How to Integrate Machine Learning Technology Into Your Business Model?

1. How to Integrate Machine Learning Technology Into Your Business Model and Achieve Success? Ajay Kapoor Aug 21 · 7 min read Follow Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

2. With all the technological buzz around, Machine Learning has now taken the limelight in the business world. Now enterprises are becoming curious about ML, its benefits, and its implementation into their business model. Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

3. Machine learning technology is defined as a process where machines learn from identifiable patterns for automating the system. It is a part of artificial intelligence (AI) that aims to improve and automate data, leaving less scope of human intervention. Here are some thought-provoking ML stats highlighting its importance in the business lives: Netflix saved $1 billion thanks to its algorithm for personalization and content recommendations alone. Machine learning algorithms’ accuracy has been shown repeatedly with predictions on stock market highs or lows at 62%. Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

4. Google Translate saw a 60% reduction in errors when switching from one translation model (PBMT) powered by human translators to another GNMT — an improved version using an artificial neural network designed specifically for speech recognition through deep- learning techniques. So, all you can see is that machine learning has become a vital part today, and those thinking of its benefits or implementation in their business need expert guidance. Yes, and to help out these prospects, I have listed out the machine learning benefits and its implementation process into your business model. Let’s start reading. Business Benefits of Machine Learning Machine Learning is a new topic in the technology world. Many experts call it “the next big thing” after mobile computing, IoT devices, and cloud- based technologies. But, any idea how can it benefit your business? Keep reading the below four points and know the incredible business benefits of machine learning. Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

5. 1. Accurate forecasts Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

6. As the world becomes more complex, it can be challenging to predict future events. Machine learning offers businesses a way to make more accurate predictions by analyzing data and identifying patterns — as well as any deviations from those patterns that might signify something new happening in your industry or market. Machine learning can help you identify problems before they become too serious. You can also use it to study something that is happening. It will keep your team prepared for everything that could occur in the future. Companies can hire AI developers to better allocate resources and be ready for any eventuality. One of the examples of this scenario is Netflix. It is one of the most successful companies providing streaming media technologies and services. This giant firm collects high volumes of client information with the help of different types of machine learning algorithms to predict what shows that viewers would like to view or purchase on a given day. The results are very positive and impressive; smart technology helps clients to get better results than a random guess. Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

7. 2. Automation Sometimes, hiring experts becomes the only way to get something done. But with machine learning, you can automate tasks and run them more efficiently without increasing your in-house team. Machine learning algorithms can work around the clock because they never stop improving themselves through trial and error — and all without needing coffee breaks or vacations. It can help automate tasks in your company by finding patterns and predicting what might happen next, so you can take the necessary steps to avoid a problem before it even becomes one. For example- In Travel & Expense processes machine learning has automated their daily tasks like collecting employees’ travel expense paper receipts, data extraction from receipts, and more. 3. Personalization Machine Learning is helping companies personalize their products for customers while making more personalized offers that will increase Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

8. customer satisfaction. The personalization of customer service is how machine learning can make a huge difference for businesses. Machine Learning algorithms act as the “eyes and ears” of an organization by analyzing data to identify patterns, including any potential flaws or changes that might indicate something new has happened within your industry or market. Machine learning algorithms can help personalize products and services so that customers feel more satisfied with their experience. By analyzing data, machine learning algorithms can make better decisions about what offers to show a specific customer — or even predict the behavior of your target market to create new product offerings before anyone else does. 4. Predictive Maintenance Machine Learning can help predict when something will break, making it easier and cheaper for companies to plan preventative measures. Machines are often built with a specific lifespan in mind — and the more you understand about that timeframe through machine learning, the better Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

9. your company will be able to maintain those machines, so they don’t have any issues. You can also use machine learning to analyze data to predict when a device might have an issue and suggest possible solutions to prevent the problem before it happens. This technology is all about getting more out of your machines without exhausting them, which means you won’t need as many replacements or repairs — which will save your company money in the long run. Know the 6 Key Steps of Machine Learning Implementation In any technology adoption initiative, it is essential to understand the following six steps to ensure a successful machine learning implementation: Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

