Before diving into the topic of this article, we want to make sure you truly understand what Machine Learning means. According to an article published by INC, this term was first used by Arthur Samuel, a pioneer in artificial intelligence and machine learning, in 1959. It means the ability for machines to learn and improve actions and results, without explicit programming.
Although it has taken more than 50 years for the technology to catch up with the concept, it has now become available for all types of businesses, including small ones, giving them a big boost across all aspects of their operations.
Here are the top 5 different ways your business can benefit from machine learning according to INC.
Five ways machine learning can benefit SMBs
1. Improve customer experience
A research carried out by Salesforce showed that more than half of all customers will switch brands if a company doesn’t anticipate their needs. If you are wondering how to do this, machine learning is the answer. By finding correlations from data, machine learning can predict customer preferences and help businesses create a more personalized experience for their customers. It will also help you solve customer service issues, offer additional product and service recommendations, and identify which leads may be ripe for a purchase decision or which ones need more time to research a solution.
2. Make more informed decisions-faster
Small business leaders may mistakenly believe they don’t have enough data to use the technology effectively. But any business with a digital presence, even if it’s just having a website, or social media channels, or en eCommerce store, probably has more data than they realize. Properly compiled and analyzed that data can deliver results that identify future strategies with automated insights.
3. Automate and streamline your business
Tedious tasks such as creating appointment reminders, responding to email, sending billing notices, generating leads, and engaging on social media are some of the many tasks you can automate. Machine Learning can help set many of these tasks on automatic, and the machine will automatically schedule the next step and know when to flag something for human attention, leaving your workforce to carry out value-added tasks instead of routine drudgery.
4. Strengthen your digital security
Machine Learning can be used to identify suspiciously that could carry a potential breach in a much faster and accurate way. An ML-enabled security system can detect attacks and react when there is a breach of automated processes in the network and on-premises. For small businesses unable to afford a full-time security expert, ML can provide viable alternatives.
5. Boost your marketing
Marketing in a digital age requires an understanding of data, analytics, and automation. ML allows small businesses to use data more efficiently to improve marketing performance. It analyzes and parses data to identify more detailed sales projections based on past experiences than you ever imagined possible. It can also allow you to optimize your marketing mix by better predicting customer profiles and delivering targeted and personalized marketing.