We are presently witnessing a growing trend where a large number of organizations are using machine learning – based tools and artificial (AI) to improve their organizational work processes.
This growing preference for the implementation of machine learning in their administrative process is a result of the growing realization among organizations about the benefits that machine learning brings to the table.
Machine learning is enabling companies to expand their top-line growth and optimize processes while improving employee engagement and increasing customer satisfaction.
A recent survey has revealed that due to continuing corporate investment in AI, the artificial intelligence market is predicted to touch $100 billion by 2025. Along with this, the survey further revealed that 30% of respondents predicted that artificial intelligence would be the biggest disruptor to the industry in the next five years.
Machine learning is an analytical method that allows computers to iteratively learn from and find hidden insights from large data sets without being explicitly programmed to do so. This is made possible with the system using algorithms to identify and absorb patterns and trends from increasingly large and diverse data sets to deliver evidence based responses.
Let us have a peek at the manner in which machine learning is helping enterprises improve their organizational processes:
Customization & better product targeting
Machine learning helps organizations improve and personalize their customer service department. AI algorithms provide organizations with historical data on customer purchases and their product search habits, enabling marketing companies to target the right customer with the most appropriate product category. The presence of artificial intelligence chatbots which are able to attend to all customer inquiries and provide immediate answers also make the customers feel that they are better appreciated. They will tend to love the company even more. A survey has revealed that 44% of U.S consumers prefer chatbots to humans for customer relations.
Improved customer loyalty & retention
With the use of artificial intelligence, companies are able to track customer-purchasing habits, their preferred product categories and even their social media interactions. This will enable companies to target the right customer with the right product and enable them to anticipate future customer behavior. Providing customers with their preferred products will make them build a personal rapport with the organization. This should enable the company to build more loyal customers.
Fraud detection via changes in behavior pattern
It is estimated that organizations lose over 5% of their revenues each year due to fraud. Trying to detect and prevent fraud through a manual process may not always succeed as cyber criminals and hacks are immensely talented and highly competent technically. By building models based on historical transactions, social network information and other external sources of data, machine learning can detect anomalies in behavior patterns. This ability to recognize changes in behavior patterns can help organizations to detect and prevent fraudulent transactions in real time.
Better supply chain system
Machine learning helps organizations conduct their supply chain operations with minimum hassles. This has been made possible as data continuously flows in and managements can take remedial actions if supply chain disruptions are being encountered.
Better selection process
H.R mangers admit that shortlisting of candidates is one of the most difficult part of the selection process. Machine learning is able to help H.R managers sift through thousands of job applications and short list candidates with the right aptitude and necessary credentials who would prove to be an asset for the company. Artificial intelligence software besides, will eliminate all forms of favoritism and bias that would have eliminated more talented and deserving candidates.