Machine Learning and Business
- 1 Machine Learning and Business
- 1.1 Why Machine Learning in Business?
- 1.2 How will Machine Learning Increase the ROI of Business?
- 1.3 Ways Machine Learning Can Increase ROI of Your Business?
- 1.3.1 Segmentation
- 1.3.2 Customer treatment
- 1.3.3 Automate Business Processes
- 1.3.4 Cognitive engagement
- 1.3.5 Monitoring Duty Schedule and Overtime
- 1.3.6 Retaining Customer
- 1.3.7 Revenue and Profit Optimization
- 1.3.8 Email Marketing
- 1.3.9 Recommendation Engines and Robots
- 1.3.10 Social Media Marketing and Business
- 1.3.11 Resources:
Artificial Intelligence is booming in every field and the same is the case of Business. A business which does not follow a dynamic changing environment is collapsed or is under severe stress. Artificial Intelligence is helping business and business leaders a powerful way to grab the market through their analytics tools and techniques. The current statistics show that Artificial intelligence Machine learning can boost the organisation’s business activity by 40 %. So it is a higher ROI than anything can give but used in the proper way with care.
Machine learning in Business is used for strategic outcomes to what customer, market and overall environment of Business is for making your decisions easy and quick. Now the decisions in Business are information based informed decisions whether it is finance or marketing department.
Why Machine Learning in Business?
Businesses now work on data to analyse and find out patterns to make decisions. No other feasible and reliable method than Machine learning to analyze large amounts of data and find out information for decisions.
Machine learning platform is used in marketing to find out the list of most customers for promotions and discounts, increasing more revenue and profit of the company. In finance, ML helps in optimization of cost on projects, departments, and revenue management in order to save company resources and capital indirectly increasing ROI of the company.
How will Machine Learning Increase the ROI of Business?
There are several ways that Machine learning can be helpful in increasing ROI such that you can automate human-based work such as PPC ads, digital content, graphics and video marketing, targeted customers, use of social media ads. By eliminating errors and reducing resources, Machine learning models efficiently do marketing and other jobs.
Ways Machine Learning Can Increase ROI of Your Business?
We here give some examples of how Machine learning can benefit companies to increase their profits
Segmentation is the study of different segments of the population or customers, like the major customer, let’s say that 95% of the customer segment in the suburbs used to sleep early at 8 pm but in cities major part sleep at 12pm. So by analyzing these segments store chains define their timing of closure to save their resources and gain more profit at different places.
Machine learning helps marketing managers to find out easily higher profit customers to give them executive treatment for more profit. Similarly, the customers which buy daily also require good customer service and their product inventory at first priority.
Automate Business Processes
The robots and automatic process now easily transfer email and customer data into systems for recording and updating customer files in no time. These powerful Machine learning based systems can extract information from various places to verify that and update if a system failure occurs.
The machine learning-based chatbots or robots can give service to the customers 24 hours a day in the whole year. Now the Business cannot lose customers due to the closure of the Business or not having some customer service executive. They can sort out CVs in the HR department, calculate the productivity of employees and do many other jobs.
Monitoring Duty Schedule and Overtime
Machine learning models automate duty assignments to the employees and fill their overtime according to work. However, in a manual system, the auditor faces a lot of difficulty in the closure of the financial year due to human errors and discrepancies in the data.
Managers know how difficult it is to get new customers in the highly competitive market and customer service cannot be perfect as every customer behaviour is different and difficult to predict. However, Machine learning due to its ability to consider many features or things simultaneously, can predict the right customer behavior for the product and assist managers.
Revenue and Profit Optimization
Machine learning is used in finance and accounting to measure financial performance and find out revenue leakages. It is not an easy task to find out revenue leakages in thousands of transactions and cash flow. Machine learning also helps in optimisation of profit and revenue targets in the organization by data analytics and past processing data.
Marketing managers can take Machine learning advantage to create hyper targeted customer segments in no time for individuals with a high chances of buying using direct email. They can increase a company’s ROI if the targeted customers are responsive and exactly looking for the same products.
Recommendation Engines and Robots
Recommendation Engines, robots at the store and chatbots of the Business play an important part in grabbing the customers by giving the exact product they demand. Only a good recommendation engine can increase company ROI up to 25 %. Besides that it retains the customer and offers a long time benefit. Robots at stores also help the customer in finding the product of their choice when there are a lot of products and shelves.
Social Media Marketing and Business
Marketing at social media sites are run on different Machine learning based algorithms which predict customer behavior by looking at their searchers and past purchases. Businesses can increase their ROI using social media marketing techniques such as Facebook dynamic Ads, which are interacting and targeted. Similar advertisements are run on other social media platforms to grab customers and increase ROI of the company.
The results show that companies that are employing machine learning are now in the process of maturing and their ROI is already increasing. The ROI of companies in a short span of time is massive and impressive. If implemented with the right people, processes, and ML technology, a single business case can give greater ROI. As Machine learning is employed continuously across multiple industries, the ROI of companies is expected to further increase.
In my view, the digital marketing companies will get the most ROI in 2022 by using Machine Learning techniques. What do you think will get more ROI IN 2022 by employing ML?