Machine learning and its role in increasing your business efficiency

It is a common opinion that machine learning is useless until deployed in business. And it would be meaningless to refute it. Machine learning models are great innovative tools, and harnessing their power in the context of business is the ultimate goal you can achieve if you avail yourself of professional machine learning developers’ help. Go on reading today’s article to learn how machine learning models and algorithms may help you take your business to the next level.

Machine Learning Models and their Role in Business

Like anything else, machine learning models span a wide range of complexities. There are the basic statistical methods that can go a long way towards helping you to determine the probability and conditional probability of things happening in your business. And the Naïve Bayes serves as a great example here. You can use probabilistic classifiers wherewith you can predict your customers’ probability to return or, vice versa, opt out of buying your products or using your services. Furthermore, with regression methods offered by machine learning, you can estimate the sales that will result from each dollar invested in, say, a marketing program. Classifiers are also used to identify classes and categorisations, which is very important for your efficiency of your business. Decision trees, in their turn, are helpful if the elements in the classes are more spread out. By using an ensemble of trees, it’s possible to get more granularity and therefore more accuracy of the classes.

How Can Your Business App Benefit from Machine Learning?

And now let’s take a look at the real life situation, where machine learning models can benefit your business. Let’s say you own an insurance company. As any business owner, you’re striving to accumulate a considerable clientele and increase the efficiency of your business processes. Each time when a customer comes in for their auto insurance quote, you need to perform a fixed set of actions. You would gather some information about the customer such as their date of birth, address, etc. and validate that information. Then, you’d proceed to inquire about their car’s year, make, and model. And based on all these facts, you determine the type of insurance this particular client may require. Sounds hectic, isn’t it? Machine learning provides you with the tools necessary to “teach” your machines learn on their own and thus contribute to your business efficiency. Thus, the auto quote can be computed based on a proprietary rating model, which is constructed by understanding different customer segments and using details such as age, income, location, crime rate, car’s make and model, and others. Over time, when your market becomes more dynamic and your company needs to quickly adapt to new changes, machines will do the job for you. In other words, machine learning helps you to control your business process flow, eliminate some process steps if need be, or automate them so that they can happen more efficiently.

Furthermore, machine learning networks with lots of layers, called deep learning models, can be indispensable for your business application. Presently, such networks are successfully used for applications having the face recognition and language translation features. Thus, machine learning can help you not only to predict the overall success of your entrepreneurial venture, but also enhance your user experience (UX).

Who Can Help You Get the Most out of Machine Learning Models?

So, we have all these models. But ideally, we would like business people or business architects to be able to model with the available techniques to achieve some useful business outcomes.

Nowadays, there are many companies out there that specialise in machine learning development. One of such companies is LITSLINK. They help democratise machine learning and get it to serve your individual business needs. But how does this happen?

Think of machine learning as a black box. You need to get your data in the right format so that you can align your business processes and achieve their excellence. This black box will spit out the answer as to which algorithm you should stick to to address your particular issue, based on the characteristics of the data. So, if you hire a professional web developer, they will help you break the data into smaller pieces that can be used for training, cross-validation, and testing. After that, you can pick one of the existing models. You’ll be better off opting for the model that suits your specific business needs for the time being. Then, there comes the adjustment process, during which the parameters are tweaked and set up. Finally, your development team will suggest testing the results against the test set. Experts will also help you determine which model can work best for your particular data in order to minimise the error occurrence probability.

As you see, it’s in your best interest to hire experienced machine learning web developers that will evaluate your ideas, take in your business concept, and develop an effective solution to enhance your business processes and thus boost its productivity.