In the last 20 years, advances in technology have opened the doors to opportunities that once would never have been dreamed of. One of the biggest advancements made in the industry has been the inception and implementation of machine learning through the use of artificial intelligence technology. To put it into easy-to-understand terms, machine learning is enabling computers to take over tasks that once required the input of a person to be completed. From collating huge amounts of data to determine the best marketing strategy for a business, to simple tasks such as filtering emails, machine learning has a great deal to offer businesses both small and large.
In this article, we will touch on some of the ways machine learning can help small businesses become more effective and competitive.
Better Customer Experience
As more and more industries embrace the digital marketplace, businesses will need to be more competitive if they wish to survive. Machine learning can be a huge boon to businesses as it can help predict what actions a business needs to take to make their customers happy. This ranges from how to handle issues related to customer service based on what has been effective for other businesses within their sector, to what products and services a business should incorporate into their offering to appeal to more customers.
For more insight into machine learning and its importance in the marketing world and other industries, be sure to read this blog titled What is Machine Learning?, which provides insight on the topic from experts at the Girard School of Business and the School of Science and Engineering.
More Streamlined Processes
A major challenge that small businesses have to deal with is how to be as efficient as possible with a limited number of people on the team. Every hour that a person has to dedicate to one task means that they have less time for other tasks, making time management an essential skill for business owners. In the past, basic administration tasks like responding to emails, making appointments, and engaging with customers on online platforms had to be handled by a person, generally an admin assistant. However, thanks to machine learning, all these tasks can now be handled automatically by software dedicated to streamlining the daily operating tasks associated with a business.
Stronger Digital Security
In an age where there are more people connected to the internet than ever before, businesses who choose to operate in the digital realm are faced with cybersecurity threats on a daily basis. Unfortunately, monitoring a business’s digital presence is time-consuming and is not a task that can easily be handled by someone other than a digital security expert. With the aid of machine learning, however, automated security systems are better able to detect and react to breaches in processes before they can impact a business. This is great news for businesses who cannot afford the expense of hiring a security expert to manage digital security full-time.
Machine learning and artificial intelligence technology have the potential to change the way businesses operate in the digital age. As more people embrace the digital marketplace, and more data becomes available, machine learning will be able to help in even more ways.