Machine learning, neural networks, robotics, and expert systems are the fields of artificial intelligence. And leading companies across all industries benefit from it greatly. Tools that use machine learning can make the decision processes automatic and increase companies’ top-line growth. In fact, customers are willing to shop on your website more often if your page comes with some machine learning technology. So, it’s no wonder that most marketers these days have AI as the main part of their data strategy.
Have you ever wondered how Amazon knows which products recommend you? Or why you don’t have to provide a document every time you visit an online casino like Mr. Bet? The answer is simple. It’s all made possible with different machine learning technologies. So, if you’re running a business and haven’t yet looked into how machine learning works, we encourage you to read this article. We will take a closer look at how high-tech know-how can improve your business’ efficiency. Sounds good? Let’s dive in.
How Machine Learning Increases Your Sales
Machine learning basics are quite simple. If a digital model can improve its performance based on its experiences, then the model has the ability to learn. And what better way to use these abilities than to collect customer data for more personalized offers. Let’s be honest: the task would be just too tedious for a human to handle. Both efficiency and productivity would be significantly increased if you’d leave the job to an application.
Still not convinced? Look, here’s one thing a human being will never be able to do: organize the collected data and report emerging trends in an instant. Not in weeks or days, but right away. Thus, if needed, you can make immediate changes to your sales strategy.
For example, if the application detects that the target audience is more vigorous during the mornings, you can focus your sales efforts on the early hours. This can save you a lot of money while generating extra revenue.
Growing Customer Loyalty
Here’s another thing that applications with learning abilities can do with the data: identify clients who are thinking of leaving. Yes, it’s true. By analyzing customers’ transactions and social media posts, a computer can make a fairly accurate statement about how one feels about your company. This allows your business to optimize its strategies for the next best step. The optimization usually means coming up with a more personalized experience for the customer.
For example, phone companies can scan an individual’s usage patterns and offer customized plans for someone who seems to be defecting to a competitor.
Machine Learning Helps to Measure Exposure
It’s a common situation for small business owners not to be aware of their company’s brand exposure. But an automated program can easily find your logos and products from the Internet. Image recognition software can track brand logos in footage of a sports game.
Maybe one day, we will even have machine learning to predict football scores with 100% accuracy. But until then, we can use it to give sponsors a detailed analysis of their investments.
Machine Learning for Trading
Could machine learning help you out in the competitive world of trading? The truth is that AI already has an important part in eCommerce. Machines process huge amounts of information, including different texts and making summaries of posts on social media, Twitter, etc. And the collected data can be used to determine the possible trends. It’s super valuable info so that traders can stay on top of whatever’s happening during the day.
Machine Learning for Finance
AI is helping finance move towards more automation. Let’s say that someone receives a payment that has no order number. It takes a lot of time to put together the right order with the transaction. But it will be much faster for AI that can easily match a great number of invoices automatically. This means that the finance staff is freed up to handle more important strategic duties.
Machine learning can also be used in fraud detection and financial analysis, thanks to the same often mentioned benefit: AI is just so fast and efficient in analyzing lots of data. It can make quick decisions about fraudulent-looking activities based on information about all the past transactions. Fraudsters can then be stopped before they cause any significant damage.
Machine learning can help a business in multiple ways. Analyzing huge amounts of data quickly allows you to make more personalized offers and predict customer behaviors. You can also avail of the programs to measure your brand’s exposure or decrease your financial department’s workload. All the big companies are already greatly benefiting from machine learning. So, now it’s your turn to start implementing AI in your company workflow.
Do you feel like machine learning could improve your business? Or maybe it’s already an integral part of your internal processes? Let us know in the comment section.
Alex Norwood is an experienced traveler and an online entrepreneur. He is very interested in technology and tries to implement it in his life. He runs a successful eCommerce business and is always on the lookout for new lucrative ways to make money online.