3 Ways Machine Learning Can Impact Your Business
WRITTEN by: Zach Myers |
Among the technological advances we’re seeing in machine interaction, few seem to pique our interest like artificial intelligence (AI). It’s more than just making a voice request to a device or experiencing video in 360-degree immersion. Machine learning allows us to process and analyze data like never before, and provides unprecedented potential. Here are three ways you can make this emerging tech giant work for you.
1. Data Analysis
Data is such a broad and generic term—but it’s the only one that encapsulates the range of information you can evaluate with AI. You can take almost any form of captured data, plug it into a machine learning platform and be given results you would normally only expect a human to provide and in a fraction of the time (granted the accuracy still needs improvement).
For example, if you’re projecting sales for the upcoming year, you can plug in this year’s results and see how you are projected to do based on other agencies like yours. This is a great starting point to grow your business with data based planning.
2. Self-Learning Conversation Automation
I think we’ve all encountered automated phone receptionists and website helpers. Some are better than others and offer real value. But they can only understand and process responses they’ve been programmed to handle. With machine learning, you can now create a complex structured conversation that learns over time.
IBM Watson’s conversation feature, for example, will have the power to gather terms it does not understand. Watson will use the information in its initial programming to presume what those unknown terms mean.
As a possible example, if you run an auto shop and someone says they need their “Honda” fixed instead of their “car,” Watson will associate the make of the car to the term it does understand, which is “car.” The more this occurs, the smarter Watson’s assumptions and associations become. This means a smarter virtual assistant for you, and a more pleasant experience for your customers.
3. Customer Insights
One of the coolest developments in machine learning platforms is nearly here; AI is learning to understand natural language. This allows you to ask for something in a variety of ways and get the result you want without confusing the computer. The ability to understand natural language also allows us to gain insights into customers’ personalities. This can help you identify your existing customer demographic or maybe discover one you didn’t know you had!
People pour their personality into their social presence; you can gather insightful information such as how likely they would be to buy your product, influenced by your marketing, etc. depending on their key likes and dislikes.
Now, that process of analyzing your customer base is easier than ever before. Here is a cool example of an online text analyzer, which can postulate ideas about the personality of the text’s writer. So, if you ever wanted to see how the tone of your Twitter reads to an audience—here’s your opportunity!
Machine Learning is still in its early stages, but now is the time to get in on the ground floor. Every day we are seeing companies use this technology to create amazing things. What will you make with it?