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| How Machine Learning is Boosting Business Growth Posted: 01 Sep 2019 10:00 AM PDT 
Machine learning is the most important technology for the business of the future. That's because AI-driven software is already helping companies increase efficiency, improve customer relationships, and boost sales. Researchers estimate that machine learning has the potential to add $2.6 trillion in value to the marketing and sales industry by 2020, as well as another $2 trillion to manufacturing and logistics fields. The International Data Corporation estimates that spending on machine learning will reach $77.6 billion by 2022. This is why companies of all sizes are collaborating with Python development outsourcing firms to source experienced data scientists as-needed and develop custom data analytics software. Executives know that machine learning will soon help them increase manufacturing and logistics efficiency, improve sales, and create a better customer experience. What exactly is machine learning?Machine learning is an exciting new discipline that combines key parts of mathematics, statistics and artificial intelligence (AI) into a technology that is greater than the sum of its parts. The basic premise behind artificial intelligence and machine learning is that engineers should be able to do more than write a program to carry out a specific task. They should be able to write an algorithm that can teach a computer how to write its own program. Just as importantly, the program should be "intelligent" in a way that allows it to learn from past information and interactions. AI-driven software is capable of writing its programs, learning from past experiences, and offering proactive solutions for the future. Businesses are using machine learning to utilize the huge amount of data that they've collected to develop actionable predictions that executives can use to invest resources and grow their company. Here are four ways machine learning is helping businesses grow. 1. Natural languageOne of the most insurmountable challenges that the tech industry has faced since its birth is creating a program that can truly understand natural language. Software has certainly improved over time – users can now type regular sentences into Google search rather than the unwieldy search terms of the past. However, computer programs still have difficulty understanding natural language, or the type of speech that humans use day-to-day. Machine learning is beginning to change that. AI-driven programs are capable of learning from past interactions and mistakes. This means that applications like search engines and voice-activated assistants are beginning to understand regular human speech enough to operate with confidence. Just as importantly, these programs improve their accuracy every day. Voice-activated personal assistants like Google Assistant and the Nuance Intelligent Virtual Assistant are already helping executives and other professionals increase their efficiency and grow their business. They do this in several ways. First, AI-driven personal assistants can complete many of the same tasks as administrative assistants. This includes making appointments, adding events to a calendar, booking flights and hotels, and more. They also work 24 hours a day and 365 days a year. In addition, these personal assistants help employees save time throughout the day. For example, in the past, professionals had to manually look up historical data or crucial information. Today, executives can simply ask their assistant to recite sales numbers for a specific quarter or to provide information on interest rates. 2. LogisticsThe logistics and retail industries are rapidly becoming experts in the data analytics and machine learning fields. That's because their success is often closely tied to squeezing the last penny out of every item. Machine learning helps companies improve their logistics through increased efficiency in every step of the shipping, storage and sales process. This technology also allows forward-thinking businesses to integrate autonomous driving into their fleets. International shipping companies are using machine learning to increase profits. These companies are installing thousands of components on their cargo ships, long-haul trucks and smaller equipment. This helps managers identify breakdown patterns and establish preventative maintenance schedules that keep their ships and trucks in motion. Retail companies like Amazon are also taking the lead with machine learning. The online retail giant is using machine learning to increase efficiency in its delivery network and to anticipate customer needs. For example, Amazon created an "anticipatory shipping" protocol that allows it to predict the amount and geographic dispersion of orders for specific items before they happen. As a result, the company now sends popular items like phone accessories and household items to local distribution centers in anticipation of future purchases. 3. ManufacturingThe manufacturing industry has already begun integrating machine learning technology into every stage of production. That's because AI-driven technology can help businesses save money by streamlining inventory management, making production more efficient, and predicting equipment breakdowns before they happen. One advantage that the manufacturing industry has is the massive amount of data generated every single day. Savvy companies like Seebo are using Python developers to create cutting-edge data analytics software. These programs use machine learning to predict annual manufacturing peaks and lull times and to suggest process improvements. They also create money-saving maintenance schedules that help companies avoid unplanned shutdowns. McKinsey predicts that machine learning will help manufacturing businesses reduce material delivery times by 30% and achieve 12% fuel savings by optimizing their processes. The firm also estimates that companies can increase gross revenue by 13% if they fully integrate AI-driven technologies into their business. The consulting firm Deloitte also calculates that machine learning can save companies millions of dollars through preventative maintenance. Deloitte estimates AI-driven programs can help businesses reduce unplanned downtime by 15% to 30% and reduced maintenance costs by 20% to 30%. 