August 23, 2019 | Artificial Intelligence | No Comments
Before we dig deep into the nuts and bolts of MLP (Multilayer Perceptron), it is imperative to get the hang of neural network, to understand how it helps businesses get a major face lift.
Although the concept of the neural network is not likely to raise too many eyebrows out of ignorance, still people typically associate scientists conducting neurological research, with the term. In reality, a neural network is nothing but a smart system, which is steered by Artificial Intelligence (AI).
The most frequently used neural network these days, from the perspective of business, is MLP (Multilayer Perceptron). This neural network captures the most complex data and presents it in the simplest form, with the help of historical data.
Point to note- More than an individual, it’s the companies that get benefited out of MLP.
Companies prefer using MLP for business
If we go by market reports, companies use MLP in ways more than one, based on their business model. For instance, LinkedIn uses it to detect spam, while other companies use it to locate better products for it clients.
Add to it, MLP neural networks provide marketers with significant insights regarding the performance of the marketing initiatives.
Some of the uses of MLP by big shots of the industry include:
- Amazon-use MLP for recommendation purposes
- Facebook-use it for face recognition
- Google has been using it-in YouTube, Google Cloud, Video Intelligence, etc.
This overstates the fact that MLP is typically good for business. Read on to get convinced how MLP can benefit your business in ways you have not yet imagined.
Top 4 benefits of using MLP in business
AI and its application is prevalent everywhere. A smart business leader can never overlook the impact of AI and its applications, if his/her prime objective is to cope up with the changing business landscape.
Here are the top 4 reasons why MLP is a must in your business to cross its boundaries of growth.
Identifying patterns in images
With machines now able to identify images, business has taken a big leap, and almost every company worldwide, require pattern recognition facility.
Most online companies make money via the recommendation of products/services, like Amazon, Netflix, Walmart and many more.
The fact that the use of recommendation engines opens doors for targeted and loyal customers along with increased sales, makes it all the more important. Now imagine these recommendation models being modified by more intelligent machine learning with the use of neural networks- Yes! more loyal customers and more sales.
Avoiding customer churning
Churn rate (percentage of customers who cease to use a product/service), is something every growing organization is worried of. For some, shrinking churn rate showcases a positive impact on the revenue chart.
Provided that a business is equipped with rich customer data, machine learning models together with MLP can help point out the complex usage patterns and find out the churning customers.
Advanced sales predictions
No matter businesses do not like to forecast sales, the fact that customers can be fickle and their preferences change, cannot be neglected. In tune with this, to tap into the new trends and moods of the customers, companies make predictions, which is highly time-consuming and hardly ever accurate.
If MLP is used to analyze huge data and make specific predictions, this could change the sales numbers of companies, in a good way.
The promising future of business with MLP
In the quest to come up with an efficient replicate of the human brain, MLP is a great step forward.
Covering the most arduous business area, MLP is the best tool for pattern recognition. On account of its increasing popularity, in the last few years a number of companies have invested in an artificial neural network. This a significant step to put an end to numerous business problems.
If put to good use, MLP can bring significant change in digital marketing, healthcare, translation service, trading, etc.
Have you found the relevance of MLP with your line of business? Then contact the professionals at SPIN Strategy who can guide you how to make the most of this neural network for business.
Visit today! https://www.spinanalyticsandstrategy.com/