Whether it concerns consumer products or business analytics, machine learning and artificial intelligence are two of the hottest topics in the world of technology these days.
Last year, Gartner labeled machine learning one of the defining technology trends that businesses needed to track to maintain their competitive advantages. In fact, big name companies like Baidu and Google spent between $20 billion to $30 billion to explore the possibilities of machine learning.
To many business leaders, machine learning might sound like another passing fad. However, the reality is that it’s already making its way into everyday applications, from the humble Gmail mobile client to CRM software used by organizations all over the world.
Big Data Is Fueling the Need for Machine Learning
Every digital activity, whether it’s social media marketing, search engine optimization or customer relationship management, generates data. As businesses become more reliant on their digital presence, data sets are getting bigger all the time. The need to implement measures that help organizations make sense of all this data is now very real.
Modern CRM solutions have a monumental task to fulfil. Going far beyond the capabilities of the traditional spreadsheet, a CRM is much more than a platform for recording contact details. Nowadays, it has become essential for speeding up support resolution times, providing personalized marketing messages and more.
Without machine learning algorithms to automate time-consuming tasks and provide insights into market trends and changing consumer needs, businesses won’t have the guidance they need to maintain their competitive edge. That’s why Gartner predicts that the business intelligence and analytics market will grow to $22.8 billion by 2020.
Machine Learning Is Helping Businesses Identify Key Market Trends
Consumer habits are changing fast, and organizations of all types and sizes are finding themselves under increasing pressure to offer better service and ensure that their marketing materials are tailored to the needs of the individual. Machine learning can help businesses get much more out of their CRM software by providing insights into everything, from support ticket trends to trends specific to their target markets.
Machine learning helps increase relevancy and reduce the amount of money wasted on ineffective advertising and redundant support requests. That’s because it automatically ‘learns’ about your potential and existing customers by tapping into the vast informational resources that make up the world of big data.
No longer is CRM restricted to static data-entry systems whereby all information had to be entered manually. Nowadays, the modern cloud-based CRM acts as a digital assistant by collating relevant information and providing insights based on factors such as past customer purchases and other activities.
At the same time, it helps to automatically eliminate deprecated and incorrect data. All in all, machine learning features can boost company productivity by 30%, according to the Bank of America.
Enable Continuous Improvement with Data
Doing the same thing over and over is a recipe for failure in a world driven by fast-paced transformation. That’s why companies need to adopt innovative methods to gather intelligence and continuously improve their products and services.
Machine learning allows contact centers and other departments to train their CRM software to remember and learn from previous customer experiences and fine-tune everything to the benefit of both parties.
Machine learning goes hand-in-hand with the methodology of continuous improvement, since it is, by definition, a constantly evolving technology designed to improve the customer experience and, ultimately, increase your bottom line. Better yet, some of the major machine-learning design environments even allow the more tech-savvy among us to build and implement their own predictive analytics solutions tailored to the specific needs of an organization.
Companies that have yet to implement a modern CRM solution will be missing out on many opportunities to forge lasting relationships with their customers. However, with WhiteOwl at your disposal, you’ll have the tools you need to boost sales and offer an impeccable service to your customers. Give us a call today if you’re ready to start moving your business forward.