Machine Learning (ML) and Artificial Intelligence (AI) are slowly but steadily becoming some of the primary mainstays of the enterprise business world. However, many small business owners still somehow shy away from investing in them.
Why invest in Machine Learning and artificial intelligence?
Machine Learning can be defined as an exciting, out-of-the-box discipline that blends key components of statistics, mathematics, and artificial intelligence (AI) into a technology that is greater than the sum of its parts.
The primary concept behind machine learning and artificial intelligence is that engineers should do more than just write programs to perform specific tasks. Just as importantly, the created programs should be "highly intelligent and evolving" to continuously learn from past interactions and information. For instance, voice-activated personal assistants such as Google Assistant and the Nuance Intelligent Virtual Assistant are already assisting professionals and executives to grow their businesses and improve their operational efficiencies.
According to McKinsey, machine learning can assist manufacturing businesses cut down on material delivery times by as much as 30 percent and achieve fuel savings of 12 percent by optimising their processes. It is also believed that organisations can also increase gross revenue by 13 percent if they are able to successfully integrate AI-driven technologies into their business.
Machine Learning helps small businesses:
Develop software capable of understanding natural human language.
leverage consumer data to build useful customer profiles, improve brand loyalty, and increase sales.
Leverage preventative maintenance to increase profits and decrease equipment breakdowns.
Enhance the efficiency of logistics and transportation networks.
Artificial Intelligence helps small businesses:
Build better marketing campaigns and customer relationships.
Balance the value of Artificial Intelligence with the value of 'human' resources, connections, and interactions.”
Automate services, improve products, and be proactive with customer data.
Mimic human cognition.
Better track leads and gain a smarter understanding of customer behaviors and patterns.
Provide an unlimited opportunity for customer engagement.
According to industry estimates, machine learning has the potential to add a massive $3.7 trillion in value to the sales and marketing industry by 2022, as well as another $2.8 trillion to logistics and manufacturing segments.
Find out how your organisation can leverage machine learning and artificial intelligence to take your business to the next level. Call or email us at C.I.G Consultants now!