Machine learning is making waves in the IT industry, and experts in the industry have estimated that this unique technology will add a value of about $2.6 billion to sectors that specialize in marketing and sales by 2020-2021. There will be an addition of about an extra $2 trillion to sectors dealing with logistics and manufacturing. As per another estimate made by The International Data Corporation, the total spending on this technology will likely go up to about $77.6 billion by the year 2023.
The above has resulted in all industries waking up and notices how ML can help them boost sales, revenue, and customer satisfaction in the long run.
ML is an innovative technology that combines maths, statistics, and artificial intelligence. Its goal is more than writing out programs. It is designed to execute specific functions. Those companies that embrace ML in their apps and systems can write their programs without the intervention of people.
The program is written can learn from experience, and so it is intelligent in a large way. It can pick up information from its past interactions. This helps the software to write programs on its own to offer solutions.
ML can be used for data collection and analytics as well. However, the business has to invest in the correct resources for the above to be carried out in a proper way.
How can a Business Grow with ML?
The IT sector’s biggest problem now is finding a program to understand the way people speak. They need software programs to comprehend the natural language of people. Over time, algorithms have improved if you take the example of Google. Now, in the search field, you can use phrases to get accurate search results- something absent a few years ago.
Computer programs are not intelligent, and they do have issues understanding human language. The arrival of ML has the target to help software programs overcome this challenge.
Programs with AI know their mistakes from interactions that took place in the past. Take, for example, search engines and other digital assistants that understand voice commands. They can now work better. They are improving confidence and accuracy when they work with human beings.
Professionals from the esteemed name in database management and administration, RemoteDBA.com, state that if you look at Google Assistant and others like the Nuance Intelligent Virtual Assistant- they are assisting employees in enhancing productivity in the following manner-
First of all, personal assistants who have the power of AI can perform tasks much like people. They can take charge of administrative functions, book appointments, add an important event to your calendar, book hotels and flights, and lots more. They have no vacations and work round-the-clock, every day throughout the year.
They help their human peers and save time when it comes to manual searches. They can track sales figures and historical data quickly. This means they can free up resources and help humans focus on other creative tasks better. They take care of mundane and repetitive tasks. They do so fast and with accuracy.
ML has helped companies in retail and logistics. They contribute to data collection as well as for analytics. Their goal is to save costs and boost internal efficiency. The technology helps companies to be fast at the storage, sales, and shipping process. Their technology can also be installed in transport fleets and promote automated processes to save time and money.
The technology helps global companies to save costs on international shipping. This means more profits. It can be used for identifying patterns and launching preventive tools and methods to streamline processes better. ML can also be installed in the company’s maintenance schedule so that both ships and trucks are in regular motion.
Amazon is leading the way with ML-infused processes. It has deployed this technology in its delivery network that helps it anticipate in advance what its customers want.
The company has made a unique protocol. Here, it predicts the volume of goods that need to be distributed in any geographical location. It also can anticipate the number of orders that the region will ask for even before orders are placed. Thanks to ML, Amazon sends the items to these places like phone accessories and household products. This means their distribution centers are fully equipped to take and deliver orders whenever placed now and in the future.
Like the above, the manufacturing industry is following suit and has been greatly benefitted from infusing ML in all its operations, especially in the field of production. Thanks to ML and AI technologies, this sector has drastically saved both time and money. The production processes have become efficient, and the inventory in stock has also been managed better than before. Besides the above, machine learning has helped manufacturing companies even predict machinery breakdowns before they occur. This has helped them to maintain orders and avert delays due to sudden repairs.
There is a huge volume of information and data that is generated daily, especially in the manufacturing industry. Esteemed names in the manufacturing sector like Seebo are banking on Python developers for building high-quality software for data collection and its analytics. For the above task, these software programs that are now being made use ML technology to work better. They can predict the periods of slumps and peaks. Besides the above, they can also offer recommendations for improvements and help in cost-effective maintenance schedules. Companies are in a much better position to deal with shutdowns that may occur suddenly.
McKinsey has predicted that machine learning will aid manufacturing industries in decreasing their material delivery time by at least 30 percent and attaining 12 percent savings on fuel when they optimize processes with AI and ML technologies.
Therefore, from the above, it is evident that machine learning is a significant technology for the future of most businesses today. This is because software-driven by AI is already assisting companies to boost efficiency and boost customer relationships and sales.