Machine learning is growing wider and companies are using it in different ways, including enhancing cybersecurity, improving recommendation engines, and optimizing self-driving cars.
Let’s discuss 5 ways to unleash the power of AI & ML:
1. Personalizing Customer Service
Chatbots are becoming increasingly advanced thanks to the advancement of algorithms. While (human) customer service representatives can always be on hand to handle exceptions, chatbots have the ability to continuously learn from interactions and provide high-quality answers to a range of customer questions.
2. Hiring the Right People
The hiring process is tricky, to say the least, and in the corporate world, one job opening brings in around 250 CVs! Shortlisting the right candidates are extremely tricky, but with AI and machine learning, the software quickly sifts through thousands of applications, shortlisting the candidates with the most fitting credentials. To learn how to apply ML, join Best Machine Learning Training in Noida.
3. Measuring Brand Exposure
Automated programs can recognize people, products, logos and much more. For instance, when a brand sponsors a football game, image recognition can be used to track the position of the brand’s logos that appear in television footage of the match. This enables corporate sponsors to see the return on investment of their sponsorship investment, with detailed analyses such as the duration, quantity and placement of their logos.
4. Improving Customer Loyalty and Retention
Companies can mine customer actions, transactions and social sentiment data to create customized offers and services for customers. There are so many benefits of this, including identifying those customers who are at a high risk of leaving. This allows businesses to come up with a ‘next best action’ strategy and incorporate a personalized end-to-end customer experience.
5. Detecting Fraud
On average, an organization loses 5% of revenues each year to fraud. By creating models based on historical transactions, social network information and other external sources of data, machine learning algorithms can use pattern recognition to spot anomalies and exceptions. This helps to spot and prevent fraudulent transactions from taking place.
The growth of machine learning and AI is necessary, and improvements in the workplace are taking place at an unparalleled rate. To prepare your business for the future, you require to assess your current information systems and data flows to decide which domains are ready for automation, and which need more investment.
To learn more about AI, machine learning and data mining for your business, please join Best Machine Learning Training in Noida.