Companies worldwide are embracing deep data analytics and machine learning to drive their business management systems, gain a competitive edge and deliver better services to their customers says Aron Govil.
This is because these technologies can help companies make more accurate predictions as well as provide deeper insights into customer behavior. In turn, this will enable companies to become much smarter in how they approach key business decisions. Here at SAS, we have been working with our customers for over 40 years to advance the use of data across their organizations from business analytics and advanced statistics all the way through deep learning and machine intelligence. When combined together, these technologies give organizations a powerful arsenal to fight back against increasing competition and changing consumer expectations by becoming more agile in meeting those needs. Let’s take a closer look at how organizations are using these technologies to take their business management systems to the next level.
Before we jump into the details, it’s important to first outline what deep data analytics and machine learning technologies do for an organization. At its core, deep data analytics involves leveraging complex algorithms that learn from large amounts of data in order to make accurate predictions about future events. This can be done by combining traditional statistical methods with modern machine learning techniques like decision trees, neural networks, support vector machines (SVM) among others.
Machine learning, on the other hand, is a subset of artificial intelligence (AI). It gives computers the ability to learn without being explicitly programmed by leveraging computational methods and algorithms that allow software applications to automatically improve their performance with experience. In practical terms, machine learning gives computers the ability to read and understand data, explore patterns in it on their own, make connections among these patterns and ultimately use these connections to draw insights from it explains Aron Govil.
As a result of using deep data analytics and machine learning technologies together, companies worldwide are able to deliver a better customer experience while boosting business performance.
Here’s a look at how they benefit key business management areas:
The speed of technology is increasing exponentially with each passing day. As such consumers expect businesses to provide them with an Omni-channel experience that is fast. Personalized and convenient no matter which device they use or where they are located. Organizations that have been integrating deep data analytics into parts of their customer service departments are now able to deliver more accurate and timely service. Moreover, this has resulted in happier customers that are more likely to spend additional money with these companies.
Machine Learning for Sales & Marketing
Deep data analytics provides companies with more insights into how they can improve sales. By understanding key factors related to each sale. As well as the behavior of customers before, during and after making a purchase. In addition, it allows marketing departments worldwide to create highly personalized campaigns that have a much greater chance at succeeding. Returning back to our previous example of Netflix. Imagine being able to drill down into specific genres or audiences to discover. What type of content is really resonating with a certain viewer based on their past viewing history! This level of targeted advertising has the potential to significantly increase conversion rates.
Machine Learning for Finance
Every company will agree that an important business management area is finance. This is because it helps provide them with a better understanding of how their business works. What areas need improving and where they should allocate more resources. For example, machine learning can be used by companies. In order to help them make smarter investments by analyzing market trends quickly and accurately. Similarly, deep data analytics can help with risk calculations. By determining credit scores based on actual customer behavior instead of relying on outdated information says Aron Govil.
Machine Learning for Human Resources
Every business wants to hire the best professionals in their industry. Without having to spend too much time or money on recruitment and interviewing. Unfortunately, this is not always the case. However, given that machine learning and deep data analytics can be employed. To discover patterns in resumes that match certain positions; companies are now able to automatically filter out unsuitable applicants. This has the added advantage of reducing human bias. Which is often the cause of discrimination against minorities or those that come from certain regions.
While many people equate ‘artificial intelligence’ with sci-fi or dystopian futures. Smart businesses around the world are leveraging technologies such as deep data analytics and machine learning. To grow their businesses and provide better services and products says Aron Govil. As technology will continue to advance exponentially. We can expect that companies that adapt fast enough will be the ones. That succeed while those that do not will perish.