Understanding the modalities and harnessing the opportunities provided by machine learning applications and framework to analyze future business behavior through demand forecasting should be the priority of any manager who wants to remain competitive in business. With the integration of enterprise data and demand forecasting, companies can formulate unique strategies to break-even in the marketplace and become profitable and more productive. As the human being develops and creates a solution to the challenges experienced in the business world, machine learning is related to the human thinking, whereby it uses data from daily interactions to improve its skill set and operations.
Artificial Intelligence experts are of the view that smart machines in the nearest future can replace the inefficient human workers as they keep refining their abilities. But that assumption and argument would be for another article, however, we want readers to understand the secret of using machine learning and huge data integrated in our demand forecasting software to be successful in business.
But first, you need to understand the basics:
What is Artificial Intelligence?
Artificial intelligence is an advanced technology programmed to imitate human behavior through computer manipulations. Machine learning is an aspect of Artificial Intelligence that integrates data to get better and evolve initiative or formulate solution without human intervention.
The impact of Machine Learning in today’s businesses
With its application, companies can take advantage of data saved for years to make smart decisions and set strategic goals so they could be more competitive in the marketplace. Marketing and operational teams can use Machine Learning to plan marketing strategies and promotions, optimize selling channels, improve rebates and successfully forecast demand and long-term customer loyalty. From available data, it’s been identified that the following industries have commenced the application of Machine Learning:
- Financial services
- Travel and hospitality
- Retail and healthcare
Do not be left out!
As Machine Learning is accelerating across business concerns across the world, it is paramount that serious CEO’s and managers should adopt this latest technology which is cost effective, proactive and functional.
The usage of Machine Learning that is integrated into demand forecasting through Artificial Intelligence is becoming the next industrial and business revolution. As a business person, you do not have to miss out of this advanced technology that has the potentials of taking your business to the next levels. In the past, businesses operate with minimal amount of data which wasn’t enough to predict business or customer behavior, but currently, with the help of large dataset that can process terabyte or petabyte of data, this emerging technology is a goldmine for businesses.
Application of machine learning to sales and marketing
Using the predictive value of large-scale datasets, sales and marketing teams can develop analytical strategies to tackle and penetrate difficult marketing terrains. With machine learning techniques the propensity of working on predictive tasks that will optimize marketing decisions and positive outcomes is now possible. This was made public by a recent survey conducted by Accenture Institute for high-performance proffering techniques to achieving higher sales growth by companies. The summary can be found below:
- 76% of companies surveyed indicated the use of machine learning to target higher sales growth;
- 40% of participating companies are already using machine learning technologies in sales and marketing;
- 30% of respondents expressed their gratitude to machine learning technologies for achieving improvements in sales.
Automating your business tasks through demand forecasting will scale up the possibility of success in employee productivity, sales, marketing, pricing, production, finance, contract management and customer satisfaction.
Also the massive application of machine learning in business, it can also be used to correct errors and miscalculations with integrated algorithms and data analysis to bring out correct outcomes for exceptionally efficient business decision making.
If you need predictive business analysis that can accelerate your companies sales, marketing, and operations, you should contact us for more information.