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Opinion holder entrepreneur Contributors are their own.
Machine learning is more than just a buzzword, it plays a major role for many companies. More and more companies are implementing machine learning and other AI tools to complement or streamline their activities. This is especially true after the Covid-19 pandemic accelerated the adoption of machine learning.
How companies implement machine learning can have a direct impact on their performance in the year ahead. Especially as AI tools will be used in a wider range of business activities. By understanding the areas where machine learning can have the greatest impact, you can proactively adopt these tools in your entrepreneurial endeavors.
Related: Learn how machine learning can help your business
Decision automation:
Machine learning’s ability to skillfully analyze and interpret large amounts of data in a short amount of time has made it an integral part of many companies’ decision-making processes. In some cases, these tools can even be used to automate simpler, low-level decisions that customer service representatives and others might make.
In this situation, machine learning draws data from previous actions and trends and uses available data to recommend the most efficient solution to a problem or request. This allows employees at all levels to spend less time focusing on more repetitive decision-making tasks, so they can focus on more detailed issues.
This is undoubtedly one reason why 81% of employees feel AI has improved their performance at work, and 49% specifically cite improved decision-making.
1. Improving Privacy Compliance
Many consumers are concerned about the negative impacts of big data and machine learning on privacy, but machine learning is often used to strengthen privacy compliance and protect data.
In a recent article in the Turkish Journal of Computer and Mathematics Education, Pramod Misra details multiple ways machine learning can aid privacy compliance. Privacy Preserving Machine Learning (PPML) trains machine learning tools to protect sensitive data.
These tools enabled Misra’s research team to use PPML to model threats and prevent data exfiltration through various attack methods. In this case, machine learning is being used to secure other enterprise applications.
Related: What Is Machine Learning and How Can It Help Your Content Marketing?
2. Smarter customer recommendations
One of the most popular uses of machine learning is in customer recommendation engines. Examples of these tools include Amazon’s product recommendations that shoppers add to their cart based on past purchases, and Netflix’s personalized product recommendations based on the customer’s viewing history and other factors.
The ultimate goal of machine learning in this case is to provide customers with a more streamlined and enjoyable experience based on the data they immediately provide to the business. In particular, many of these machine learning tools support direct customer feedback to improve their recommendations.
These data filtering tools are hardly new, but they could still be a game-changer for entrepreneurs in 2023. Companies that can implement specific and relevant use cases for providing personalized recommendations to their customers will be better positioned to provide positive experiences that help them stand up . go to the competition.
3. Generative AI
In late 2022, Generative AI proved to be one of the hottest topics in the machine learning space, drawing both enthusiasm and harsh criticism. Generative AI is being used to create highly realistic photos and videos, generate ‘art’, and create basic sentences.
Many artists and celebrities have spoken out against AI art, mainly because it uses other people’s work as source material to generate its own content. Despite the outcry, many companies may make tentative forays into generative AI to speed up and reduce the cost of creating their own content.
While this trend is certainly notable, it is an area that entrepreneurs should proceed with caution. Generative AI is still prone to imperfections, and the backlash to using it can easily outweigh the potential benefits. Only time will tell how this trend will shape (for better or worse) the business and arts landscape for the year ahead.
4. More efficient financial management
Few things have a greater impact on business sustainability than cash flow and overall financial management. Machine learning algorithms are playing an increasingly important role in a variety of financial tasks, helping leaders make better money-related decisions.
For example, machine learning can be used for tasks such as performing cost analysis and forecasting costs associated with a particular business activity. This allows leaders to better determine how their actions will affect their bottom line and whether the investment is truly “worth it.”
Machine learning tools can also be used to protect businesses and customers from fraud. Fraud detection tools can use information such as when and where customers typically use their credit cards to flag fraudulent purchases. Protecting your customers is a surefire way to build trust and build a loyal customer base.
Are you ready for the impact of machine learning?
Machine learning is already having a huge impact on a wide range of business activities, and it will accelerate even further in 2023. Whether your business has already adopted AI tools or is simply looking into machine learning, these technical tools can be your focus. It helps a lot in improving efficiency, productivity and profitability.
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