As we move further into the digital age, technology advancements will continue emerging at a rapid pace. One of the broadest fields that has the potential to help lies in machine learning. Led by Far Eastern nations, corporations have invested heavily into both the promise and reality of machine learning. This increases efficiencies and boosts profits.
Machine learning comes from technology that allows devices to perform pattern recognition and analysis functions. As the machines encounter new data, they assimilate, analyse, and adapt their functions.
Although closely related, machine learning differs from artificial intelligence. Machine learning operates at a different level than what most consider artificial intelligence. It uses data to acquire new skills. It has the capability of learning new concepts, but can only apply them to the task it was designed to perform.
Artificial intelligence acquires knowledge to solve complex problems, make decisions, and even mimic how humans might appropriately and effectively respond to the same stimuli. It operates on a broader scale than machine learning.
Manufacturing operations benefit from machine learning. Smart machines help operations by reducing the chance of mistakes while increasing efficiencies. Companies have implemented machine learning into a variety of processes, not only production but also distribution and logistics. Some ways that machine learning has added benefits includes, but is not limited to:
- Boosting quality control and reducing defects by up to 90 per cent
- Implementing predictive maintenance procedures, preventing more outages and reducing downtime
- Minimising supply chain delays by taking into account varying conditions, such as the weather, and adjusting accordingly
- Boosting safety by issuing alerts more quickly than a human monitor. The difference in seconds can reduce the chance of industrial injuries or deaths
- Learning how to use energy at the most efficient levels possible without hampering operations
Professional services businesses have already started to examine and discover how machine learning can benefit their businesses. Instead of producing and distributing widgets, however, they examine how machine learning can boost their business to business (B2B) marketing.
Machine learning can help because it takes in data, examines it, and then employs the best available technique to market. As the system incorporates more data, it can make easier decisions about choosing the most effective marketing techniques in real-time.
Not only can it reach out to expand awareness, but machine learning can also handle brand protection efforts as well. It can issue an appropriate response to negative reviews in the owner’s name, helping to retain the connection despite a poor experience.
Machine learning on this scale does not only exist in dreams about future technology. Manufacturers already use machine learning on an impressive scale. Far Eastern industries lead the way in adoption, although the United States is catching up quickly.
Professional services businesses consistently express more confidence in machine learning-based marketing than other B2B firms. They expect that machine learning-based marketing can respond more quickly and accurately to market shifts and client expectations than they can.
In any case, in manufacturing, professional services, or another field, machine learning helps to build competitive advantage. Businesses that use machine learning to operate more efficiently and effectively save money that they can reinvest into core functions and further boost profits. The difference between companies that use machine learning versus those that don’t could compare to using trucks as opposed to horse-drawn carts to deliver products.
The digital age has become the machine learning age, is your business also evolving?