What Can Machine Learning Do For Your Business Right Now?
Machine learning is one of the most impactful technologies businesses use today to power their operations. Although most businesses are familiar with machine learning, there’s still a lack of clarity on what exactly it can do for your business right now. The answer to this depends on what exactly you apply machine learning to in your business. Machine learning uses the data you currently have and continuously learns and evolves from it. Learning algorithms are powerful tools that can help you along your journey. Here are some ways machine learning can propel specific parts of your business right now:
Business Intelligence/Insights & Analytics
Business intelligence and analytics help executives gain insight into key metrics in their business. Metrics like customer lifetime value, customer churn, conversion rates and more give indications to how the business is running in terms of growth, profitability and more. With machine learning, data from analytics and business intelligence can be used to gain more helpful insights and predictions. Additionally, this data can be used to further personalize the user experience to gain more data and continue data gathering and improvements. Extra features like chatbots, search boxes and more can be used to gain more customer insights to improve existing products.
Eliminate manual processes:
Eliminating repetitive tasks is one of the biggest opportunities to apply machine learning in your business. Manual repetitive tasks are some of the biggest costs in businesses because it takes a large portion of employees’ times. This time could alternatively be used to focus on other important aspects of the business. For example data entry is a manual process that machine learning can do. Some businesses have multiple roles just for data entry where an employee spends the majority of their workday inputting data into a spreadsheet. With machine learning, after seeing the process a number of times, the machine learning algorithm can do it on its own.
Strengthen core operations:
For most businesses, a significant improvement in sales, marketing or customer support would increase profitability. Machine learning can be applied to these core aspects of business and reduce current overhead drastically. Each of these parts of your business can use machine learning right now to improve processes and automate many tasks.
Sales: Many businesses have their sales processes and they continue to reuse them and improve slightly over time. Machine learning can automate all the manual tasks of your sales teams, so you can focus on high-priority meetings and sales calls.
Marketing relies on open rates, follow-ups, conversions and more metrics to measure the effectiveness of campaigns. Whether your business uses cold calls or emails to reach out to prospects, machine learning can enhance your efforts significantly. For example, machine learning can be used for email marketing. From drip campaigns to email copywriting, machine learning can be used to automate follow-ups and send campaigns at optimal times. With more campaigns, machine learning algorithms gain more insights leading to more personalized emails for prospects and leads.
Customer support: Customer support is another untapped opportunity for most businesses. Customer representatives for businesses often lack the capacity to take 10-15 calls at a given time. Machine learning is great for customer support because it facilitates the customer to solve their own complaints. Applications like chatbots are a great machine learning tool to gain customer insights while solving issues. As time goes by, the data accumulated is used to improve the chatbots and solve more problems.
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