Benefits of Machine Learning for Business
Machine Learning provides benefits in many areas today.
The number of people who aim to reach the right result by using these algorithms for different purposes in business life is increasing day by day. Some of the points that the business world benefits from Machine Learning:
Understanding and Retaining Customers
Many organizations from different sectors, especially e-commerce businesses, use Machine Learning algorithms to identify their customers, to understand them correctly and not to lose them. By evaluating customer data, it becomes possible to predict revenue within a certain period in the future, which in turn directs marketing efforts.
Determining Customer Loss
Machine Learning algorithms are also used to reveal the possible loss of existing customers and the reasons for this loss. Getting help from algorithms is very helpful because retaining loyal customers is inexpensive compared to acquiring new customers. The results obtained also shape the marketing efforts (such as discounts, special offers) to prevent the loss of customers.
Determining the Premise in CRM Systems
CRM, that is, the Customer Relationship Management system, is the approach responsible for the management of the interaction of businesses with their current and potential customers. By using Machine Learning algorithms in CRMs, it is ensured that a subject is analyzed and stands out from the others. For example, when the word “malfunction” is mentioned in an e-mail, this e-mail is given priority to be answered.
Making Dynamic Pricing
It is very important for the business world to be able to make dynamic pricing, as the options that the consumer segment can evaluate through different channels to meet any needs are much more today than in the past. In this direction, dynamic pricing is made by using Machine Learning algorithms to determine demands, interest levels and attitudes towards campaigns. Demand pricing (dynamic pricing), which is made according to the results obtained by using large amounts of data, taking into account the variability according to the situations, also contributes to the rapid adaptation of the relevant business to the market.
The intuitions used for marketing strategies to achieve the purpose of the business have left their place to Machine Learning algorithms today. By utilizing algorithms, it becomes possible to process the characteristics of the customer base in different sizes, to classify the customers, and to reach ideal customers within this class with the same approach. As the data stored increases and the algorithms become more complex, the most accurate result is approached. Identifying the customer segment contributes to personalized marketing and thus increasing sales.
in Human Resources
Based on the fact that the success of the enterprises is based on the success of the employees, the Human Resources systems determine the characteristics of an effective employee by using Machine Learning algorithms in the recruitment of new employees and reflect the data obtained to the recruitment criteria.
Recommendation engines come into play, offering personalized recommendations to drive sales up. Personal suggestions are made with the recommendation engines in which Machine Learning algorithms are used. For this, a large amount of data is processed, and it is determined what the consumer is interested in with their purchasing behavior. It is known that big names such as Amazon and Netflix attach importance to the recommendation engine and increase interaction.
Organizing Data and Increasing Collaboration
By making use of Machine Learning algorithms, it becomes possible to relieve the burden of especially finance departments in data comparison and facilitate interdepartmental collaboration.
It is Machine Learning algorithms that pave the way for making predictions by making use of more realistic existing data, not experience, while making business decisions. Leveraging rich analytics, these algorithms are highly functional because they present future risks today: They increase the uptime of assets, increase their performance, and extend their lifespan. On the other hand, it also maximizes productivity. Predicting which parts of the machines installed in a factory will fail and when can be given as an example.
As you can see, it is possible to use Machine Learning for different purposes in business life.
Although the examples given here can be multiplied, the main thing to know is that despite all the benefits of Machine Learning, it is not enchanted.
In other words, it is not possible to reach the right result in a short time with a single data flow. Time, different data and algorithms are needed to create a model.
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