Did you know that BFSI and fintech companies are now able to reduce NPAS, thanks to Machine learning-based data solutions? The usage of machine learning by a large global food manufacturer has resulted "in a 20% reduction in forecast errors, a 30% reduction in lost sales, a 30% reduction in product obsolescence and a 50% reduction in demand planners' workload." No doubt. Machine learning has emerged as a game-changer for industries. For the uninitiated, machine learning is a faction of Artificial Intelligence. It works towards training algorithms using data, enabling it to learn and adapt to perform specific tasks. In a jist, ML lets the AI system teach itself. It analyzes a large volume of datasets and identifies trends and patterns with ease as compared to manual analysis.
HELPFUL IN SEVERAL PROCESSES
This technology helps in several processes, with an important one of them being prediction. Prediction lies at the center of any business decision and it costs a lot. ML drastically reduces the cost of prediction. It automates routine tasks such as reporting, classification, auditing, and monitoring. A lot of unstructured data exists in businesses, be it large or small. Machine Learning helps the unstructured data get meaning and form. This structured data helps in the decision-making process such as in investments and strategies.
ML allows companies to create personalized customer engagement. For instance, it suggests your products or offerings based on your purchase history. Personalized recommendation often is a key for customers to return to the platform for future buys.
USAGE ACROSS VARIOUS INDUSTRIES
The useful technology finds it applications across industries spanning healthcare, transportation, agriculture, cybersecurity, finance, transcription, marketing, retail, and education.
Denne historien er fra December 2023-utgaven av Entrepreneur magazine.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra December 2023-utgaven av Entrepreneur magazine.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Data Breach Drama: When Trust Turns Costly In A Digital Age
Amid data breaches surges, Indian businesses are prone to financial and reputational fallout. Can cyber insurance emerge as a safeguard?
THE TERRAIN TAMER
Spearheading a California-based, Series D SaaS company is no easy feat. It requires a blend of ownership, innovation, and the ability to handle stress. But Anand Jain, co-founder and chief product officer of Clever Tap, finds his calm by escaping to rough terrain whenever he gets the chance-be it India or Colombia.
THE INTELLIGENT READS
Hardika Shah founded Kinara Capital in 2011 with the mission to address the acute credit gap in the micro-small-medium-enterprises (MSME) sector in India, by providing fast and flexible business capital to small business entrepreneurs. Despite operating in highly competitive and tough market of collateral free loans, Kinara Capital has been steadily growing in Hardika's leadership. In conversation with Entrepreneur, Hardika shares insights on her favourite books.
THE CURSE OF GROWING TOO FAST
FAIRE is a platform for small businesses, but it grew big the wrong way-almost becoming a $12 billion wreck. Here's how it fixed the problem, and why you should think twice before skyrocketing.
There's No Perfect Answer
I worked the same job for 19 years. I hated it, but it paid the bills. Then, in 2017, I entertained an exciting but terrifying question: Could I be an entrepreneur? I wasn't sure, so I needed something that felt like a guarantee. I searched for signs that would feel like a big, clear \"yes!\"
HOW TO ASK FAMILY FOR MONEY
Your friends-and-family fundraising round doesn't have to be scary and awkward. Here's advice from one of the world's leading investors.
Give Yourself the Gift of Time
Happy holidays! Emmy Award-winning tech expert Mario Armstrong has five recs to get more hours in the day.
How to Become a Main Street Millionaire
It started when I bought one little laundromat. Now I have a whole portfolio of small local businesses that bring in tens of millions in revenue a year. Here's why following my playbook could be your ticket to financial freedom-and saving America's local small businesses.
Want to Better Serve Your Clients? Become Them.
As a designer for brands, starting my own product company gave me a dose of humility-and it changed the way I relate to clients.
How to Succeed With Gen Z Workers
People often say that younger employees are different. But are they? We asked six business leaders what they've learned, and how their teams thrive.
