- March 26, 2020
- Posted by: amitmadrid
- Category: Data Science
Any and every business entity should consider investing in machine learning to stay ahead of the race. Machine Learning empowers companies in many ways — from an increased performance to enhanced security boosting the ROI and revenue considerably.
However, before investing in ML, business leaders should be aware of the potential paybacks of machine learning for their business growth, and solving business problems. Companies who fail to take the advantage of ML risks themselves side-lining the benefits ML holds for them and ultimately loose to the competition.
Let’s understand what Machine Learning is to get to the heart of the article. In case if you are aspiring to be a business leader, this article will be of great help to you.
What is machine learning?
Machine learning is a specific field of artificial intelligence (AI), that trains machines to be smart by “feeding” data, that includes Big Data, to their algorithms. The algorithms in ML collect and process data using relevant statistics to generate insights, predict outcomes, and show solutions to prevailing or potential problems.
How Businesses Can Adopt Machine Learning?
Machine learning is rapidly emerging to become the go-to technology for most of the industries who aspire to be successful and be at a competitive edge. Businesses blindly invest in ML to level up their game through innovation.
A market research of “Machine Learning” indicates that the total value of the ML market is anticipated to surge to $8.81bn by 2022 and $20.83bn by 2024. Businesses hope to gain 3 major benefits with the implementation of ML that is;
•new insights through data
•a competitive advantage
•faster data analysis
Businesses also hope to:
•Enhance R&D capabilities by 44%
•Improve internal process efficiency by 39%
•Better understanding of customers by 35%
•Reduce costs by 31%
•Boost external process efficiency by 26%
Simultaneously, companies who have already invested and implemented ML practices report abundance of benefits that includes:
•Improved data insights by 45%
•Quicker data analysis by 35%
•Boosted R&D capabilities by 35%
•Refining internal process efficiency by 30%
•Competitive advantage by 26%
•Cost reduction by 23%
These two studies show that implementing machine learning results in more extensive data analysis, allowing businesses to gain new insights.
As the above data suggests, ML helps businesses gain a definite competitive edge. Machine Learning has penetrated into every industry including healthcare, IT, financial services, banking, education, etc…
As technology advances and competition tightens, ML, is expected to get more sophisticated
Businesses Will Increasingly Rely on Machine Learning
Along with AI, ML is the most popular and disruptive technology for obvious reasons. The potential impact of ML on businesses is massive.
ML offers rapid information processing, which leads to swift business growth.
To keep it simple, ML offers:
•Quality insights about customers and business processes.
•Effective solutions to conventional problems and deep-seated solutions to potential issues.
•Constant improvement of the already existing processes.
•A beforehand prediction of potential threats and problems.
•Research of new areas of growth for business by analysing unexploited sources of unstructured data
The evolution of machine learning is inevitable. Businesses and business leaders should embrace it now or and stop from falling behind the competition.
The Need of the Hour – Learning Machine Learning
With machine learnings soaring popularity, the need for machine learning experts become obvious. Learning Machine learning brings you a sea of opportunities that includes;
•With every industry looking forward to implement AI in their domain, studying machine learning opens door of career opportunities to develop cutting-edge ML applications in diverse verticals.
•A machine learning engineer gets a pay we could fantasize about. The basic salary of a ML engineer ranges from $142,000 to $195, 752.
•A recent survey hints that there is requirements of 4000 machine learning engineers is Bengaluru alone.
•Machine learning career bestows you with two hats, one is ML engineer and the other is data scientist. Becoming skilled in both the fields makes the person the most wanted employees to most of the employers.
If the reasons listed above ring a bell, then it’s time you start to learn machine learning for a great career ahead.
If you are yet to learn Machine learning, then we suggest you enrol now. If you happen to be in Delhi, we recommend you to search from the available machine learning courses in Delhi.
Madrid Software Trainings is one the best machine learning institute in Delhi that provides in depth knowledge on all the latest tools and techniques of machine learning. Madrid Software Trainings has been rated the best Machine Learning Institute in Delhi since last 5 years.
What are you waiting for?