Benefits of Machine Learning for Your Business
By Data-Core Systems | 01/21/2019
Has machine learning and artificial intelligence (AI) reached to the point where they can power businesses to make better decisions and improve operational efficiencies? This is one of the common questions concerning business owners today.
Machine learning systems are developing at a faster pace
as they can now be trained using vast pools of available data. One powerful example is Google’s demonstration
of its AI-powered Google Assistant making restaurant reservations through a phone call.
Marketers in the US have already started incorporating AI and seeing benefits such as improved sales and ROI (return on investment) in advertising and innovation, according to a survey
conducted by LoopMe.
Here are some companies worldwide that are proving how beneficial implementing AI can be:
1) HubSpot - smarter sales:
One of the reasons HubSpot is leading the industry it serves is that the company has always been an early adopter of emerging technologies. Last year, HubSpot acquired
machine learning startup Kemvi to bolster their CRM (customer-relationship management) system.
Kemvi’s proprietary algorithm, DeepGraph, is designed to provide sales representatives the information about buyer/prospects’ behaviors by examining millions of contents every day. According to HubSpot, this is useful for salespeople to reach out to their contacts using contextual and empathetic approaches. AI also automates manual processes such as creating personalized emails and researching prospects.
2) Coca Cola - product development:
Coca Cola uses leading technologies to lead in the hyper-competitive CPG (consumer packaged goods) industry. The company uses machine learning to focus more on its product development
One example is the launch of the highly anticipated Cherry Sprite. The company was able to launch a new Sprite flavor customers had wished for by collecting data from Coca Cola Freestyle. Coca Cola used machine learning and analysis to identify a large market for Cherry Sprite from the data captured by the design-your-own flavor soda dispensers.
3) BP - decision-making :
BP is taking the lead in the Oil and Gas industry by tapping into big data, machine learning, and AI. The global energy company focuses on improving its operations using data and AI. BP invested in Beyond Limits
which uses a software, originally developed for the US Department of Defense and NASA’s robotic space exploration, for commercial purposes.
BP has installed sensors in 99% of its oil and gas wells. Using the cognitive computing systems, the company analyzes data captured through the sensors and optimizes equipments’ performance by understanding the conditions at different sites. BP also uses the data to prevent breakdowns that require costly repairs by continuously monitoring maintenance needs.
Using Beyond Limit’s technology, BP expects to capture operation insights, automate decision-making processes, and locate resources and develop reservoirs.
4) Experian - operational efficiency:
Credit reference agency Experian has access to large data sets; the agency makes no mistake in harnessing the power of data using machine learning systems. Speeding up time-consuming and labor-intensive processes of mortgage applications is one of the main focus areas
Experian is using deep learning to assess data elements frequently needed during mortgage application processes, and make them available where they are needed. In other words, Experian’s reason behind using machine learning is to reduce the amount of paper-based hassles involved in mortgage applications.
Become an early adopter of AI/machine learning and gain a competitive advantage
Are your current strategies/approaches not yielding results to meet your business goals? Whether you want to gain a competitive advantage in your industry or find solutions to your business problems, get tangible results by implementing machine learning and deep learning.
We, at Data-Core Systems, can help you find meaningful patterns in your data using the latest data science techniques. Learn more about our services at https://datacoresystems.com/services