We have all seen movies set in a dystopian future where Artificial Intelligence (AI) has sinister intentions to overrun humanity. While the scenarios depicted in these films are often far-fetched, the fact of the matter is that the fundamental building blocks of such technology already exist. There is, however, no need for alarm. The world will not be taken over by AI any time soon. In fact, the term “Artificial Intelligence” is often misapplied. Artificial Intelligence is actually the overarching category encompassing such technologies as Machine Learning (ML). This exciting field offers enterprising businesses across every industry, from retail to healthcare, the ability to enhance customer experience with near-real-time feedback and deliver a higher level of conversion and brand affinity.
Machine Learning is an application of Artificial Intelligence that provides systems the ability to automatically learn and improve from experience without being explicitly programmed. In practice, Machine Learning focuses on the development of computer programs that can access data and use it to learn for themselves.
Machine Learning allows businesses to provide a more personalized experience for their customers. As the system learns to study consumer habits, it provides eCommerce retailers the ability to analyze millions of interactions every day and ultimately target offers down to a single customer.
Leveraging Machine Learning, digital marketers are able to create customizable user experience paths based on browsing habits, previous purchases, and aggregated user data. If you have ever been browsing your social media feeds and come across an advertisement for products that you have previously Googled, there’s a good chance you are experiencing ML at work. These targeted advertisements can be the fruits of Machine Learning’s labor, giving marketers the ability to predict the demand for specific products based on searches and forecasts from the data aggregated by Machine Learning.
With the deployment of Machine Learning-driven marketing, businesses will need to further leverage their ML technology to ensure demand is met by sufficient supply. As demand inevitably increases, it is able to optimize the supply chain and order fulfillment using historical data ranging from orders to shipping and everything in between. It also offers the added benefit of refining key marketing messaging for “just-in-time” inventory management and purchasing based on product availability.
As it offers so much to gain, Machine Learning is sure to be a mainstay of successful businesses today and into the future. At PeakActivity, our Emerging Tech & Innovation team is developing and leveraging ML to provide added value to our clients. If you are interested in learning more on how PeakActivity can help you elevate your business with Machine Learning technology, fill out the contact form below.