October 19, 2021

Why Does My Business Need Machine Learning?

Machine learning is fast becoming a core technology in many businesses. Helping those businesses enhance scalability and improving business operations, machine learning insights can be found across the company to alleviate pain points.

According to Grand View Research, “the global artificial intelligence market size was valued at USD 62.35 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 40.2% from 2021 to 2028.”

This demonstrates that companies are allocating more towards their technology budget so that they can achieve the benefits of artificial intelligence (Ai) and machine learning. Your competitors are gearing up to entice your customers, so you need to beat the competition while you can.

What is Machine Learning?

Machine Learning is meant to handle large datasets, where manual analysis is impractical. Machine learning models can be reused for different businesses with similar problems with minimal customization needed, but a model built for a large data set will not perform as well on a small data set. Machine learning improves automatically through experience; therefore, adding data as it becomes available enables the model to finetune the results. 

Machine learning algorithms become a model when you add data to make predictions or decisions without being explicitly programmed to do so. Models represent what was learned by a machine learning algorithm. Model is the output of applying a machine learning algorithm on "training data" and it is used to make predictions on new data.

Why Should I Implement Machine Learning?

At ElectrifAi, we use the term model to describe a use case. A use case solves a real-world business problem and consists of a model or ensemble of models. Our large collection of pre-trained and pre-structured machine learning models can help you start benefiting from machine learning very quickly.

Our data science and software engineering teams have built and deployed machine learning solutions for enterprise organizations for 17 years. We have seen the development of this technology in the business world for a long time and we know it is critical to implement now or fall behind your competition.

Businesses have successfully applied machine learning to achieve positive business outcomes, such as the following use cases: 

  • Customer Segmentation
  • Offer Personalization
  • Demand Forecasting
  • Supply Chain Optimization
  • Fraud Prevention
  • Predictive Maintenance
  • Medical Billing and Coding
  • Remote Surveillance
  • Crop Yield Production
  • And many more!

Most industries can benefit from machine learning. At ElectrifAi, we focus on 8 key industries:

  • Agriculture
  • Banking, Financial Services, and Insurance (BFSI)
  • Healthcare – Payer and Provider
  • Manufacturing
  • Oil and Gas
  • Retail and e-Commerce
  • Technology, Media, and Entertainment (TMT)
  • Travel and Hospitality

To learn more about the challenges these industries currently face and the opportunities machine learning presents, check out this e-book: 8 Industries Using Artificial Intelligence to Solve Complex Problems

How Can Machine Learning Help My Business? 

There is an infinite number of ways this technology can work to solve problems. By truly understanding your business’s specific problems, we can help you choose which use case will best fit your needs and finetune the machine learning model to address that concern. The model will sift through the tons of data you have to find patterns that indicate which areas to focus on and output recommendations to resolve that problem.

For example, let’s focus on the retail industry. Retail has taken a massive hit from the COVID-19 pandemic and, as a result, has to shift quickly into customer’s new shopping behaviors. Would you have time to analyze all the new data quickly enough to help you change your business strategy? Imagine if you had a specific model that could analyze your data for you quickly and accurately so you can meet your customers’ needs.

Building that machine learning model from scratch would not get you the speed you need. It can take several months or more to build a model and there is no guarantee that it would work to produce the desired results. Take a look at the white paper How to Accelerate Machine Learning Development to learn more about:

  • The people, data, tools, and time it takes to develop a machine learning model – from proof of concept to production.
  • Ways teams can accelerate machine learning projects to achieve faster time to value with Ai
  • Key factors to consider when teams are preparing to build Ai and put it into production

If you do have your own team of data scientists and engineers, that’s great! Our solutions work with third-party platforms or your own tech stack. Whether you use RPA, BPM, or Ai we can enhance it. We also have experience seamlessly integrating with a business’s existing teams so we can make that team even more effective.

How Can ElectrifAi Help?

ElectrifAi has helped many businesses achieve high ROI by solving many critical problems, enhancing the business, and increasing customer satisfaction. With our domain knowledge and experience in those 8 key industries, we can move quickly to get you the actionable insights you need to succeed. 

If you are ready to being your machine learning journey or you need help to make existing machine learning more efficient, let us know! We would love to schedule a custom demo so you can see why your business needs machine learning. Contact us today

You have data, we have solutions!

Find out what ElectrifAi has to offer by filling out the information below.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.