Benefits of Machine Learning for Businesses

The Marketing Team
Aug 12, 2019 1:56:32 PM

Once upon a time, the idea of the average business using machine learning was the stuff of science fiction.

Now, it’s an everyday reality. Assuming, of course, that you’re a forward-thinking business ready to tackle challenges with innovative solutions.

Machine learning allows you to accomplish what humans can’t accomplish alone. You can stay on top of massive heaps of data and leverage that data into smart insights. What type of insights? That depends on what you’re looking for.

Do you want to take charge of your assets? Do you want to give your customers a better experience? Do you want to strengthen your system security? Machine learning allows you to do all three. Here’s how.

Improve Your Customer Experience

These days, your customers don’t want a one-size-fits-all solution.

They’re bombarded every day by thousands of ads. They know that if they go online, they can find almost anything they want. And they’re sick of brands that treat them like just another face in the crowd.

In the era of personalization, now is the time to make your customer experience, well, personal.

Here’s the thing. Customers know you have their data. At this point, they care more about what you do with it. And these days, if you’re not using that data to anticipate their wants and needs, more than half of customers are willing to switch brands.

Of course, you don’t have time in the day to spend on every single customer. Machine learning, however, is another story.

Machine learning can look at data and transform it into smart predictions about what your customers want. And that behind-the-scenes action allows you to give your customers an experience that’s uniquely theirs.

Perform Smarter Maintenance

Of course, the benefits of machine learning don’t end with your customers. After all, your assets need just as much attention as your customers if you want to deliver the great service your customers depend on.

But as with your customers, you just don’t have time to monitor every asset individually.

Many manufacturing firms follow predictive and corrective maintenance routines that are inefficient and costly. You spend more time applying Band-Aids than actually dealing with problems.

Machine learning allows you to look at the lifespan data of your assets and predict problems before they arise. That way, you don’t waste valuable time and money when an asset breaks down.

It does this in a couple of ways: finding the right data, framing the data in a useful way, and evaluating predictions to make smarter decisions every time.

Strengthen Your Digital Security

Your security systems get smarter all the time. Unfortunately, hackers find ways through systems just as quickly.

And the truth is, with the average cost of data breaches at $3.89 million last year, you can’t afford to get hacked.

AI and machine learning allow you to constantly analyze your system for weaknesses. It can track thousands of patterns on your system at any given time. And if it spots any anomalies, it can isolate the problem and alert you right away.

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