Nowadays companies pay attention and examine how machine learning can be beneficial with all the buzzword around it. Today’s organizations of all sizes are transforming the way they elicit and proceed with data, make decisions and hire employees. Mentioned above technology knows a lot about your customers, your services, and your company as well. Powered with that knowledge, ML-powered solutions can incredibly grow your business and boost revenue. According to Research and Markets, the global machine learning (ML) market is expected to expand at a CAGR of 44.1% 2017 and 2022. What's more, 76% of companies started to apply ML-fueled solutions to increase their sales growth based on the MIT Sloan Management Review. Sounds impressive, right? Let us show you how you can benefit when implementing machine learning.
The value of ML-powered solutions in analyzing business finance is becoming more apparent. Adopting ML-based algorithms for predicting fund trends is helpful when defining market changes earlier than it is possible with traditional investment models. Also, smart ML-armed algorithms enable to deliver accurate and error-free financial models and rules indicating whether to flag a transaction as fraudulent or not, which is vital to provide traders, portfolio managers, analysts, etc. for algorithmic trading processes and trading models.
As your businesses become more digital-oriented, high-profile information security is a critical concern. With ML-powered solutions, companies can resolve ongoing issues or dilemmas threatening their stability and ability to grow. There are many ways ML-powered solutions can be utilized to help improve security with password authorization and identity authentication being the primary point of attacks. Also, with ML-fueled solutions, companies can eliminate or minimize the cyberattacks by identifying suspicious activities and reacting much faster when there is a breach of automated processes in the network and on premises.
Some business leaders may mistakenly believe they don't have enough data to use the ML-based solutions effectively. But any business with an online presence — including a website, social media, or e-commerce — definitely has more data than they realize. By analyzing terabytes of data, ML-fueled solutions allow business owners or C-level executives to make quick, strategic and data-driven decisions. Properly compiled and analyzed, that data can deliver results which identify future strategies with significantly automated insights.
The truth is that machine learning quickly turns into the technology of choice you should keep pace with, and now it is undoubtedly here to stay. And it’s up to you whether to opt for it or not. As you have read above, machine learning is quite a positive thing for businesses of all types. We, at Provision Lab, have a vast experience in delivering ML-powered digital solutions and are ready to transform your idea into a robust, powerful digital solution that improves performance and grows your business.