Do You Know How Machine Learning Solution are Beneficial for your Business to Grow Globally?
Machine learning solutions are used by leading organizations to automate critical decision processes. Businesses continue to experiment this very technology to more advanced uses for digital transformation. Machine learning helps small and large scale industries to expand their product line and optimize the business processes.
The growth and optimization brought by the machine learning leads to improved employee engagement while increasing the customer satisfaction ratio and leading to improved conversion. The question is how machine learning is beneficial for business process for growth?
Automating Finances
In financial processes, Artificial Intelligence can expedite complex tasks such as exception handling. Let’s understand this with the help of an example, artificial intelligence can help executing payments received without an order number by sorting out the order to which the payment corresponds to and make appropriate decision in case of shortfall or excess of amount. The volume of work outsourced to third parties is reduced and hence the finance staff can focus on other strategic operations.
Fraud Detection
In the digital era, frauds are easily occurred, yet hard to detect. Machine learning helps to a large extent in this area. Organizations across the globe typically lose about 5% of the revenues to frauds. Different patterns including historical transactional records, external data sources and social network connections are used to recognize and spot anomalies. This helps preventing the fraud in real time and discovers suspicious patterns of transfers and payments to build algorithm that prevents fraudulent activities in the future.
Simplify Recruitment
Corporate offices typically receive more than 200 resumes against one job post and shortlisting the right candidate becomes more and more difficult. But this is not the case with machine learning techniques which can help in identifying the right people to interact with by using keywords that pick the most qualified candidate from the huge database of applicants. The software applications designed for HR quickly browse through thousands of applications and shortlist the right applicants with credentials that best fits the job requirements.
Improves Customer Retention Ratio
Not only attracting new customers leads to business success but it is important for global organizations to retain the customers through new programs and offers. Companies can track customer actions, social data and transactions to identify the customers with high possibilities of leaving. This helps the companies to design strategies and take best actions to optimize and deliver optimum customer experience. For example, Telco companies can use machine learning technology to anticipate customer behaviour and offer customized services before the customer leaves to the competitor.
The corporate businesses globally can use machine learning technology in different areas of the organization such as HR, IT, finance to earn better returns on investment, but how this technology helps achieving the goal? Let’s find it out in the upcoming section.
Machine Learning Technology & its Application
Artificial intelligence comes in many ways and is incredibly proven in improving business efficiency while cutting down huge costs.
Image Recognition
Image recognition uses pictures or images to produce symbolic and numeric algorithms or other high dimensional sets of data. This technology is well utilized by banking and finance companies to enable secure transactions and prevent frauds while simplifying banking operations.
Detecting Spam
Machine learning offers quite intelligent ways of artificial intelligence such as rules based techniques and predefined algorithms to detect and filter spam messages. Spam filters advances to a great extent and uses new rules and neural network technology to detect phishing messages.
Medical Diagnosis
In healthcare organizations, medical learning is emerged as an innovative way to detect major flaws, improve patient’s health while reducing healthcare cost to minimal. Effective treatment plans and superior diagnostic tools are used to identify high medical risks and execute accurate diagnosis.
Cyber Security
In Information Technology sector, machine learning is utilized in the best possible manner by deploying software applications that detect flaws in business processes and threats in IT infrastructure. Cyber security is ensured by employing automated tools to eliminate human interference.
What it Takes to Hire Best Software Development Firms
To get pioneer software solutions and services, you have to do a thorough research on your organization’s requirements to identify your core business areas and scope for improvement and then deploy solutions that best fit your needs.