AI and ML as an Inexhaustible Source of Business Opportunities
AI|artificial intelligence|machine learning
29 Jan 2021
Artificial Intelligence is a super hot topic at the moment. But most people don’t know how to fully grasp it. You’re probably interacting with AI more than you realize. It decides if your incoming email is spam, if you’re qualified for a loan, and whether or not that person on a dating website is a good match for you. Even down to the music suggestions you are listening to on Spotify and Siri directing you to the nearest restaurant. And all those things are not actually magic and in the ‘future is now’ cliché kind of way you are on the receiving end of this technology every single day. So, the future isn’t now. It’s actually yesterday.
Why are AI and Machine Learning So Important?
Training an algorithm to predict future outcomes, using a principal component model to learn about your clients’ personalities, analyzing text to extract sentiments automatically on your product and grouping 650,000 lines of data to cluster clients into different segments with machine learning – all sounded like rocket science to millions of entrepreneurs some 15 years ago. Now lots of ecommerce business owners do it as easily as they use Excel or Illustrator. So, if you want your business to succeed right here, right now, make sure to harness the potential of AI and machine learning.
- If you’re still hesitant, follow the link to learn more about machine learning services and discover new opportunities for your business.
In five years or so, ‘proficient in machine learning’ will be a must-have on any manager’s CV. But for now it is still a rare skill, which you would be well-advised to develop to take your startup or existing business to the next level. Being knowledgeable about AI and machine learning will give you a strong competitive advantage over your rivals and help you employ the latest techniques wherewith you’ll be able to boost your entrepreneurial venture even more.
You have probably heard about that, but the digital skills gap is growing exponentially, and you’re going to be required to learn an ever-growing number of new fundamental skills if you want to stay relevant and on top of your game. Master the fundamentals and you can master the rest!
Business Benefits
AI and machine learning specifically are fundamentally going to change your role not only as a manager or marketer, but also business owner or CEO. This will allow you to be much faster and make use of much bigger data sets, including that of your competitors. You’ll be able to make predictions, correlations, and understand which of your efforts give you the highest ROI. AI will free you from all the repetitive monkey work and allow you to hone in on important aspects like strategizing or team dynamics.
So, what are the most important questions that AI can answer for you right now? Well, the array is truly endless. Among of the most popular ones are:
- If someone discovers your product or service today, how likely is that person to actually sign up and purchase it?
- Which of your visitors are most likely to buy your goods or avail themselves of your services?
- How do your customers feel about your products and services provided?
- How much will your customer spend over their lifetime?
- Can you discover the psychographics (the interests, habits, opinions, attitudes) of your customers using machine learning?
The list can be continued, of course. But the most important thing about it is that the answer is ‘Yes’ to all of the aforementioned questions. There is so much more you can apply AI and ML to. And there are lots of real-life examples illustrating the applicability and effectiveness of techniques in question. Thus, we all know that Donald Trump won the presidential elections. But did you know that it was AI that helped him target different personality types with different messages? We’ll bet you had no idea. Amazon also uses AI to create its recommendation engine and show you your next ‘holy-moly-I-need-this-product’ recommendation. Another big company, ASOS, knows exactly how much you’re going to spend with them over the course of your customer lifetime thanks to ubiquitous AI technologies. OTTO, in their turn, utilizes the AI algorithm designed for the CERN laboratory to cut down on stock and predict what people will buy in the next month. And that’s with almost 90% accuracy.
Now that you know so much about the business benefits of AI and machine learning, you’ll definitely want to give it a shot! It’s the surest way to future-proof your business and ensure your venture will stay relevant and competitive in the market.
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