Machine learning may seem like something out of a science fiction movie, but it is quickly becoming a driving force for many new products and businesses. There are a number of ways to apply machine learning to nearly any business, and doing so can create a competitive advantage. In fact, 48% of companies are planning to use machine learning to gain a greater competitive advantage in 2017. Instead of getting left behind this revolutionary change, here are a few ways any company can be more competitive with the help of machine learning.
Deeper and Faster Data Analysis
The future is driven by data, and machine learning makes it possible to access and analyze larger amounts of data faster than ever before. Companies can use this to sort through all kinds of information about their products and customers to find ways to improve their core businesses. Machine learning and smart algorithms can power through large amounts of data much faster than humans can on anything ranging from research and development reports to customer satisfaction surveys, meaning companies using machine learning get those data insights much faster and can apply them to their strategy before the competition. Data analysis can predict the best customer referrals from a database or find potential money-saving areas in the budget.
Better Customer Understanding
Another way many companies are using machine learning is to better understand and reach out to customers. In today’s connected world, there are a number of ways customers can communicate with companies. In fact, it can provide an almost overwhelming amount of data related to customer trends, patterns, and preferences. Machine learning can sort through the data to provide an accurate and ever-changing picture of a company’s customers, all while measuring public opinion and how the brand is viewed on channels like social media. Having a better understanding of customers allows companies to adjust their strategies to meet customer needs, create marketing campaigns that resonate, and communicate with customers through the best channels, among other things. If a company uses machine learning to better reach their customers, they will have a huge advantage over a competitor that doesn’t have as accurate or updated information.
Tagging
Most of the content created internally and externally by organizations is now tagged to make it easier to search in the future, especially with all flash storage. Tagging can also lead to increased search engine optimization, which can make the information easier to find online and boost a company’s credibility. Effective tagging can take time and can require an understanding of the market. However, machine learning can automatically tag content, saving time and increasing efficiency. Machines can even adjust the tags based on current market trends for greater scope. Internally, tags on documents or projects can increase budgeting, saving time and money and allowing organizations to reallocate their human employees to better serve the company.
Improved Search
It should be no surprise that search engines like Google are on the forefront of machine learning because they rely on fast and accurate search results to build their business. However, the principle can be applied to any company that provides search results, from a scientific database to a website selling shoes. Customers want to be able to sort through the options and find what they want quickly and accurately. If a website has a bad search function, customers are likely to leave it behind and try a competitor that can provide accurate results. Machine learning helps companies realize which search keywords are the most important, so if someone searches for “blue kids shoes”, they are given results of kids shoes instead of adult shoes. Machine learning can adapt to different databases and types of customers to provide the exact results people want, which can make the entire customer experience much more convenient and enjoyable.
Machine learning is a powerful tool that many companies are already taking advantage of. With its adaptability and quick processing times, the technology can be applied to a number of areas to give companies a competitive advantage of speed, knowledge, or strategy. The most successful companies of the future will likely rely on machine learning to gain an extra edge over the competition.
Contributed by: Linda Gimmeson, a tech writer with a focus in big data, machine learning, & IoT. Linda discusses big data, emerging technologies, and how companies can get real value out of their data.
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