Posted: 15 Jan 2019 Contributor: Therese Palmere
5 Proven Tips to Use Machine Learning to Improve Business Efficiency
The rise of artificial intelligence and machine learning has not only changed the way users interact with businesses, but also the way businesses conduct their business and relate to users. So, what is machine learning? It is the ability for algorithms and digital models to learn and improve their performance on tasks based on experience. AI and machine learning technology that’s currently on the market can help boost productivity by 40%, and when this technology is present on websites, 49% of users are willing to shop more frequently, and 34% are willing to spend more money. In fact, 61% of marketers also say that artificial intelligence is the most important aspect of their data strategy.
Read More About: AI Technologies Predictions That Will Dominate In 2019
In this blog post, we’re going to go over how to apply machine learning to business with 5 proven tips that will help improve your business efficiency.
Increase Sales with Customer Data
Machine learning tools can increase productivity and efficiency by automating tedious tasks like compiling data, organizing information and reporting trends. A huge benefit of machine learning business applications is that all of those tasks can be accomplished in an instant, even with massive amounts of data.
Read More About: What Is Augmented Analytics and How Can It Help a Business?
These advanced reporting platforms will not only display your data in a way that’s visually appealing, but will also showcase that information in a way that’s easy to understand. From these, you can gain important insights on consumer behavior that will help inform your sales strategy. For example, if you see that your target audience is more active during certain hours of the day, you can focus your sales efforts during those specific time frames. This is especially important when it comes to machine learning for small business because automating these steps can help save your brand money while increasing revenue.
Run More Relevant Marketing Campaigns
Data from your machine learning platform will not only help to inform your sales strategy, but it will also help improve the relevancy of your marketing campaigns, which is another benefit of adding machine learning to your digital strategy. Based on specific user information, your team can tailor different marketing campaigns and digital advertisements to certain user demographics. This can be done in a number of different ways based on how your team decides to market your business.
With email marketing campaigns, for example, you can send special discount codes and promotions to users who have shown particular interest in different aspects of your brand. If a portion of your audience has recently viewed your jeans but didn’t complete the checkout process, you can also create an email listserv to notify them when your business is having a sale on jeans.
When it comes to how AI is changing digital advertising, retargeting is just one way. The powers and capabilities of machine learning extend further than this process by helping improve user experience (UX) as well. This is yet another great application for how to apply machine learning to your business.
Improve User Experience
As noted above, machine learning tools can improve UX by helping your team deliver more relevant content to users. Companies like Netflix and Amazon are already using machine learning capabilities to recommend shows and products to their users based on their previous activities. Your business can also use this tactic!
While users are on your website, you can provide them with purchase recommendations based on their browsing history and previous orders. You can also offer discounts and sales to returning customers to build loyalty among your following. If you’re an entrepreneur who’s just starting out, this is where to use machine learning in your business plan, as improving UX means improving the customer’s journey as well.
Expand Business Operations
Aside from data compilation and organization, machine learning can also help improve the efficiency of your in-house processes. For example, when it comes time for your business to talk about expansion, machine learning can help determine where you should take your business next. Yael Gavish, writer for Medium writes about machine learning in business use cases, and says:
Data can help you open completely new business opportunities — create brand new products for your existing customers, or serve segments or customers you haven’t served before. For example: Netflix can serve studios, which weren’t the core target audience, by selling them insights from its data on what themes and plot lines work for which audiences; Zillow can help real estate developers understand which building features will get them the highest return on investment, etc.
This can help brands greatly improve their business models because machine learning will help entrepreneurs and business leaders alike identify where their services can grow based on customer data.
Streamline In-House Processes
There are many different machine learning business ideas out on the web, and one of the biggest uses of machine learning and AI that was highlighted last year was the application of chatbots. Having a chatbot on your website can assist your customer service team by being the first responder to your customer’s inquiries. Chatbots can also assist your customer service team by directing users to various parts of your website, freeing up time that allows your team to handle more important tasks that are required to move users further along the sales funnel.
While we focused today’s discussion on the benefits of machine learning, interesting machine learning problems include time and resources: it will take time for your business to see results from machine learning platforms because artificially intelligent processes take time to learn about your business’ patterns and user interactions. The amount of time will depend on a number of factors like the amount of data these machines will be processing, the nature of your business and how the data will be used. Additionally, such advanced technology requires more computer power and can be difficult for businesses with limited resources. While these may be disadvantages, it’s still clear to see why investing in machine learning for your business is the way to go. Let’s see those reasons one more time:
- Machine learning will help you increase sales with customer data.
- You team will be able to produce more relevant marketing campaigns to its users.
- This technology will help improve your band’s UX.
- You can expand your business with machine learning data.
- Machine learning platforms also have the added benefit of helping streamline in-house processes.
Hopefully this blog post has helped you learn how to apply machine learning to business! If you have any questions, just drop them in the comments below and we’ll be sure to answer them!