In the last year, machine learning has been a hot topic in business circles. This is because, while businesses have been using data to make decisions for a long time, over the past decade they’ve really ramped up their efforts says Aron Govil. What’s more, many companies are still looking to get even more value from this resource. This increase in the use of machine learning has been brought about by a number of factors. Big data, better algorithms and a surge in computational power have all played a part in making this possible. So while it’s true that companies can get a lot from their data, using some sort of machine learning technology is the only way to truly unlock this treasure trove.
Now it’s time to take a look at some of the biggest ways NLP and machine learning can shape the future of business.
1. More intelligent chatbots
We’ve already talked quite a bit about chatbots here at Bright Edge. This is because marketers are constantly looking for ways that they can automate various elements of their jobs; this provides them with more time to focus on other tasks that require human intelligence (HUMINT). However, while there is several chat bot options out there currently most aren’t all that intelligent. This is because they’re powered by NLP, which just isn’t good enough yet. However, once it gets to the point where it can process all of your interactions with a chat bot then it will be able to create much more intelligent platforms that are capable of handling complex queries.
2. More accurate recommendations
One of the biggest ways chatbots will shape future businesses is through their increased use in providing personalized recommendations to consumers. This technology is already used by a lot of companies who sell products online, but its potential hasn’t been fully realized yet says Aron Govil. However, once NLP matures enough then these chatbots will become much better at understanding your preferences and making sound product suggestions. For example, if you’re having a conversation with a chat bot about watches then it might recommend one from an up-and-coming brand that you hadn’t considered before because it knows your taste based on previous conversations.
3. Smarter virtual assistants
Virtual assistants like Siri, Google Now and Cortana can already answer simple questions or execute basic commands; however, their knowledge is severely limited to a narrow scope says Aron Govil. This is where machine learning will come into play as virtual assistants become capable of understanding complex queries and offer detailed answers instead of monosyllabic responses. In fact, it’s been reported that the amount of digital data we create each day will reach 44 trillion gigabytes by 2020. Fortunately, NLP will help us manage this information overload by allowing search engines and other information repositories to better parse various requests and provide more accurate answers.
4. Conversational interfaces
Taken together, these virtual assistants and machine-based interactions represent an entirely new way for consumers to interact with businesses. For example, instead of having to hunt down contact information or fill out forms. then you’ll simply be able to ask these bots to contact a business for you; this is why conversational interfaces represent the future of marketing and how businesses will interact with their customers.
5. More targeted advertising
These virtual assistants and chatbots will also lead to highly personalized advertisements based on your preferences. This in turn means increased sales and more revenue for companies/marketers who use them. Using machine learning algorithms, online marketers will be able to target specific audiences. With messaging that makes sense given their search history or location.
6. More automated services
With NLP, chatbots will also become capable of understanding more complex queries or requests for information. This means that customers can tap into a much wider range of services. Without having to deal with human agents explains Aron Govil. This, in turn, should result in increased conversions as businesses are able to meet the needs of their prospective customers using just machine-based conversations. For example, if you need legal help then you might ask your virtual assistant. About what types of law firms are available in your area; after analyzing your search history it would send back reviews and recommendations. So you could choose the right one based on your preferences.
We have seen that these technologies will be able to replace human beings in the future. By doing their work with accuracy and perfection. So, if you want to know more about machine learning then you should read this article carefully. As it will help you a lot to know all about it. It is confirmed that chatbots are being used widely now but they are still not perfect. So until they become perfect we can’t replace humans with machines or robots completely.