How Can Small Businesses Leverage Machine Learning?

If you depend more on Alexa, Siri, and Google Assistance to help you go throw the basic tasks of the day, congratulations, machine learning has enchanted you.

Also, if you are happy with Netflix’s recommendations about what to watch next, you are again seeing Machine Learning in action

Our life - no matter how hard we try to avoid it - is being run and ruled by the machines around us. And these machines are constantly learning more about us, in a bid to make our lives simpler and better.?

But using ML in day-to-day life from a consumer viewpoint is simple. Leveraging it for your business and using it offers unique solutions and experiences to end-users is much more complicated. Not to mention time and budget-consuming as well.?

But the global ML market is predicted to grow with a CAGR of 42.08% between 2018 to 2024. So the business world, including your competitors, will be leveraging machine learning, with you or without you.?

If you don’t want to miss out on the opportunities that ML offers, it is time to get started today. And here are 5 ways to help you get started:

5 Ways Small Businesses Can Leverage Machine Learning

1. Manage Human Resources

Did you know that the average cost of hiring an employee is $4000? It varies as per the roles, but still, the sum is high enough to not ignore. By leveraging machine learning for candidate identification and applicant tracking, you can streamline the recruitment process and cut down a significant portion of the cost.?

Further, ML can also be used to smartly predict a company’s attrition rates and help better plan and manage the resources.

2. Keep Your Business Running 24/7

Even your hardest-working employees will clock out. They’ll have their personal lives to attend to and they’d inevitably leave one day.?

That’s not the case with machines. Machines don’t log out, don’t take time off, and are definitely free from errors and biases, which humans cannot escape from.?

By utilizing machine learning in areas like data analysis, processing languages, and predicting business outcomes, you can deploy your human resource in areas that can better benefit from their inputs and expertise.

3. Stunning Customer Service & Support

Customer service and support have been one of the primary areas where machine learning helps businesses.?

Chatbots are a great example. And surprisingly, they aren’t as hard to integrate into your business as it seems. With SaaS solutions coming up in the market, you can make sure you are always available and accessible to your users with ML-backed bots.

4. Make eCommerce Personalised

In the digital era, data is gold. And machine learning can help you access this goldmine. What’s even better is that with ML, you don’t have to crunch the numbers yourself or skim through the never-ending numbers and charts.?

With proper data processing and analytics, ML can give you data-backed insights which you can easily harness to make accurate decisions for your business.

5. Drive To Success With Data

In the digital era, data is gold. And machine learning can help you access this goldmine. What’s even better is that with ML, you don’t have to crunch the numbers yourself or skim through the never-ending numbers and charts.?

With proper data processing and analytics, ML can give you data-backed insights which you can easily harness to make accurate decisions for your business.

With that, it's a wrap on my top recommendations for how businesses can leverage machine learning. Of course, that’s not a conclusive list and you can explore the infinite ML potential further.?