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6 Machine Learning Benefits That Are Making a Change for Businesses

By May 17, 2019July 25th, 2023No Comments

machine learning business benefits

Machine Learning (ML) is a branch of Artificial Intelligence (AI) that is revolutionizing the workplace. It refers to the process of developing self-learning algorithms by way of simple data input. The goal with machine learning is to increase accuracy. It does this by optimizing the performance of a task from experience gained with running through related datasets.

Any improvement to precision of a specific function offers up a world of benefits — especially in relation to business. What benefits are we talking about exactly? Read on to find out:

1. Customer Behavior Prediction

A deeper analysis of customer habits can provide valuable insight into their purchasing patterns. Inferences as accurate as why a customer opts for one product or service over another can even be made. Machine learning highlights these data-based findings at a much faster rate than human analysis alone. In addition, this can also help companies further improve customer demand prediction.

 2. The End of Menial Tasks

Data entry errors can prove to be costly mistakes. This price tag is not limited to the direct economic cost of correcting them. Instead, it can also include damages to customer retention and company credibility; not to mention any associated loss of sales or compensation costs. In applying ML to simple data entry tasks, its incomparable accuracy saves both time and money.

Moreover, a simple yet effective way to improve employee job satisfaction is by lightening the load of routine work duties that offer little-to-no stimulation. Data entry is one of the main responsibilities that almost everyone will be happy to see removed from their to-do lists. In turn, companies can enjoy improvements in staff productivity while being able to channel more time and resources to other more profitable activities.

3. Increased Sales Opportunities

To identify new sales leads, it’s important to look into any marketing issues and refine your user profiles to best address your business’ target audience. This involves digging deeper into the different user journeys of existing, new, or even returning customers. In analyzing this aspect of their experience, companies obtain useful insight into products and services of interest that they can recommend.

A recent survey found that more than 75% of companies generating more than half a million dollars in sales say they experienced higher sales growth with machine learning. AI software bases its learnings on the big data available and optimizes recommendations to sales staff in real time. These can also be easily incorporated into your customer service protocol as cross-sale or up-sale opportunities.

4. Insightful Business Intelligence

One of the keys to success in business is identifying the main selling points and their associated strengths in comparison with the competition. This clear-sightedness is what helps communicate a business’ value proposition effectively. Machine learning increasingly has a role to play in helping maintain a competitive advantage. Hypotheses can be quickly made and tested using all available data to provide personalized recommendations for smart business decisions.

5. Improved Customer Satisfaction

Machine learning algorithms can easily collate all the information related to different customer pain-points with a product or service, and analyze it for any correlations of interest. In fact, it can even be programmed to forward customer queries to the correct departments. This ML-driven automation significantly reduces customer problem-solving wait times and provides faster solutions. Both of these aspects lead to improved customer satisfaction, which help build a loyal client base as well as strengthen referrals.

6. Smarter Workplaces

Virtual assistants, like EVA by Voicea, are making big waves in the workplace – and rightly so! They improve efficiency for every-day office tasks such as automatically transcribing meeting minutes and scheduling meetings. Their ability to respond to voice commands are their most attractive feature.

Hence, the application of machine learning to automatic speech recognition (ASR) training is paramount to improving accuracy. With greater precision in their performance, workflow is more streamlined and companies can operate with better efficiency as well as a stronger adherence to stricter privacy regulations.

Putting Speech Data to Work

In providing best-in-class transcription services, we generate an ever-growing amount of top-quality speech data. Through machine learning, we are able to continually improve the accuracy with which our ASR technology operates. We also offer the highest quality human annotated and verified corpora training sets for machine learning and speech recognition training. These AI training data capabilities can be applied across languages, accents and any other data points your company may require.

Interested to find out more about our customized model training for your enterprise ASR needs? Contact our sales team to request a demo today!