Machine Learning – The Game Changer for Entrepreneurs!
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Necessity Is The Mother of Invention, Machine learning and Entrepreneurs prove it right!
When history reaches a turning point, it is these entrepreneurs who watch, bring on the idea, act and revolutionize. I believe that the purpose of their existence is to make human lives better and add value to society.
With the knack and skills they have, they are good at evaluation. With the spark of creation in every entrepreneur their lies a true changemaker.
Across the world people have ideas but, it is these businesses and startups that bring the best and the brightest entrepreneurs into the limelight that they deserve.
Machine learning has helped companies improve and enhance their marketing efforts. Today, we are discussing the same that is the importance of machine learning for entrepreneurs.
How Machine Learning is helping Entrepreneurs?
Here are the ways how machine learning is helping entrepreneurs to expand their businesses –
1. Deep Learning
Deep learning promises to completely change how we market, produce and sell products. The models draw conclusions autonomously and create classification rules from unstructured data.
Talking about unstructured data, it includes “everyday” data, such as pictures and sounds, which is much more difficult for the computer to analyze. It was a big breakthrough for Artificial intelligence to tackling the unstructured information.
Deep learning has achieved recognition accuracy at a higher level than ever before. All this has helped the consumer electronics to meet user expectations.
a. Reach new customers
It is very important for a company to reach the right customers, at the right time. E.g: For a mutual fund company, the target market will be a working professional.
Here, Deep learning, helps entrepreneurs target the right markets. These working professional must be using LinkedIn, Facebook or Google for searches or for networking purposes. By targeting this audience deep-learning infuse its ads.
b. Target the old one better!
With Artificial intelligence, there is a major shift in the volume of data to analyze patterns and trends. This helps in knowing the clients and consumers better and faster than ever before. The better businesses know about its customers and what they want, the sharper will be its focus on delivering the goods.
Facebook has developed deeply targeted advertising through text. The same concept is available on Pinterest, Instagram, Snapchat and other social media platforms.
2. Reaching the found customers
Knowing the potential customers is good, but approaching them in the right manner is very important. Earlier business use to do traditional marketing, where random calls were made by the company, to random customers. Now the businesses are aware of their potential customers and try to do a closure of those targeted customers.
Deep learning plays a crucial role here. Companies now have:
A chatbot is a computer program that conducts a conversation via auditory or textual methods. So, just like how a human would behave as a conversational partner, it does the same. By using this audience can grow autonomously. It helps to engage customers with personalized experiences.
3. Half knowledge is dangerous
Missing data does no good and creates a major problem for most businesses. This can be any information or the missing field value. The contacts, the Email id of the HR, Address, or anything that can prove to be a shortcoming.
But, with Machine learning, there is no need to worry. The models are smart, they capture what’s conspicuously missing and after identify the missing information, they track it down. Data crawling, Natural Language Processing, and artificial intelligence help the machine to do it.
4. To ‘err’ is human, so why not use Machine Learning
Humans make mistakes, no doubt, nobody is perfect. But, when Machine Learning is applied, starting from service to manufacturing. From construction to consumer electronics, work can be done effectively and efficiently and that too with no defect. With automated product defect analysis, there are no chances of error. So, when a machine is creating trouble, is overheated, used excessively or a problem occurs in rewiring, or any other problem for that matter, human inspectors are alerted.
With automation and central control, identification of job-site changes, tracking of heavy equipment, workers productivity can be measured.
5. Share the load with Machine Learning
For.eg: 300,000 hours are saved of the Legal firm J.P. Morgan. It takes the help of machine learning to process large data sets. It uses intelligent software program to review documents and past legal cases. If done by a human it takes more than 300,000 hours. With machine learning, the program is just a matter of seconds.
You must check how J.P. morgan uses Machine Learning and Data Science
6. Recommends you the most relevant and the best
This is used by digital marketers from years. It is done by synthesizing all the information available about a person, which included past purchases, current web behavior, email interactions, location, industry, demographics, etc. It determines his interests and picks the best products or the most relevant content. The recommendations learn the most relevant information. Information like the attributes, styles, categories, price points, trend, etc., which a particular person might like. This algorithm keeps on evolving with the persons’ search history.
Here, a recommendation about categories, brands, topics, authors, reviews, etc. everything is available. With machine learning, good email experience is created. This shows the visitors that you understand them deeply and are showing interest in their purchasing decisions.
