Back

 Industry News Details

 
Gain a Competitive Advantage With Machine Learning Posted on : May 29 - 2017

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. View More