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.
This story is from the December 2023 edition of Entrepreneur magazine.
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This story is from the December 2023 edition of Entrepreneur magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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