7. Automatically spot important customer segments.
Machine learning helps you deliver more individually tailored and personalized experiences. Segmentation is a very valuable tool for marketers. It helps to create groups of prospects or customers based on meaningful differences to understand the segmented groups better. Marketers can easily spot the obvious differences, between high lifetime value vs. low lifetime value customers or new customers vs. loyal returning customers. But with so much customer data available, some structured and unstructured, it is not an easy task. These patterns aren’t obvious to decode. Also, in the dynamic changing environment, the taste, choice, and preferences of the customers keep on changing.
Here machine learning acts as a savior, it helps in identifying segments, that you didn’t realize you had and can be bifurcated. This helps in using the right information for the right target customer and thus helps the conversation or the idea pitching to go in a meaningful way.
Mr. Z wants to purchase a house and is looking for ways to refinance the house. He will exhibit certain types of behavior, and that behavior can be understood, interpreted and analyzed with the machine-learning algorithm. This knowledge will help the marketer to come up with better-targeted messaging for that segment. The marketer will now speak differently to that segment as now he is aware of the requirements. Thus, this might help the marketer to provide services that the customer may like and make him satisfied.
How Machine Learning is Shaping Future?
Augmented Reality is the future
Heard about Amazon Go stores? This store allows the customers to grab the items and go. The customers are charged, but without going through the cashier’s line. Customers are charged through object detection, which is possible through Machine Learning and augmented reality.
Amazon Go is a new kind of store where no checkout is required. This means one can shop at Amazon Go, and will never have to wait in line. With Amazon Go application you enter Amazon Go, take the products you need. Thank the app for providing you the products and leave the app.
So, when you leave the store with your goods, your Amazon account is charged and you are sent a receipt.
Elon Musk plays it like a pro
The technology behind self-driving cars can improve efficiency in a huge way. With the revolutions in the automotive sector, AI is getting interesting year by year. With machine learning and artificial intelligence, the next step or the near future is the driverless car. Now, the only thing left will be flying cars in the air (I guess China must have found out a way to make it possible).
Machine learning has created wonders, from better security to deeply targeted marketing, it has revolutionized the business world like nothing. Entrepreneurs who have embraced artificial intelligence as a crucial element in running their businesses will reap sizable benefits and the benefits will be huge.
Bootstrap, crowdsource and then top Unicorn. This is why Machine learning is adorned!
Without a second thought, it can be said that 2019 will be the year of AI. Machine learning is a difference-maker in an entrepreneur’s business. It is providing everything from customer support to automated supervision of assembly lines, and you definitely can’t ask for more.
Machine learning has made its mark already, areas like self-driving cars, personalized-content recommendations, and face-recognition filters are disruptive innovation.
At last, I just want to say that don’t let the digital supply chain scare you. Machine Learning, Big Data, IoT, Cloud, AI, Drones, and Deep Learning are just ways to improve the supply chain.
Explore more amazing applications of Machine Learning
Machine Learning for Entrepreneurs – Poem
Roses in my dreams, because life doesn’t serve it in real
I wish I didn’t have to go to tuitions and could study with just a tap of a finger (Byjus)
It’s raining cats and dogs around, wish I could have that brownie compound (Swiggy, Zomato, Ubereats)
Get a rickshaw within a call, huh? the probability is 10:1 overall(Ola, Uber, Jugnoo)
Mom asked me to get veggies, but in this rain, going out is insane(Grofers, BigBasket)
I am not careless, but.. Okay! I care-less, and keeping that cash makes my pockets heavy(Paypal, MobiKwik,)
I am not a shopaholic, but I love to shop, and there is nothing wrong with keeping updated with the trends (Amazon, Snapdeal, Flipkart)
But then, mom calls and I have to run for the phone recharge and electricity payment. And at the last moment, something else emerges (Paytm, FreeCharge)
I am also a human, I need rest too; I wish I could go and sleep on a soft bed which I look up to(Oyo,Trivago)
And suddenly with a fresh breeze of air, I wake up, (gasps!) I am on a soft bedd..
As always, my phone beeps and notification arrives (50% sale is on, Your parcel is delivered, The science chapter videos are live now, Eat healthy with healthy discounts).
Wait! What? Was it a dream? But how is it possible?
Notification: Necessity Is The Mother of Invention, Machine Learning and Entrepreneurs prove it right! Read the article for a great insight
I was wrong; Life truly is a bed of roses, and thanks to Machine Learning!