To many people, AI and Machine Learning are only concepts, things of the distant future, something that we have to wait years for. However, the truth is that we're already on the verge of AI revolution, and the increase in the ease of use of machine learning software has been rapidly increasing its impact in a number of industries.
From simple AI-powered chatbots using natural language processing technology to complex autonomous driving systems and warehouse management systems able to deliver a huge increase in efficiency and effectiveness, the world has been using AI-powered tools for quite a while now.
For businesses, AI and machine learning software represents a great opportunity to gain competitive advantage, increase sales, and remain relevant for years to come. Many well-known companies are already using machine learning to achieve their goals; for example, DHL deploys it to increase effectiveness and efficiency of their logistics chains and warehouse management, UPS uses machine learning to determine the fastest routes for drivers, and Tesla has AI-powered platforms for self-driving cars.
In other words, the future is much closer than you think. Adopting AI to improve operations is something that you have to do as soon as possible to become an early adopter and outperform your competition. Here are some potential uses of machine learning software to advance your business and meet the challenges of the future.
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1. Process Massive Amounts of Data and Make Good Predictions
Machine learning-based applications employ algorithms that can deliver an excellent analysis of vast amounts of data and create predictions, even when you continue to feed them with updated data and information.
- Improve logistics and satisfy a larger demand by using smart cameras and supply chain solutions
- Predict customer behavior based on data related to prices, economic conditions, and season
- Analyze unprecedented amounts of data and identify the strengths and weaknesses of your business
- Scale your business and improve customer service by getting insights from the data provided by leads and customers
- Predict demand based on historical data.
2. Create Better Ads
Machine learning is capable of some sophisticated analysis, which companies can use to determine the best audience for their online advertising. One of the best examples of this technology is Facebook's Lookalike Audiences, which expands an online campaign's reach by including people who have similar characteristics.
It works as follows: a brand provides Facebook with a list of their customers and the platform's machine learning software creates similar audiences based on the data from the list.
By using Lookalike Audiences for our company Essayontime, we improved the effectiveness of our digital marketing campaigns by having the right individuals viewing your ads on social media," says Martin Mills, a social media marketer.
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3. Find Product-Market Fit Faster
Just a decade ago, businesses had to manually collect tons of customer feedback and look for patterns to identify people who are most attracted to their value proposition. Now, however, AI-powered technologies such as machine learning, audience segmentation, and natural language processing can help to accelerate this task.
For example, they allow businesses to get raw customer feedback through special platforms, analyze the results, and get neatly categorized customer sentiments.
4. Improve Customer Service
AI-powered chatbots can be incredibly useful for companies looking to increase the speed of customer service and transform customer experience. For example, they can help businesses save on customer service costs by speeding up response times and providing answers to about 80 percent of routine questions!
Moreover, the same source also described that 64 percent of customers thought that the main benefit of chatbots was the ability to provide 24-hour service while 55 percent appreciated a quick response.
So, this means that developing a chatbot for your own business can help you improve customer service by answering more requests and providing 24-hour service. Moreover, while conversing with customers, chatbots can provide them with promotions, discounts, news, and other helpful information, thus increasing their engagement.
Conclusion
Here are just some of the ways in which you can use machine learning software to help you with meeting the increasing challenges of this data-driven online business. By becoming an early adopter, your business will have better chances to become more efficient and keep more customers engaged, thus outperform the competition.