let’s take a look at machine learning use cases and how to use machine learning to your advantage in business.
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Chatbots can serve a critical function as part of a sales funnel that delivers the most relevant and timely answers right during the process of buying. An estimated 36% of businesses use them to generate leads, and many business leaders now claim that it has improved their sales by 67%. In the past, chatbots satisfied the answer to a degree, but today, they can generate even more accurate responses that seem almost human.
You can keep a chatbot going 24/7 to respond to customer inquiries and use them regardless of time zone. The biggest areas that chatbots can help your business include lead generation, qualification, and nurturing the business-customer relationship.
Another area that machine learning has made waves in is fraud detection. Businesses can make use out of this tool to provide better security for customers, and you especially see this used in the financial and banking industries. Many times, the fraud detection tool will issue alerts whenever someone makes a potentially fraudulent charge on their credit card.
Many businesses use it combined with their detection capabilities and to reduce the risk of a false positive. Machine learning utilizes vast amounts of historical data from past legitimate and fraudulent activities to teach the tool what to look for. In this way, the fraud detection will autonomously identify patterns and throw up red flags as soon as they happen again.
Machine learning also has the ability to help your business make sounder business decisions by giving you insights and predictions based on the data provided. You can process mass amounts of data accurately and quickly, and over time, machine learning improves and becomes better, helping you to make even better decisions. Machine learning gives you the ability to adapt to an ever-changing market and to improve your business operations from analyzing vast amounts of data that would have previously been unimaginable.
You have 3 levels of enhanced machine learning when it comes to decision-making. The 3 levels include supervised, unsupervised, and reinforcement learning. This all depends on the level of human guidance that you would like to have for it when making decisions. The increasing accuracy of this system helps you to make better decisions that will let your business thrive. It can accelerate the process for decision-making because it can analyze millions of pieces of data to help you arrive at a better conclusion.
We see a great deal of promise from machine learning detecting cyber attacks and potential weaknesses in networks that may lead to a cyber attack. You can use it to enhance your security as an AI assistant. Machine learning works because it analyzes billions of data points to better understand where a cyber attack comes from. Machine learning can be used to tell you normal behavior on a network and pick out possible threats.
The risk of sophisticated cyber attacks continues to grow, but with this risk, machine learning can keep up with the risk by analyzing new data and new ways how hackers attack systems. Things that machine learning may help with include detecting malware in encrypted traffic, spotting denial-of-service attacks, and detecting insider threats.
One of the incredible developments has been an email writing assistant that can help you write perfect emails in a fraction of the time. Many business owners report spending hours on email every day, and despite not liking to spend so much time, it’s a necessary part of running their business. For that reason, machine learning has come in to help eliminate the amount of time that it takes to respond to emails.
The average email takes 1.1 minutes to respond to, but when you need to respond to many, it can eat into precious hours of your day. Email writing assistants can be used to cut down on how much time you spend writing emails. You can generate a response to an email in seconds and send it out. Especially if you’ve answered the same question dozens of times, you can streamline the process. With a sophisticated AI email writing assistant like AImReply, you can even choose the tone and keep the response according to your branding. It generates error-free emails that you can send out to make your business even more efficient.
Sales and marketing teams have grown into one of the biggest users of machine learning software because it makes the job of marketing so much easier. Machine learning has become so big in marketing that if you don’t use it, you probably fall behind the competition. You can use it to support multiple marketing activities. For example, you can use it for customer churn modeling. This software lets you pinpoint the specific customers who need extra care because they may be starting to sour on your company. It will look at what may be driving them to go elsewhere and what actions you can take to keep them. You can use it as suggestions that can help you to keep your customers.
Machine learning can help you to segment your customers to break them down into specific segments, such as age demographics, income levels, and education attainments. From that point, you can fine-tune your sales message to tune your services, products, and advertising message to reach the correct audiences.
Finally, machine learning will support you in the sales department because you can set the optimal price to achieve the most business with the highest profits possible. You can follow predictive inventory with this as well to ensure that you always have the products available that your customers want the most. Machine learning will even examine seasonal factors and things that can impact a specific store. It can even look at trends on social media to help you capitalize on them.
Great maintenance is an art form because you want to replace or make the necessary repairs before something breaks in a big way. You don’t want to do it so quickly, however, that you spend money unnecessarily. Machine learning takes some of the guesswork out of maintenance because it helps you to predict when potential issues will arise and give you a good timeline for when to replace them.
You can use machine learning in this way to learn when to perform maintenance. The AI will even look at factors related to your business, such as maintenance worker availability and market conditions. Doing it with machine learning lets you minimize downtime and maximize your investment. You can use predictive maintenance to avoid tying up workers on unnecessary maintenance.
Along with using it for your business, you can use it to help customers as well from products that you created. For example, you can use machine learning to schedule maintenance for your customers who buy business equipment.
Making an investment in machine learning, no matter what industry you might be in, can help you keep the pace with your strongest competitors. Machine learning lets you turn data into insights that can help your business turning those insights into action that will lead to higher profits. Using machine learning, you can support a large part of your business, and you may find that you can use it for more than one business application.
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