10. 1. Establish a Vision Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

11. The first step of machine learning integration is to establish a vision or a goal that the organization wants to achieve by implementing machine learning into its current business model and processes. The idea should be inspirational but also measurable. For example,” being able to predict with 85% accuracy, if a customer will purchase a product on [a given] webpage within the next 7 minutes” should be an inspirational vision. It is measurable because we know what it means to predict and how we can measure our success? 2. Define Data Requirements The second step is to understand the data requirements. Data is a competitive advantage for any organization and especially when it comes to machine learning. Understanding how the business obtains, stores, processes, and uses data is critical because it will dictate how various teams work together to integrate machine learning into their workflow. 3. Establish Roles and Responsibilities Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

12. The third step for machine learning implementation is dedicated to team collaboration. Different teams will be involved to implement the new technology. Teams need to collaborate and work together with clear roles and responsibilities. This step requires close alignment with IT, business units, operations, marketing, and sales, which requires a change management approach for each department to achieve success. 4. Set Up a Change Management Process Change management is the set of tools, methods, and processes applied to facilitate organizational change and manage its effects on individuals and groups. It helps ensure that change does not create turbulence within the organization as it affects different groups differently. It is essential to understand and apply the change management process to facilitate successful machine learning implementation in an organization. 5. Establish Monitoring and Revalidation The last step for successful implementation of machine learning in an organization is establishing monitoring and revalidation processes to validate the impact of machine learning on their business model. It’s Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

13. essential to know how well your investment is paying off. Measuring and monitoring business value is the only way to judge the success of machine learning for your organization. 6. Drive cultural change The organization is in dire need of cultural change. We need a culture that is constantly updating its skill-set by learning new languages and frameworks. We want to make sure the team embraces their inner ‘geek’ to drive cultural change from classical statistical methods to modern ML methodologies. We will do this through continuous education, which fosters a “continuous learning” environment where employees are encouraged to learn about various programming languages or data science tools like Apache Hadoop while also being open to collaborate better on projects. Leadership teams should promote a data-driven decision-making culture throughout the enterprise by providing knowledge and access to information. Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

14. Final Thoughts Implementing machine learning in an organization brings a new approach to your business success. It requires change management, monitoring, and revalidation processes from the beginning of the implementation initiative. The preliminary steps involve understanding what is required to implement ML into your current business model. Vision, data requirements, and team collaboration are crucial aspects of the process. So, I hope this blog proves helpful in understanding machine learning, its benefits, and the implementation process in your business model. Still, if you are left with any queries, consult machine learning companies. They will help you out well. Good Luck! Machine Learning Artificial Intelligence Business Machine Intelligence Data Science Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

15. 4 WRITTEN BY Ajay Kapoor Follow Hey, I’m Ajay, a tech blogger working with PixelCrayons who loves to share his extensive tech-related knowledge with like- minded people. Artificial Intelligence in Plain English Follow New AI, ML and Data Science articles every day. More From Medium COVID-19 : The boost of Industry 4.0 Ethical Challenges in an AI-driven world Tanjidul Islam Indrranil Roy Choudhuri Applied AI For Digital Transformation and AI Strategy Top 10 Tips to Harness AI with Katie King | Engati CX Alex Castrounis Engati Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

16. Best practices for Reinforcement Learning AutoML will pave the way for the dispersion of AI Nicolas Maquaire in Towards Data Science Eran Moss Competing for Digital Security Talent Why Google’s “Smart Reply” Is So Annoying Alex Moltzau 莫战 Kyle Chayka Learn more. Make Medium yours. Write a story on Medium. Medium is an open platform where 170 million readers come to find insightful and dynamic thinking. Here, expert and undiscovered voices alike dive into the heart of any topic and bring new ideas to the surface. Learn more Follow the writers, publications, and topics that matter to you, and you’ll see them on your homepage and in your inbox. Explore If you have a story to tell, knowledge to share, or a perspective to offer — welcome home. It’s easy and free to post your thinking on any topic. Start a blog About Write Help Legal Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD