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3 Ways Machine Learning Can Benefit Your Business

Mastering something involves ample research along with a healthy dose of trial and error. For example, take creating a recipe for your version of the perfect chili. Starting out, you’ll follow an existing recipe to learn the basics. You’ll then branch out and try different recipes, learning what you like and dislike about each. As you create your own version, you’ll incorporate what you liked about other recipes into it, make adjustments to perfect it and add your own touches to make it yours. Eventually, you’ll have the perfect recipe that achieves the taste, texture and result you want every time.

Machine learning works in a similar way.

Machine learning is a subset of artificial intelligence (AI) that uses computer algorithms to find patterns in data. It then interprets this information and uses it to make decisions. Without relying on rules-based programming, these algorithms “learn” and adapt based on new findings.

Machine learning is already a part of your everyday life. It’s how your email service can sift through the messages you receive and determine whether they’re legitimate or SPAM. It’s how your formatting preferences are automatically applied to new text after you’ve manually input them several times. It’s how ridesharing apps like Uber and Lyft can predict rider demand and determine the cost of your ride.  

Many of today’s organizations are using machine learning-based solutions to automate processes and boost productivity. In fact, according to Forrester Research, “corporate investment in artificial intelligence is predicted to triple in 2017.”

With machine learning becoming mainstream, your company can now harness it to make your workflow more efficient. Here are a few examples of how you can use it to add value to your business:

Analyze Data

John Naisbitt, an author and future studies authority, once wrote, “We are drowning in information but starved for knowledge.” While he expressed this sentiment over three decades ago, not much has changed. In fact, with the advent of new technologies and data collection software, you could argue the predicament has gotten worse.

Machine learning can help manage this situation. There are a variety of algorithms you can use to better understand and make predictions about the data your company collects. The more data that is analyzed, the more accurate your system’s predictions become.

Hire The Right People

Job postings can pull in hundreds of resumes each day. Sorting through all those applications takes time. Machine learning allows you to quickly comb through thousands of applicants and shortlist the candidates with the experience and credentials you’re looking for.

Additionally, machine learning can help your company combat human bias by calling out biased language in your job descriptions. This helps you find highly qualified candidates you might have otherwise overlooked because they didn’t fit conventional expectations.

Detect Fraud  

A report from the Association of Certified Fraud Examiners found that “the average organization loses 5% of revenues each year to fraud.” Building an algorithm that takes into account past data, machine learning uses patterns to detect irregularities and alert your company of suspicious developments. This type of algorithmic security is useful in a variety of situations – cybersecurity, tax evasion, and transaction fraud, to name a few.

Machine Learning in Your Workplace

In order for machine learning to be successful and effective, there must be some level of human involvement. That’s where we come in. Process Fusion can help your company determine, develop and implement the algorithms you need to implement for the process(es) you want to automate. To see how your business can use machine learning to boost productivity without sacrificing accuracy, contact us today.