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How can Reinforcement Learning be used in business?

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Reinforcement learning is an area of Machine Learning. It involves making appropriate decisions or taking suitable action to maximize reward or leverage in a particular situation. Some applications are mentioned below. 

Space management in Warehouse - 

Optimizing space in warehouses is challenge for mangers as it requires good management skills & decisions. Receiving and placing the inventories by optimizing the space in the warehouse is a big deal. For this, reinforcement learning algorithms can be built to the space in the best possible way. It can tell mangers where to place inventories that ultimately saves time & efforts. 

Manufacturing the products –

Robots can be used in the factory instead of man power. Though many industries are already using robots, here we are talking about self-training robots. Here, the robots with reinforcement learning  can learn new tasks & train themselves. If they fail at performing task correctly, they learn from those mistakes. Actually, this is what reinforcement learning is designed for. 

Financial investment decisions -

Reinforcement learning can be used to a great advantage in making financial strategies. This can be used a tool for making financial investment. By using reinforcement learning, an algorithm can be built which learns strategies and hence can guide the users to invest at right time. 

Target the customers –

Reinforcement learning has great application for E-commerce merchants. Reinforcement learning can be used for promoting the products by building algorithms that can learn from customer’s shopping patterns and analyze customer behaviour and accordingly recommend products for them.