Many detailed articles have already been published about neural networks, which explain everything in detail from a scientific point of view. Let’s try not to go into details, but at the everyday level, describe how you can use neural networks and machine learning for genuine problems in online business.
Neural networks are a fundamentally new approach to solving problems that were solved by algorithmic programming. Now, there is no need to build algorithms for all possible cases of development of the system or strive to predict all options and describe the logic for them. Neural networks allow, on the basis of a large amount of accumulated data, to independently find patterns and relationships in previously implicit aspects and use this information for further forecasting, classification, and management of data and processes.
Primitively, you can describe the process of neural networks operation like this: the neural network receives a large amount of information (big data) at the input. Then this information is analyzed, the neural network is trained based on positive and negative examples. In the process of training, the structure of a neural network is formed, which in the future can solve problems of identification, classification, forecasting.
It is advisable to use neural networks in business tasks, in such situations:
• Accumulated colossal amount of different data needs to be clustered into many independent clusters;
• The existing working methods for processing and structuring all the dynamically changing data are costly;
• There is a wide variety of data, and at first glance, it is difficult to establish relationships and patterns between them.
Variants and examples of possible applications of neural networks and machine learning for business problems:
• Forecasting, risk assessment (forecasting demand, sales volume, average bill, frequency of sales, equipment load to optimize the amount of cash, storage space, and other resources);
• Search for trends, correlations, trends. Forecasting the further development of the system and predicting possible changes;
• Recognition of the photo, video, audio content. Various services and online applications using recognition technology;
• Machine learning for conducting dialogues by computer systems. To automate the activities of operators in online chats, telephone operators, and instant messengers. Development of chatbots.
While some are introducing the latest technologies to automate business processes, others sit on the sidelines, thinking that this does not concern their industry at all – and this is how everything works. In fact, the field of application of machine learning technologies is more comprehensive than it seems and can be helpful in any area of entrepreneurship. Already today, predictive analytics and clustering of your customers can be considered mandatory. Without such data, it seems that it is already impossible to compete with the offers of other market players.
Whether or not to use the neural network for business is no longer a question. More important is how willing you are to dive into the task and get confused with the solution. Collect information about clients and deals, analyze it. Try modern ready-made tools, or order the custom ML software solution, designed especially for your requirements, and do not be afraid to experiment – the future belongs to neural networks.