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Machine learning (ML) is at the peak of popularity right now. This branch of artificial intelligence is attracting more and more investments, and its market value is growing at a rapid pace.

As a result, from over $21 billion in 2022, the machine learning market will likely reach more than $209 billion in 2029! Its an indicator of annual growth of almost 39%.

Even though many businesses are actively adopting this innovation to keep up with the competition, some companies are still hesitant. Today well convince you why business owners should step out of their comfort zone and hire a machine learning developer.

Well discuss ML in general and provide the reasons and benefits of implementing this innovation into your business processes. Todays article will also explain what skills a decent machine learning engineer should have.

Machine learning is often confused with artificial intelligence or used interchangeably. These terms certainly relate to the same field, but lets figure out what ML means.

Machine learning is a branch of artificial intelligence and the most common application of AI. These are algorithms that enable software products to perform a given task more precisely or forecast outcomes more accurately. It becomes possible thanks to this technologys ability to process data: the more data available to ML, the more accurate the predictions and performance of tasks.

ML is the technology thanks to which artificial intelligence can work. Machine learning is a way to teach machines to process, analyze information, and draw conclusions based on it.

A recommendation engine is the most typical use case for ML. Its software that analyzes data and makes assumptions. In addition, machine learning is used to detect software threats, fraud, spam filtering, or business process automation.

Machine learning is gradually becoming the innovation that drives companies in various industries.

Organizations implement this technology to speed up routine tasks, help with data analysis, and search for more effective business solutions. So, if you hire dedicated machine learning developer, you can improve the productivity and scalability of your company.

On the other hand, organizations that continue to ignore ML implementation for their processes are sliding backward. As a result, they perform more manual work, complete their tasks slower, and experience an increased risk of human error.

Instead, with machine learning, companies can avoid all these limitations. By leveraging this technology, you begin to understand your customers better, get tools to improve your existing products, create new ones, and boost the competitiveness of your business.

Yet, properly implementing ML in your processes requires an experienced IT specialist who is well versed in this innovation. Only such an expert will help you maximize the benefits of machine learning for your business.

To choose the most suitable specialist to handle your machine learning tasks, you must have a good understanding of the basic skills of such an expert. Here are the most fundamental of them:

Statistics

Skills in statistics are a must for an ML developer. In particular, this includes an understanding of analysis of variance and hypothesis testing. Such knowledge is critical because machine learning algorithms are based on statistical models.

Probability

Knowledge of mathematical probability equations is also significant for a machine learning engineer. Such a skill will help a specialist to predict future results and train artificial intelligence for this.

Data modeling

Knowledge of data models is critical for a developer. With a deep understanding of this process, a specialist can identify data structures, discover patterns between them, and fill in the gaps where data is missing.

Machine learning data labeling

Data labeling in machine learning is directly responsible for teaching machines and software. Your specialist should be able to process raw data such as images, video, and audio and give them meaningful labels. That is why machine learning labeling skills are necessary.

Programming skills

Since machine learning works through algorithms, your expert must have programming skills. In particular, this is knowledge of such languages as Python, R, C, or C++. With these tools, IT specialists can create algorithms, scenarios, etc.

Source: Mobilunity

ML libraries and algorithms knowledge

Knowledge of existing machine learning libraries and algorithms is helpful for your specialist. These are, for example, such tools as Microsoft Cognitive Toolkit, MLlib, or Google TensorFlow.

Now that you know what ideal ML developers should be and what skills they should possess, lets see what this expert can offer your business.

We have collected five main advantages that you will get by hiring a machine learning engineer:

The success of any company depends on the ability to plan and make balanced business decisions carefully. An expert in machine learning will help leverage this technology to process large amounts of data. As a result of analyzing this information, you will be able to find efficient solutions, minimize risks, and receive accurate forecasts for your company.

A machine learning specialist can help you streamline your business processes. In the ML industry, this method is also called intelligent process automation. Your IT expert can not only transfer routine tasks to automatic mode but also do it with more complex duties. For example, ML can automate even data entry.

A machine learning expert will help your business gain significantly more loyal customers. It will be possible by analyzing your client data and their behavior. Based on your audience research, youll offer them exactly what they need.

Along with personalizing the customer experience, you get many more benefits. Specifically, its increased revenue by growing your audience, improving overall customer satisfaction, and faster customer data analysis.

Based on the forecasts that machine learning algorithms will prepare for you, you will be able to evaluate the resources of your business more reasonably. As a result, you will always be ready for the changing demand for your products and know what customers expect from you.

Machine learning experts will also help you with inventory, save on materials, understand the exact scope of work, and reduce company waste.

As already mentioned, machine learning technologies help detect malicious attacks and fraudulent activities. By hiring an in-house or nearshore IT team in ML, you get the opportunity to implement advanced security standards into your business. Machine learning algorithms will gather data about cyber threats and immediately respond to suspicious activity.

Now, machine learning technologies are the latest trend that more and more businesses are chasing. Companies are implementing ML to automate their processes, improve customer experience, optimize costs and resources, and enhance data security.

Moreover, by leveraging machine learning, you can set your business apart from the crowd and offer your customers something unique.

When you hire an experienced ML developer, all these benefits will be available. You can do it directly in your country or try to find experts abroad, for example, opting for a nearshore team in Portugal.

Regardless of your choice, a machine learning engineer is a valuable asset to your business. So dont neglect innovation.

The rest is here:
What 5 Benefits a Machine Learning Developer Can Bring to Your Business - Business Review