In uncertain times, companies will survive and thrive by finding real efficiencies in how they do business, interact with customers, and optimally distribute key tasks with limited staff. New technologies are helping businesses blunt the impact of economic slowdowns. Among them, machine learning (ML) helps businesses more easily gain insights from their data to drive efficiency and better experiences.
Better marketing outcomes. Marketing teams large and small must take advantage of data analytics to keep pace with the competition. Marketing departments and advertising and media agencies are using machine learning to help make better decisions based on the analysis of large quantities of data. Benefits include:
Campaign planning and media mix optimization. Which message will get the best response? What is the optimal media mix to achieve the desired results? Machine learning is helping to answer these questions before campaigns are launched. Marketers are now able to better predict the success of campaigns through machine learning and predictive analytics.
Better customer experiences. By leveraging insights from ongoing machine learning analyses, marketers are more accurately predicting customer preferences both online and off. The results are greater ROI on marketing investments through better customer experiences. This includes offering more relevant suggestions, differentiated experiences and greater transparency.
Optimizing business processes. The ability of machine learning to iteratively learn from a given data set and understand patterns helps businesses improve nearly every area of their operation. The power and speed of ML allows a business to gain data-driven insights more rapidly and quickly adapt to ever-changing market conditions.
Process manufacturing success. Chemical and other process manufacturers are now integrating machine learning platforms to improve each stage of production with impressive outcomes. In combination with Business Intelligence systems, ML can turn dashboard reporting into action by fine-tuning specific production processes to maximize resources and output.
Substantial savings, greater efficiency. ML integration to streamline the inventory management process allows businesses to predict shortages and better manage resources. Many are even deploying ML solutions to help predict equipment breakdowns before they happen, thus increasing production up-time and overall efficiency.
Machine learning for all. Until recently, leveraging the power of ML has required highly skilled experts with advanced degrees. This has prevented non-technical data users from developing their own ML applications and tools to improve performance. However, newer no-code platforms are now allowing users to leverage machine learning and predictive analytics without having to write a single line of code.
Democratization is here. ML platforms such as LityxIQ are leading the no-/low-code movement, empowering all users regardless of skill level to increase their productivity and overall business value to their employer.
Getting more wins, faster. Easy-to-use automated machine learning platforms and tools such as LityxIQ Solution Accelerators are shortening the time it takes to implement ML technology.
The machine learning revolution is likely to accelerate as businesses look to create better experiences, increase productivity, and maximize existing staff resources. For more on machine learning go here.