How to harness the power of ‘Machine Learning’ for business growth?
What is ‘Machine Learning’?
Machine Learning (ML) refers to an application of Artificial Intelligence (AI) that gives computers the capability to automatically learn and develop from experience without any human intervention or any necessity to take up programming.
The potential of Machine Learning
ML is progressing rapidly and is principally driven by new computing technologies. If it is implemented properly, machine learning can fix up different complexities problems of businesses. Besides, it has the ability to predict tough complex customer attitudes.
For instance, ML enables a company in forecasting accurately as to which products are likely to be sold to which category of clients.
The following are some important ways in which ML can accelerate the growth of an enterprise:
Customer Lifetime Value Prediction
Customer segmentation and customer lifetime value prediction are the immediate challenges experienced by the marketers in current times. ML together with data mining not only enables businesses foresee customer behaviors, purchasing patterns but facilitate in creating best possible offers to individual customers on the basis of their past browsing and purchase record.
Removes manual data entry
Currently, duplicate and erroneous data are one of the complex problems experienced by the business enterprises. ML can potentially checks any pitfalls triggered by manual data entry. ML programs turn these processes more efficient by making use of the discovered data. As such, employees can benefit from ML for performing tasks that add value to the business.
majority of e-commerce websites are relying on ML for making product recommendations. The ML algorithms use customer’s purchase history and compare it with the large product inventory to recognize unseen hidden patterns and combine similar products into one. These products are then recommended to customers, thereby stimulating product purchase.
Enhancing customer satisfaction
ML facilitates in boosting customer loyalty and also ensures top quality customer experiences. This is achieved by using the past call records for analyzing customer behavior and on this basis the client requirement can be rightly assigned to appropriate customer service executives. This significantly lowers the cost and the amount of time spent on managing customer relationship.
Conclusion: Smart machine technologies are tipped to be the most disruptive class of technologies in the next decade. There is a growing tendency of ML usage as large number of enterprises are able to deal with challenging marketing problems by way of paying attention to personalized customer care and new product development.