Did you know that two billion Facebook users use machine learning on a daily basis without even realising it? Machine learning has now become an integral part of our real and virtual lives. Friend-tagging suggestions, mutual friend analysis search and group recommendations are just some examples of machine learning used by Facebook.
Businesses, too, have acknowledged the power of machine learning and analytics, and are increasingly adopting them as part of their digital transformation strategy. Allied Market Research predicts that the Artificial Intelligence Market Worth will be at USD 169,411.8 Million by 2025. Of this, machine learning which secures the highest share of 52 percent, will grow at 56.4 percent CAGR from 2018-2025. Given that robotics, machine learning and Artificial Intelligence (AI) are defining new frontiers of technological capabilities, this optimistic prediction seems to be in line with the expected transformational outcomes.
Let’s look at the top three benefits.
Competitive Customer Experience
A new age of customer service has arrived! Machine learning has enabled advanced technological capabilities such as chatbots, 24x7 customer care, deep customer insights and the ability to reduce the customer’s effort. It utilises software such as single-waiting rooms that prioritise interactions based on customer history, business value, agent’s skill and more. These advancements allow businesses to meet many of the new-age customer expectations. Organisations seeking to enhance their customer experience and exceed customer service expectations can leverage machine learning and analytics to achieve their goals.
Powerful Insights to Drive Customer Experience, Sales and Marketing
Businesses specifically utilise machine learning and analytics to identify patterns that impact customer loyalty and buying behaviours. But how is machine learning able to obtain this information?
At the onset, it is important to understand that machine learning and data integration are interdependent. In order for machine learning to be successfully implemented the very best data sources must be utilised and data integration provides accessibility to these excellent data sources. Machine learning analyses this data and algorithms are then created to efficiently define how the business processes work. Once this has been defined, the algorithms then make calculated assumptions and predictions on different customer groups and individual customer behaviours. These analyses and insights help businesses advance their customer experience, marketing and sales functions, in ways that ultimately affect the organisations’ bottom-line.
Empowered to Make Real-time Business Decisions that Make Sense
Machine learning and analytics enable businesses to make agile, calculated yet real-time decisions that are backed by data and actionable insights. This means that businesses are now in a much better position to be proactive as well as react to unforeseen circumstances. American Express, a renowned financial corporation has 110 million active cardholders and processes 1 trillion dollars’ worth of transactions, and they currently leverage analytics and machine learning to detect fraud in real-time and strengthen connections between businesses and their customers. Amex’s ability to detect and prevent fraud quickly has helped them minimise loss and save millions. Additionally, Amex has utilised analytics to connect cardholders with relevant products and services by implementing applications that obtain lifestyle, location and nearby amenities data. Furthermore, Amex provides their B2B customers with trend analysis and anonymous competitor analysis which empowers these businesses with detailed customer insights.
In this new age of transformation, disruptive technologies, such as machine learning, will empower companies to use real-time data to enhance competitiveness, inspire innovation, improve customer experience and realise cost-savings.