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According to Algorithmia ’ s 2020 report , the main use cases for machine learning currently being explored by businesses are in customer service ( i . e . chatbots ) and internal cost reduction . But there are a vast array of potential applications . Dynamic pricing , for instance , where a system learns about factors like customer interest , demand and history to adjust prices and entice purchases . Or the automation of tedious manual processes such as classifying and labeling data sets – images , for instance . Churn modelling is another highly prized area of exploration , affording companies the ability to predict which customers are likely to be lost and allowing corrective measures to be undertaken .
It ’ s clear that machine learning has a huge amount to offer enterprise – but it ’ s tricky to know where to get started .
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