Artificial intelligence (AI) can be best defined as a software solution that can solve problems according to a predetermined set of rules. A simple example is the artificial intelligence that allows or prohibits access to your smartphone. The AI in this case might ask ‘Does the access code inputted, match the one on file?’ and then respond appropriately.
Machine learning on the other hand, takes AI one stage further. Machine learning is a form of technology whereby computer algorithms search for regularities in patterns of data. Once such patterns are established, more probable outcomes can be predicted by the machine. This form of technology is most influential in our day to day lives, from using our debit cards to buy a coffee at our local coffee shop, to withdrawn cash from an ATM, or booking a train journey using self-service machines. This same technology can also detect fraud, and alert your bank immediately, and direct ads your way on social media, depending on your buyer patterns and behaviours.
Where business is concerned, machine learning can significantly reduce your overall costs and overheads. It can do this by automatically identifying a sales inquiry or complaint, respond to customer queries itself, without human intervention and improve the overall efficiency of the day to day running of a business. Here are the many ways machine learning and AI will change your business for the better in 2020.
Chatbots are becoming hugely popular in the world of retail and e-commerce. They have proven to have had a significant impact on customer service on a global scale, eliminating the need for human interaction when dealing with the customer lifecycle. Through machine learning, chatbots engage with the everyday customer 24-hours a day and resolve queries without human intervention, usually through an integrated online chat service associated with your company.
They are increasing customer satisfaction through other means too, by responding to customer queries within seconds, rather than leaving them waiting for an hour or so in a queue. Chatbots are the latest revolution in the retail industry, especially when it comes to gathering and digesting customer data and personal information, which is kept safely stored and secured in a server to influence the buying process, and help businesses to stay in touch with their customer base.
It is hardly surprising therefore, that around 85% of customer service interactions are now powered by chatbots. Household names including Netflix and Amazon, among many others are enhancing their customer engagement processes by taking advantage of chatbot integration.
Increasing Your Customer Base
With other companies already embracing machine learning and AI technology and considering how it can be integrated into their systems and processes, now is the time to look at what you should be during to ensure your business is not left behind.
Creating a rapport with your customers is crucial after all, to ensure that you gain customer loyalty and continual engagement throughout the customer lifecycle. Machine learning can utilise lexical analysis to make those initial conversations much more valuable by closely analysing words, phrases and topics that resonate with your target audience online. This is where the power of AI and machine learning can reap huge benefits for your business, helping you tailor your advertising and personalised marketing communications accordingly, based on real-world data.
Personalisation and Trend Prediction
One of the most exciting things about AI is its potential impact on social media listening and lead nurturing. With the help of personalised, real-time content targeting, AI will soon be able to locate and start the nurture process.
An AI algorithm is sophisticated enough to pick up on buyer habits and behaviours, to help your business generate and post out relevant content for your target audience to see. This can help influence buyer decisions, taking them from awareness stage all the way through to the consideration stage, from one ad.
Machine learning can also be used to monitor purchasing behaviours long-term and on a wider scale, using tools like Google Analytics, to pick up on keywords and phrases customers are using to search for products and services in set locations. With this information to hand, your business can ensure that you are targeting the right audience, and that your product and service offering satisfies your customers needs.
Automated Data Visualisation
The ability to visualise relationships in data helping businesses make better decisions and build confidence in your brand. While it is possible to obtain rich snapshots of data, visualisation tools are currently only powerful if you can interpret the underlying data. Machine learning therefore, offers a viable solution to this – a more user-friendly automated visualisation platform that can provide many unseen insights.
If you are running a business in 2020, it is important to ask yourself how machine learning and AI can help aid future progression in your market sector. Like all disruptive technologies out there, it will be those who take a giant leap of faith and invest in the latest technology, who will see the fastest results and reap the benefits.
Coderus recognises that machine learning is gathering momentum in terms of making a business more productive, reliable and efficient in its processes. As a leading mobile app and embedded software application company, we understand the importance of using and implementing the latest technology trends, to improve the user’s end experience. Find out more about our services here.