Companies are using more and more data to identify patterns and make better strategic decisions that boost growth and revenue. This is why we keep hearing about machine learning, an essential part of artificial intelligence. According to data from Deloitte, the first-year return on investments for the majority of machine learning projects is from 2 to 5 times the cost, proving its value.
The objective of machine learning is to get computers to make rapid, optimized business decisions without any programming. We saw how machine learning can be either supervised or unsupervised, but data is always the definitive source of study. Therefore, the more data a company generates, the more information there is available for algorithms and creating efficient predictive models.
Machine learning can help optimize your business by aiding in different areas, such as:
-Information for customers: Algorithms can be trained to detect faces (anonymously and while respecting privacy) which provides companies with useful demographic information about their customers. It is also possible to identify the attention time and views for content shown on the screens. Machine learning makes it possible to connect this data and automate campaigns.
-Product recommendations: Machine learning can automatically correlate customer demographic information with the products they buy to discover the preferences of different segments and how they change over time. This way, it can predict what a specific customer might want to buy in that moment. It can also use this data to suggest related products that may interest the customer based on their search history or the products and services they already purchased or used.
-Personalized offers: Machine learning optimizes advertising investments by tracking customers’ online behavior patterns to determine which ads and offers are most likely to be useful for each user. This is how machine learning achieves more personalized ads and delivers them at the perfect moment.
-Voice recognition: Voice-activated assistants are on the rise. Machine learning can identify patterns in human speech to understand and respond to people in a polite and personalized way. It can also convert voice into text to keep optimizing the customer experience. Voice-activated assistants are also a powerful tool for reducing staff workload and optimizing their time.
Internal Process Optimization
-Inventory management: Machine learning can also use a company’s internal data to automate inventory management if linked to the existing system. It can promote surplus products and stop showing ads for sold-out products, helping reduce costs and improve functioning.
-Logistical improvements: Machine learning can optimize business operations and the customer experience by anticipating possible successes. It does this by integrating external information systems, such as meteorological predictions or traffic conditions, for example.
Machine learning is useful for businesses not only because it can provide personalization when communicating with customers, but because it can effectively predict results and automate actions to improve business strategies. Get a leg up on the competition thanks to a better understanding of the market and trends.
Machine learning also aids in efficiency and time saving by accelerating internal processes, saves money by optimizing production and communication processes, and maintains constant quality control. This is why machine learning has become essential for any business that wishes to personalize the customer experience, make optimized strategic decisions and keep up with the rise of artificial intelligence.