4 Ways Machine Learning Benefits Modern Businesses in 2022

Artificial intelligence has evolved quite a lot in these last couple of years. They have also been significant technological advancements in the last few years. This is why a lot of modern businesses have started to implement artificial intelligence to improve the efficiency of certain processes and services. To be more specific, machine learning algorithms. This advanced AI can be taught to handle certain systems, machines, and robotics to produce the need for a human hand. By reducing the need for humans, the cost of the product can be reduced considerably.

However, there is still a long way to go until machine learning truly becomes accepted worldwide and every business starts to implement it. Today, AI is still very underdeveloped. This is only the beginning and we will see it advance in the next 10 or 20 years.

So what can we expect machine learning to provide for modern businesses today or in the future? What kind of benefits will these companies experience and will that be better for clients and customers? Well, there are actually dozens of different benefits that a company can get with the use of machine learning and I am going to tell you about those benefits in this article.

Can help improve customer experience

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One of the simplest implementations of artificial intelligence can any kind of business by a huge margin. Specifically, I am talking about using AI to process complaints, accommodations, ratings, and reviews.

For example, let us take Amazon as a huge corporation. This website that allows online shopping throughout the entire world handles millions and millions of different customers. Handling the needs of all these customers is simply impossible. Or, it is impossible if done by human hand. Once artificial intelligence is implemented into this process, things can get a lot of easier for Amazon.

The AI can easily sort through hundreds of thousands of your reviews every single day. After processing all those reviews, the AI can find specific keywords that later can be used to satisfy the customers. If every second customer mentions slow or late in their review, the AI can obtain that information and then provide it to employees of Amazon. With this valuable information, the employee can understand that customers are dissatisfied with the fact that Amazon is slow and late when delivering products.

Keep in mind, this is just an example. I am sure that Amazon has found all kinds of different uses of machine learning. That is probably why they are never late or slow.

This type of machine learning model I mentioned above is classified as a supervised machine learning algorithm. If you are interested in all the different classifications of machine learning, I do have to mention that I love the ML classification overview, posted in this blog.

Finally, with proper implementation of such an algorithm, a company can considerably improve the experience of its customers.

Service and product development

Conglomerates around the world are constantly looking for new niches where they will be able to sell the services and products. However, inventing a brand-new service or product has never been easy. In fact, today, it might be more difficult than ever. There are so many people out there that are constantly inventing and bringing in new innovations to the world.

But, there is a way companies are always able to stay one step ahead of the competition. And that way is with machine learning. This use of artificial intelligence is based on the exact same principle as my previous point with Amazon.

A business takes thousands of different thoughts, opinions, and reviews that can be found online or through surveys and then applies them to an AI algorithm. This algorithm source to all of this information in a short amount of time and finds out what the people need and what is unique.

With this data that the AI can supply, a business can find out what people in the world want. So, if thousands of people are interested in a new type of Coke, the business can use that knowledge and create a new type of Coke that people want.

AI-based customer support

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Larger companies these days have a very difficult time handling millions of different clients. Out of those million clients, several thousand of them will be unsatisfied because of a certain product or service. Naturally, satisfying the needs of every single one of that client cannot be done without the help of a computer or more specifically, an AI.

Fortunately, machine learning is being used to create chatbots that can be used as customer support. So, instead of a client having to talk with a real human, they can talk with a bot that is smart enough to solve their problem. Naturally, if the problem suddenly becomes too complicated for the computer, the client will be transferred to a real person.

Although, creating a chatbot that is advanced enough for this kind of use is not easy. An AI will need to process thousands and thousands of different customer support transcripts. Only then, it will be able to understand how to correctly respond to certain questions and statements. Otherwise, the client can be left unsatisfied and maybe even angry. That is unacceptable.

Personalized marketing

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I was great utilization of machine learning is for marketing. A company can use a machine learning algorithm that studies different personas (clients) on the Internet. These people on the Internet have shared all kinds of information for themselves online. The website that they visit and the product that they are looking for is also a very valuable piece of information that can be used to personalize advertisements. As the algorithm analyzes a certain person, it can send specific emails and personalized ads that will be relatable to the potential client. People hate getting email spam or too many ads, but they love it when those emails or ads are entirely personalized.

As you can see, there are a lot of benefits of using machine learning for modern businesses and there will probably be a lot more benefits in the future.