According to 71% of executives, machine learning (ML) and artificial intelligence (AI) improve the operations of their companies.
Efficiency excites B2B businesses. They want everything that makes them better. In business parlance, they call it “throughput.” Businesses are always on the lookout for new technologies and more efficient processes.
Below are four reasons why machine learning is impacting B2B businesses:
1) Better Customer Service
The consumers of today want instant responses, no matter what channel they choose, without the 24-hour waiting period. Live Chat boxes have been an outstanding customer service tool used for decades and are incredibly popular now.
When combined with machine learning and artificial intelligence, Chatbots transform customer service forever. Chatbots allows companies to hear from their customers 24/7 across any virtual or physical channel. The best part? A machine-learning system constantly improves response times when faced with routine questions, because the machine keeps learning.
2) Optimize Retail Operations, Reduce Costs and Increase Sales
Several aspects of Machine Learning have had a big impact on the retail industry. Some of them are demand prediction, local optimization, customer retention prediction, fraud detection, sentiment analysis, and even ensuring the right prices are set in response to preset conditions.
By analyzing customer behaviours and interactions, machine-learning algorithms enhance the user experience and improve website content.
A machine learning (ML) algorithm can handle otherwise tedious and repetitive work such as entering data, documenting processes, sending a series of emails, etc., removing the need for humans. Machines can recognize patterns and develop processes to efficiently do things that would otherwise require humans to work on them.
Now it’s easy to get emails with services like GetEmail.io that uses Machine Learning Algorithms and Big Data to locate all the email addresses of professionals in any company, anywhere in the world in mere seconds. Save time and find email addresses in seconds if you know the first name, the last name and the domain name of a company.
4) Improves Buying Experience
Recommendation engines that are powered by ML provide personalized options to customers, thus giving them an enriching experience. In the age of the internet of things, customers will value, even consider this level of personalization necessary.
Netflix uses some interesting information to recommend titles to users for the right time. It collects data on every moment spent on their platform: from what we watch, what shows we queue up, how often we watch continuously, how often we pause and cut off a show and more.
We were designed for binge-watching on Netflix-like services. That’s what ML is capable of doing.