These days, many companies are discovering the benefits of machine learning and other forms of artificial intelligence (AI). While you might assume that it’s mainly tech companies learning how to use machine learning to gain the competitive edge, the truth is that AI is becoming increasingly common in virtually every industry, including retail, customer service, and manufacturing.

In order to avoid getting left behind, it’s prudent that your organization considers implementing machine learning solutions. You might be surprised by how much time and money can be saved.

What Is Machine Learning?  

Before we discuss the benefits of machine learning, it’s important to understand what it is! Machine learning algorithms utilize data so systems can improve accuracy and gain knowledge without human intervention. With more data comes more power, and in turn, optimized operations in many ways. Here's a look at five of the major benefits associated with this disruptive technology.

1. Adapt to Evolving Market Conditions

Many businesses have learned how to use machine learning to analyze and predict market trends and make strategic changes accordingly in real-time. This method of business forecasting provides a level of accuracy that’s impossible for even the most seasoned human tastemakers and analysts to compete with.

One of the major benefits of machine learning is the ability to utilize massive amounts of data to make informed decisions on how to proceed in the most efficient and profitable way possible. For example, machine learning software could compile data based on user activity, predict user preferences, and then provide targeted suggestions to users based on concrete data. This is just a basic example of what’s possible. It’s not just stockbrokers using AI to predict market changes anymore.

2. Automate Workflows and Streamline Bottlenecks

Companies that are still relying on outdated spreadsheets are wasting time, and in turn, money. Many business practices no longer demand human intervention and can be handled faster and more efficiently by AI. One of the biggest benefits of machine learning is that it can automate workflows and free up your team to handle the tasks that do require a human touch.

Additionally, machine learning software can analyze processes, determine their weak points, and create solutions. For example, manufacturing companies are quickly realizing they can learn how to use machine learning to scrutinize the manufacturing pipeline to find loose ends that could be improved or eliminated. Even a few seconds saved per hour adds up fast over time.

3. Strengthen Cybersecurity

It’s no secret that a compromised computer system can have severe repercussions. Even the most stalwart human cybersecurity teams can’t always monitor and identify every potential threat, let alone stop them before damage can be done.

One of the benefits of machine learning is that AI software can identify and fix vulnerabilities in real-time. One very basic example is an email’s spam filter. Over time, it is able to identify more and more unwanted emails based on past data. Machine learning software can use that basic concept in vastly more complex ways to prevent malicious activities before they’re able to occur.

4. Improve Financial Management 

Business owners know how difficult it can be to predict future expenses and distribute funds accordingly. Machine learning software can leverage big data to make accurate cost analysis decisions on how to manage finances more effectively.

One of the benefits of machine learning is that it can analyze data and use that data to make calculations that humans simply can’t fathom. For example, purchasing next month’s inventory can be a major challenge—too much and you end up with overstock and too little and you can’t meet demand. Many companies are learning how to use machine learning to find the sweet spot that maximizes profitability and minimizes waste.

5. Provide Better Customer Service

All too often, even the most dedicated customer service teams simply can’t keep up with customer volume. Machine learning software—AI chatbots, for example—can use data to assist customers with no human intervention required.

One of the most significant benefits of machine learning is that it allows your team to focus on doing what they do best. Say a customer simply wants to know when a product will be back in stock or how long shipping will take to their address. There’s no need for a customer service rep to spend their time answering those types of straightforward questions when AI can take care of it just as well.

Brainstorm With an Expert Today

Soluntech can help your organization implement AI software in many ways—if you can dream it, we can create it. If you’re interested in learning more about how to use machine learning to boost efficiency and your bottom line, we invite you to schedule a free pre-consultation meeting now. Start your project today, and discover the incredible benefits of machine learning first-hand.