Artificial intelligence and machine learning are two very discussed topics in the 21st Century. While AI has been the subject of many science fiction films, TV shows, and comics, it is now a significant force in the real world as well. This has been made possible thanks to relatively recent advancements in technology. Many experts claim that AI and ML will lead the next big wave of technological and industrial development. In fact, both are already making their presence felt in modern businesses. Let’s explore how you can use them for your own business functions.
What is Machine Learning and How Can We Use it In Business?
Machine learning enables computers to “learn” how to execute tasks without being specifically programmed to do so. This is the technology that makes things like Tesla’s self-driving cars a reality. What gives ML so much potential is that in the commercial sense, it does not need you to invest in specialized infrastructure. A small business with 3 employees and a subscription to Cox internet plans can adapt it for its use just as efficiently as a large enterprise.
Machine learning itself has lead to the rise of a new understanding of machines and their capabilities. The technology has enabled us to create better and more functional forms. Things like such as chatbots, analytics tools, and even IoT devices that can learn to adapt to your living habits. This blog explores the following applications the technology can have within the business world:
- Analyzing Data and Identifying Trends in Sales
- Offering Personalized Experiences to Mobile Users
- Improving the Fraud Detection Process
- Offering Real-Time, Personalized Shopping Recommendations
Let’s examine these areas in more detail below.
Offering Personalized Experiences to Mobile Users
Businesses can stand out from the competition and engage more users through personalized shopping experiences. This also ensures that the customers will continue to buy from you in the future. Most people engage with businesses using the most convenient means available. That is their smartphones and tablets.
This is one avenue that mobile marketers are exploring to offer more personalized experiences to consumers. Machine learning can leverage the information gathered from a customer’s mobile device and use it effectively. It can deliver real-time personalization and better engagement.
Improving the Fraud Detection Process
More consumers are relying on online shopping because of the convenience and functionality it offers. Unfortunately, the larger number of digital shoppers are also an opportunity for cybercriminals. To protect against this, many businesses make use of a variety of digital security measures. Unfortunately, the threats keep evolving and businesses find they need to do more to meet them. Protecting online transactions also often slows them down. This makes the purchase process more tedious while still not getting the job done sometimes. Digital fraud also has a massive impact on a brand’s value and reputation.
Machine learning tools can learn from and look for fraudulent transactions. By analyzing specific aspects of know frauds, the ML tools can build data models and find better and more efficient ways to detect it. This way, it can not only improve fraud detection but also speed up the purchase process.
Analyzing Data and Identifying Trends in Sales
In the 21st Century, one of the most valuable and useful assets a business can own is the data it generates. Many email marketing companies utilize this method for better data and trends analysis for sales. The modern sales function, in particular, generates some of the most sensitive and crucial data. But with so many platforms for customer interaction, it can become challenging to sift through all of the information.
With discrete platforms, it can also be difficult to compile different datasets together. And even harder to extract meaningful and actionable information from them. Machine learning can offer businesses an edge in this aspect. It can help businesses significantly reduce the time it takes to extract trends and other valuable information from data. Not only that, but machine learning software can actually carry out an analysis of the data, and help with the decision-making process.
Offering Real-Time, Personalized Shopping Recommendations
One of the reasons companies like Amazon see so many sales is through their product recommendation system. Product recommendations improve the overall shopping experience. They help customers find relevant and useful products they might be interested in. Machine learning can help e-retail companies look beyond a customer’s product search. It can go ahead and efficiently find products that they might want.
On an e-commerce website, this is the digital equivalent of a cross-sell, but on a much larger scale. Companies like Alibaba and Amazon have benefitted greatly from incorporating machine learning into their e-commerce models. Of course, the increasing penetration of affordable internet has played its part. There are more digital consumers than ever before. This has contributed to getting these giants to the top market shares they hold in global e-commerce.