Discover these 5 benefits of Machine Learning to help boost the profitability and efficiency of small and medium-sized companies.
It is unquestionable that the automation of processes is helping the expansion of companies. The Machine Learning market is growing at an extremely rapid rate. And it is forecast that the global Machine Learning market will continue to expand at an annual growth rate of 44.1% until the year 2022.
Machine Learning is a branch of Artificial Intelligence (AI), with the aim of obtaining techniques for them to “learn” them, without the need for explicit programming by a human.
Machine Learning techniques are not something new in the world of computer engineering, almost 60 years ago, but today it is much easier for companies of all sizes to have the benefits of Artificial Intelligence within reach to stimulate aspects in any facet of your processes.
Get rid of all those myths adopted from science fiction movies where machines seize power and subdue humans. Fortunately, AI brings positive technologies that will make your life, and that of your employees, easier. At the same time, it will benefit the performance of your company.
Here in this article, we expose 5 benefits in which Machine Learning can contribute to the growth of SMEs.
1. Boost Marketing
In the digital age, Marketing requires a high understanding of data, a thorough analysis of information and the automation of processes to be more efficient and competitive.
Machine learning allows SMEs to use data, which in most cases is unstructured, in a more practical way to improve the work performance of Marketing professionals.
If you are dedicated to Marketing and you are thinking of introducing Machine Learning techniques in your business, you can be faster-analyzing data and thus identify more productive sales scenarios.
The tools powered by ML are capable of automatically studying and relating the experiences of your consumers, something that previously was totally unimaginable. This helps to predict in advance the best customer profiles for certain campaigns or products.
2. Digital Security Is Strengthened
Being in command of a company exposed to the digital world means facing tough cybersecurity dangers. If you are not an expert, Machine Learning can help you identify suspicious activities quickly.
If your business can’t afford a full-time security expert, activating an ML-enabled security system will warn you of attacks and react to defend your business when you notice a violation of any automated process.
3. Streamline Your Business With Automation
Among the most important challenges that an SME needs to face for its survival, we would highlight the optimization of its processes to make them more efficient. This is aggravated if you have a small team, in which each hour earned is a great contribution to compete with other brands.
Most of the tasks that can be automated are really tedious tasks, such as responding frequently to the same type of emails or calls, reading large amounts of documents to subtract important information or monitoring social networks.
If your company used Machine Learning techniques, you could configure these tasks mechanically, programming the system to automatically perform the job and, at the same time, train it in such a way that it itself will know when to escalate an action to be solved by a human. This will add value to the work of your team.
4. Make Better And Faster Corporate Decisions
Finding a correct commercial strategy is essential to guarantee the growth of your business. But it is not always easy to get the decision right. And making an inappropriate decision in the business environment of SMEs can irreparably harm your brand.
When you have to analyze large volumes of data, Machine Learning will allow you to make quick decisions strategically, maximizing accuracy and effectiveness, to avoid major ills.
Many SMEs believe that they do not have enough data to use new AI and machine learning technologies. But the reality is completely the opposite. Any company with a digital presence (that has a website, social networks, electronic commerce) has much more data than they imagine. Automatically extracting and analyzing that data with new technologies provides results that help identify business strategies.
5. Improve Customer Experience (UX)
Large companies already know that it is not enough to sell products or services, their offer must be accompanied by experiences and emotions. In fact, 77% of consumers choose a product or service due to the good experiences they had with the brand in the past, while 64% avoid buying from a company if they had a bad experience in the past.
With machine learning, your brand can anticipate the needs of the public, using the large amount of data that the system has collected about your customers.
Customer preferences can be predicted, to create a personalized experience, by precisely finding data correlations. Your company can quickly resolve (or avoid) customer problems, make additional product and service recommendations, discover what other potential customers may be ready to buy from your business, or identify which ones need a little more time.
Therefore, Machine Learning predicts actions for your company that will make customers happier with your brand, making them and their acquaintances end up returning to your business.