Machine Learning, how to turn it into a competitive leverage for your company?

In a global context, the concept of Machine Learning (ML) has become a constant in business, developments based on this paradigm have gained relevance in various business scenarios and this is partly thanks to the recent boom experienced by artificial intelligence (AI).

As a result of this global trend, every day more and more businesses are implementing various Machine Learning tools in their processes, and the benefits achieved are exceeding expectations in multiple business sectors.

Machine Learning today

Being a branch of artificial intelligence focused on the development of algorithms and mathematical sequences, its developments have the ability to learn from data and improve its performance autonomously. For that reason, its tools have found a good place to grow in the business world, contributing from its unlimited capacity in the analysis of information, processing of large amounts of data and the generation of analytical models, which respond effectively to a wide list of tasks, with quite favorable results for companies.

Since organizations began the immense task of collecting large amounts of data, Machine Learning became the fundamental tool with which they can extract value and generate utility from the huge volumes of stored information, this is what today is guaranteeing them, with sustainability, excellent operability and better decision making.

Its breakthrough in the technology industry

Long before it became popular as a technological concept in our day-to-day lives, Machine Learning was already a solid technology that was being implemented in the visionary companies that today lead their sectors.

These companies not only visualized the commercial potential of this technology, but also had the economic muscle to develop it according to their strategic plans.

Hence, Amazon, Netflix, Airbnb or Spotify were able to develop powerful recommendation systems for their customers around their on-demand products and services.

Or in the case of Google, Facebook, Apple or Tesla, which, thanks to advanced research in their laboratories, were able to take advantage of this technology in commercial areas by creating tools to recognize images and objects, make decisions in real time, personalize content and advertising, as well as set trends based on new intelligent products and customized services.

At the B2B level, those that have achieved the greatest success implementing Machine Learning, both in their operations and in the development of new products and services, are IBM with Watson and Microsoft with Azure. Two Artificial Intelligence platforms created to offer high-tech business services.

How can I capitalize on Machine Learning opportunities in my company?

Starting from the premise that process optimization is what makes every type of business more efficient and that this allows you to save time and money in your business operation, added to the fact that Machine Learning tools basically consist of autonomous and real-time optimization oriented to various tasks, we can reformulate the question to: in which scenarios can I implement a Machine Learning tool to improve my company?

So, to be precise and give you truly useful and practical information for your business, let's divide the answer into the critical business areas where ML can help you:

Operational processes and activities:

Supply chain optimization: You will be able to improve efficiency in managing your supply and reduce transportation and delivery costs.

Demand forecasting: You will be able to predict the demand for certain products or services within your catalog and thus anticipate production or availability.

Fraud detection: You will be able to detect patterns and anomalies in the financial data of your transactions to identify possible fraud and take preventive measures.

Weather prediction: This will give you the ability to predict the weather and plan your logistical movements accordingly.

Customer service: Automatically handling customer inquiries can improve efficiency and sales.

Personalized recommendations: Recommending personalized products or services to your customers based on their buying habits and preferences will help you improve sales and brand awareness.

Advertising and Marketing

Sentiment analysis: Analyzing the sentiment of your online audience will allow you to gain insight into your customer satisfaction.

Trend detection: Analyzing large data sets will allow you to detect certain patterns in your audience and the market in general.

Risk calculation and decision making

Price optimization: You will be able to adjust the prices of your products or services according to current supply and demand to reduce production costs and improve your profit margins.

Identifying investment opportunities: By analyzing your market data and trends, you will be able to find new scenarios to project new investments.

Forecast trends and fluctuations: If you have a clearer picture of your future operating costs based on the future prices of your raw materials, you will be able to take advantage when the time comes.

Currently, the above describes the current context of Machine Learning as the technological basis of today's business, and as such, it should not be disregarded and left out of any company's strategic plans. For this reason, we would like to invite you to take a technological consultancy with our professional team, so you can deploy a new initiative in which you can take advantage of the business benefits of Machine Learning. We are waiting for you at here.