If you have a business, chances are that you already know the importance of user data.
Now, with that thought in mind, imagine you are a user who is utilizing an e-commerce application. You have just download the app 2 days back, but it is already showing you recommendations. You are receiving emails regarding the products that are similar to the ones you were looking for on the application. Great, right?
You may have even selected the desired product from this email and made the purchase. A win-win situation for you and your provider, both. While the provider was able to convert a lead to customer, you were able to make a purchase without spending a considerable amount of time of the application.
What is this?
This is the power of data and machine learning.
When we talk of big data, it is the huge amounts of data collected by organizations on a daily basis. But, when we talk about machine learning, it is the technology behind big data. This technology observes trends and statistics and helps us react. In the above case, it was used to help the provider send you recommendations.
Keeping the importance of both big data and machine learning in mind, let’s move on. Below we have explained three looming trends of the industry. We will see these trends in the coming months, so it is best to start exploring now and get acquainted with it.
Inventory Control
Of course, by inventory control, we mean inventory management but it also means tracking inventory security.
Let’s discuss both.
Inventory management through machine learning and AI does not only mean tracking the barcodes and RFID of the products available in the inventory but it also means using AI-enabled optical system to achieve the same. This AI system can track the RFID of the products and maintain updated inventory status. Whenever there is a shortage or a product is going out of stock, you would be informed of the requirements and how much you actually need to order. How is that possible?
AI and machine learning use previous data to analyze the demand for a product. Hence, through predictive analysis, optical systems can inform you of the correct order purchase so that you can avoid over-purchasing or under-purchasing.
Other than this, we now have AI-enabled cameras that can detect suspicious activities. This means that if a thief is entering your warehouse, your AI camera can figure that out. This also means that the camera can inform someone from the staff immediately.
Marketing
Marketing has the best application of both machine learning and big data. This is because through marketing, a huge amount of data is generated for every business and this data can be analyzed using machine learning. So, in marketing, machine learning and big data have truly found a home. Here’s how:
Whenever you run a campaign, it has a purpose such as generating leads, spreading awareness, or getting more sign-ons. But, tracking this purpose comes with machine learning. Both big data and machine learning can tell you what your users are buying, what they don’t want to buy, which strategy is working, and which campaign you need to revoke.
Machine learning understands your audience better than you do. So, you can trust the predictions of machine learning in marketing to take appropriate decisions and save a huge amount of money in the process. In fact, you can make a huge amount of money in the process. This is because when your campaigns start generating more, your ROI increases and that is exactly why machine learning is being utilized here.
Sales Conversions
Now, this trend of machine learning and big data is our favorite.
Most of the sales teams struggle to generate leads. From the 100 leads they place in the sales pipelines, many are removed just after the first call only. Think of the time that is getting wasted in reaching out to clients who don’t even need your product. Further, even if the lead is expected to proceed forward, how can the salesperson know on which lead he or she should spend more time?
Machine learning helps in two ways here:
Firstly, machine learning can help you sort relevant leads through several platforms. You can focus on these leads as these have high chances of conversion. This is because ML has extracted these leads based on predictive data analysis, which has a high probability of conversion.
Secondly, machine learning can now analyze phone calls of several potential clients at once to under which the client is more like to purchase from you. If this is achieved, your sales representative would have an option to spend their energy in the right direction.
Conclusion
Machine learning and big data are expected to grow in the coming months. Gone are the days when we used to think of the technology that may revolutionize the industry. This is because that technology is already here, it is artificial intelligence and everything associated with it. So, check the above trends and start moving in the direction of technological transformation.