What is machine learning?
Machine learning (ML) is an artificial intelligence-based technology that uses big data to perform deep analysis, identify patterns and predict future trends.
Over time, machine learning software becomes even more accurate as it learns from all available historical data. At this stage, human assistance is minimal, most processes are fully automated.
The fact is, machine learning technology is widely used by large companies with large budgets. How can you benefit from ML if you run a small or medium-sized enterprise (SME)?
Keep on reading to find out.
Benefits of machine learning for SME
Machine learning has a lot to offer marketers in particular. AI-based models support the management of marketing activities in social media. Keeping track of your marketing campaigns has never been so easy as ML tools allow you to automate your processes.
Marketers can improve the results of their campaigns and take advantage of data analysis when planning next activities.
2. Sales team
The sales department is crucial for any company focused on increasing revenues. Each selection of words, time, specific phrases can decide whether your company will gain a new customer.
Machine learning software can support your sales team by providing an in-depth analysis of their activities. Artificial intelligence-based tools first record and transcribe conversations with potential customers, then analyze various strategies and determine the most effective ones.
The AI software can evaluate the performance of the sales team and train them to ensure a higher success rate.
3. Customer engagement
Great customer experience is extremely important as it guarantees you not only one regular client but often attracts new customers through recommendations.
Machine learning software will help you better understand customer needs, find purchasing patterns, and thus, suggest a number of new products or services that may be in high demand.
Artificial intelligence-based tools can also support your business in building customer engagement. In addition to chatbot solutions, machine learning algorithms can organize customer inquiries to save your team’s valuable time.
Cybersecurity is an important issue for a business of any size. It can strongly affect the reputation of companies as well as operational processes.
AI tools using machine learning technology have been proven to be very effective in preventing cybercrime. Specially designed software based on ML algorithms can instantly detect strange behavior and pinpoint data security weaknesses.
Small and medium-sized enterprises should take a special look at machine learning tools to keep both corporate and customer information secure. Often, SMEs do not attach enough importance to protecting their data from cyber attacks.
Chatbots have become extremely popular in recent years. The largest companies have already implemented this machine learning solution to deal with the overwhelming number of questions pouring in from their customers every day.
Bots will make your enterprise available to clients 24 hours a day, 7 days a week, automatically answering frequently asked questions. Conversational AI can be used in a variety of scenarios, from general information about the company to detailed return policies, and more.
Chatbots increase customer satisfaction. They make your customers feel valuable and well cared for. The conversation resembles a typical dialogue between two real people, not a machine.
6. Customer experience
Customers are becoming more and more demanding every year. Most consumers expect companies not only to provide high-quality services, but also to understand their needs and suggest additional solutions.
Employees will never be able to keep up with all information about individual clients and at the same time react immediately when any of the clients needs help. Machine learning services, on the other hand, have such power.
ML technology can analyze huge amounts of data almost instantly, predict future changes and offer solutions. Recommendation engines based on machine learning algorithms offer personalized customer experiences with reminders about new offers, etc. Such quality of customer service will surely bring your business an increase in revenues.
7. Communication with customers
While most businesses are focused on getting new customers, it’s important to keep the old ones. Machine learning algorithms can help you with this.
After analyzing customer data, ML tools can provide you with information about which customers have been less active recently and mark them as at risk of losing them.
Good communication is the key. Customers need to feel noticed, so the occasional e-mail message will remind them of what you have to offer and also ensure that they are of value to your business.
8. Decision-making processes
To build a successful company, every business leader must make the best possible decisions. Machine learning technology has a lot to offer to speed up the decision making process.
ML tools use the collected data and analyze it accurately much faster than a team of specialists. As a result, ML software offers accurate insights and forecasts for the future.
The insights obtained include:
- evaluation of the work of the sales team,
- from website visitors to sales – conversion rate,
- the effectiveness of your marketing campaigns.
Based on reliable information, you can make right business decisions, eliminate the luck factor and create an effective business strategy.
9. Streamlining operations
Small businesses often struggle to streamline their operations. The goal of any business leader is to make them more efficient. Tasks such as answering emails, social media campaigns, scheduling meetings, invoice reminders are very time consuming. They generate significant expenses, which are particularly costly for SMEs with a small number of employees.
Machine learning offers a solution – process automation. ML tools will highlight issues that require special human attention. Moreover, machine learning programs will automatically schedule appointments and set reminders.
Now your employees can focus on more creative challenges that bring more value and profit to your business.
Machine learning technology has influenced many different industries. One of them is accounting. High-tech programs use cloud-based solutions and combine them with ML tools. It allows companies to streamline and automate some of the most time-consuming accounting tasks.
ML software helps SMBs to create and process invoices based on their past behavior and unique needs. This particular solution allows companies to be more flexible in bookkeeping.
To Sum Up
Artificial Intelligence and Machine Learning solutions offer amazing opportunities for large, medium and small businesses alike. Companies from various industries use ML tools to increase their business results.