Machine Learning (ML) is the answer to the ever-increasing volumes of data that need to be collected and processed to make data-driven business decisions. Machine Learning is a subset of AI technologies that allows computers to learn on their own, without explicit human involvement. AI-driven systems collect data, conduct analyses, and seek out patterns that help them to deepen their understanding of the processes.

Self-learning machines can detect abnormal behaviours, discover common patterns, and build forecasts all of which can help companies to streamline business processes and make informed decisions. We will talk about the five most significant business benefits that can come about from the adoption of Machine Learning technology.

Build advantageous supplier relationships

Based on historical data, Machine Learning systems can analyze every interaction with suppliers and draw conclusions about their trustworthiness and reliability. The ML technology gathers and processes information about your relationships with suppliers to identify potential red flags and warn you about them.

For example, a system could collect shipment data and recognise the increase in delays. This development could imply bigger underlying issues within the supplier’s company which would affect your professional relationship in the future. Machine Learning algorithms can detect concerning trends even if the company remains overall successful. Recognizing the trends and instantly acting on them will help you avoid poor supplier partnerships.

Employ predictive maintenance

Machine Learning systems can also be used to monitor the conditions of equipment to make predictions about the possible malfunction and obsolescence of hardware. Commonly known as predictive maintenance, this technique tracks the company’s assets to identify potential bottlenecks and defects as early as possible. Knowing the potential threats to your systems in advance, you can plan for timely maintenance and avoid overspending on difficult repairs.

You can look at predictive maintenance as the way to monitor the health of the systems, equipment, machines, etc., in order to take preemptive actions. Machine Learning goes further and detects potentially “ill” systems to pay closer attention to them. As a result, predictive maintenance allows companies to save up to 30% of maintenance costs, increase ROI, avoid workplace incidents, and prevent downtime.

Detect fraudulent transactions

Fraud detection remains one of the biggest concerns in the financial industry. While technologies evolve and grow, new ways of fraudulent activities emerge in parallel which makes manual monitoring inefficient and expensive. Machine Learning teaches itself to recognize new patterns in high-volume transactions and notify people in charge in case of potential fraud.

Besides fraud detection, Machine Learning has the potential to automate and streamline other financial activities. ML systems can build forecasts about the future demand and supply on the market, and make predictions about investment opportunities, among other things.

Improve cybersecurity

In 2020 alone, there were 304.6 million ransomware attacks, 82 million cryptojacking attacks, and 57 million IoT malware attacks. From year to year, the numbers are growing and new ways of fraudulently accessing personal and financial company and user data emerge. The frequency of cyberattacks is getting so high that manual tracking becomes virtually impossible. Luckily, Machine Learning can help to mitigate cyber threats and protect data. Based on historical datasets and statistical analysis the ML system can identify suspicious patterns in computer behaviour and notify your team.

Boost customer satisfaction

Machine Learning algorithms are widely used across eCommerce platforms to make personalized suggestions based on customer purchase history. Consumers nowadays are so used to personalized offers that almost 80% of customers state that they would only engage with the offer if it has been tailored according to their search and purchase history. Personalized suggestions help companies manage customer relationships without spending too many resources on maintaining them.

Statistics also show that consumers are more likely to use a service that offers personalized experiences. Personalization is no longer simply an option for any business, because without it you are bound to eventually lose to your competition.

What next?

If you are intrigued by potential the business benefits of adopting Machine Learning technology, contact CodeFirst to learn more. There is a huge world of applications and we’ve only just scratched the surface in this piece. Our in-house team of tech experts has successfully deployed multiple ML-driven projects and is ready to assist you on your next endeavour.

You can address all of your ML-related questions to our professionals at CodeFirst and receive a free individual consultation.