AI and Machine Learning are a few words that have floated around in conversations for years. They often feel very ephemeral and complex, and still do in many ways. While there have been many strides in accessibility to machine learning, more and more tools like Mia are making it more accessible for businesses to implement.
Machine Learning shouldn't just be for an elite group of professionals with the technical know-how, lofty ideas, and enterprise budgets. Instead, machine learning and AI can take very practical roles and in ways that are making a real difference in everyday life. With tools like Mia, businesses are leveraging the power of machine learning and using it to build out models for future business ideas and helping them scale. It’s pretty exciting to see!
Here are a few big trends we’re seeing in how businesses can leverage AI and machine learning:
Lower Barrier to Entry: With no-code and low-code tools, many businesses can get to the production phase quicker. Similar to how websites were one hundred percent custom creations until content management softwares made website design a hybrid between custom code and drag and drop, machine learning now has capabilities that allow a team to build out a model specific to their own use case without building something completely custom and from scratch.
Lean Teams: Again, thanks to no-code and low-code tools, a business can run a more lean team and still get a great machine learning model. If they have the idea, they are not limited by their staffing, resources, or budget compared to prior years. This is great news for smaller teams who have big ideas!
Data-Driven Insights: Machine learning models can help a business derive patterns from large amounts of data in ways that manual methods can’t, making them a smarter business all around. When you have those insights from a model, you can make better decisions.
Increased Efficiency: What business doesn’t want to run more efficiently? Now, with the help of AI and machine learning models, a business can streamline many service and operations processes that were previously done manually, helping to optimize their team.
AI-based Products/Enhancements of Products: Businesses can leverage AI and machine learning to enhance their existing products or create new products that weren’t possible before, allowing them to upsell or create new revenue streams.
At Mia, we’ve seen the amazing impact of machine learning on industries from consumer goods, to healthcare, to manufacturing, and more. Here are just a few of the specific ways our users have leveraged accessible machine learning tools:
Improve traditional sales forecasting
Predict marketing ROI
Predict customer churn
Customer sentiment analysis
Customer segmentation
Product inventory
Predicting crop yield
Improve the drug development process
Help match patients to the right medication
Determine equipment maintenance and repair needs
Robot contact detection
It’s such an honor and thrill to be part of something that has an impact on real people. It’s fun to build a machine learning model and think in the hypothetical or the predictive space. However, when you see it impacting a business’ bottom line, or the practical care of a person’s life, you know what you’re doing matters.
To find out how you can start using machine learning to get more out of your data give us a shout at info@miamarketplace.com or visit mia-ml.com