What Is Machine Learning?
Machine learning can give you the ability to quickly process information and optimize operations, both of which can help increase your profit. However, machine learning is a complex topic that can seem overwhelming if you don’t understand its fundamentals. Without this basic knowledge, you may not be able to understand how to use machine learning in the best way for your business. In this piece, we will provide the machine learning definition and some machine learning examples. Here are some essential aspects to consider.
Machine Learning Definition
Machine learning is a form of artificial intelligence that is enhanced with a programmable dataset that makes it teachable. Instead of being told what to do or how to process information, the computer “learns” the more it performs a function or analyzes data. Each time this self-teaching process takes place, the machine learning-empowered computer can improve its performance. Machine learning has become prevalent in consumer goods, such as in items like voice-activated digital personal assistants and smart light dimmers. It is also present in business applications, such as those that help throttle data breaches or detect fraud.
Machine Learning Examples
Examples of machine learning exist in a variety of industries. Here are some key examples that can be applied to your business:
- Chatbots: The ability to provide round-the-clock customer service makes it easier to tend to customer needs. With the power of machine learning, you can create robust chatbots that can handle simple inquires when human employees are offline. For instance, Taco Bell uses its TacoBot to fulfill orders. The chatbot can not only organize orders for groups, but can also answer customer inquiries and recommend items off of the menu.
- Predictive Applications and Personalization: Machine learning makes it easy to enhance the overall customer experience. For instance, machine learning-empowered email systems can be used to personalize email marketing messages to potential customers by offering discounts for products they viewed but left in their online shopping carts. You can also streamline the process of sorting and analyzing data with the help of machine learning applications. For example, retail giant Walmart uses machine learning to determine if its shoppers are sad or happy using facial recognition technology. This helps the retailer better identify customer intentions and predict why customers may or may not buy a specific product.
- Language Processing: Being able to share your products and services across different countries can help your business expand across the globe. However, language barriers may hamper the process and slow down communication efforts. Fortunately, machine learning API (application program interface) can help resolve this. For example, you can use an API that leverages machine learning NLP (natural processing language) to translate information from English to Spanish and vice versa. Machine learning NLP can also be used to comprehend and interpret audio of conversations and create transcripts.
Whether you need to improve your business processes with faster data analysis or enhance the customer experience with versatile communication options, machine learning provides solutions that can span across a multitude of businesses. By understanding the basics of machine learning and how it can be best used for your business, you can get ahead of your competitors and begin using the machine learning applications that best fit your business.