4. Consumer dataExecutives are most excited to see how the rising collecting and analysis of consumer data will impact profits and future growth. Businesses have spent the past several decades collecting billions of data points on their customers, including information like shopping habits, demographic identifiers, income and more. AI-driven software is finally letting these companies utilize this data. Executives are collaborating with Python software development companies to build state-of-the-art data analytics software that can collect information and generate useful and actionable predictions. For example, the online retail marketplace Etsy uses machine learning to improve its customer experience. The company utilized the technology to create individualized customer profiles, to improve search results and improve the user design. The company's innovative use of data analytics is one reason why the company has reached annual revenues of $603 million while facing stiff competition from larger retail companies like Amazon and Target. Netflix is another company that has used AI-driven technology successfully. The online streaming platform uses machine learning to build extensive view profiles that accurately predict which shows and movies users will be interested in. Customers interact with this program and provide useful data every time they scroll through new films. ConclusionMachine learning is helping businesses increase sales and plan for the future. That's one reason why companies of all sizes have begun collaborating with Python web development companies to find experienced data scientists and to build software that promotes growth through technology. AI-driven software is already being used to increase efficiency and boost sales in the manufacturing and logistics industries. In addition, retail companies are working with Python development services to build custom software that analyzes consumer data to improve sales and increase customer loyalty. Finally, developments in natural language are expected to have a major impact on consumer devices and businesses alike. AI-driven personal assistants are already helping corporate employees save time and increase the quality of their work. |
| How Today's Preference for Texts and Emails Is Changing Phone Call Etiquette Posted: 01 Sep 2019 06:30 AM PDT  Who among us doesn't feel a Pavlovian surge of panic upon hearing the opening notes of their ringtone, followed by an awesome wave of relief when the stranger next to them picks up their phone? Baby boomers, apparently. A 2019 survey of U.K. office workers reported that 76% of millennials experience anxiety-based fears about speaking on the phone, compared to 40% of baby boomers. The result is a clunky mismatch between communication expectations among colleagues and clients. Telephonophobia"Even as a child I was never big into using the telephone," said Will Manuel, president and CEO of Core Mobile Apps. "My parents had rigorous rules around receiving calls from friends. That has [extended] into my adult life where I feel some anxiety toward having to be prepared to speak to anyone." Manuel's avoidance of phone conversation, however, ended up working to his advantage – he found the alternatives were working far more seamlessly. "I've automated a lot of the communication tasks and follow-up sequences in my business that once used to yield phone calls," he said. "This requires me to be on the phone less and actually gain more productivity and efficiency in the process." Thus, our gradual shift toward text-based communication has formed a feedback loop – instant messaging has spawned a generation inexperienced with phone calls, inexperience leads to anxiety and avoidance, and that avoidance has led to more and more innovative ways to get around talking on the phone in business. Cut the phone lineAnxiety is not the only factor, however. Globalization, the internet and the rise of remote work mean colleagues can collaborate long distance, and clients can be anywhere on the globe – the sun never sets on the 21st-century office. Expecting people to pick up the phone is no longer practical. "We have several remote team members in different time zones, so using text communication works better," said Becky Beach, blogger and developer for Verizon. Beach and her colleagues rarely make internal phone calls; instead, they use Slack to communicate. Changes in the physical workplace are also working in concert to make phone conversation as difficult as possible. As of last year, only 40% of U.S. households had operational landlines – down from 90% in 2004 – as they're steadily displaced by mobile phones. Many businesses are also opting to eliminate this redundancy. The problem is that compared with a landline, cell coverage is still spotty – a rare instance of a technology inferior to what it was 50 years ago. Add to that the advent of the open office, where overheard telephone conversations are both awkward for the caller and distracting for everyone around them, and it's clear that phone communication is no longer functional for the working world. Efficient messagingThere are plenty still perfectly capable of phone conversation, or at least willing to put up with the discomfort – it's the inefficiency of phone calls that's the problem. "Phone calls require 100% attention, which today's employee can't afford to give. We need to multitask to get things done," Beach said. "If I were on calls all day, I would get less work finished!" The norms have also changed. Clients or prospective clients may find phone calls invasive or presumptuous, often forcing them to make decisions on the spot. And unlike a succinct email, it's a lot of superfluous noise for every piece of information conveyed. "If someone asks a question [over the phone] and you don't know the answer, you feel like you have to fill that silence," said Shayne Sherman, CEO of TechLoris. "If the question comes via IM, you can take the time to find the answer without feeling like you need to fill the time with platitudes." And unlike phone calls, emails leave a (digital) paper trail. Speaking on the evolving modes of business communication, Sherman said, "Honestly, the only change is that I don't find myself asking or being asked the same questions over and over again. It's really easy to think while you're on the phone that you'll remember what was said by the time you are able to write it down … Now, you have a written record." Navigating channels of communicationWhile communication with colleagues is always subject to office norms, with today's fetishization of efficiency, text-based communication is taking over – much of which can be owed to the rapid growth of Slack. By some accounts, Slack dealings are even infiltrating the home. As a result, telephones are now seen as a last resort. "The only time a phone call is really necessary is when you require an immediate answer and you haven't gotten one through other mediums," said Sherman. "Other than that, chat and email are always acceptable." In communicating with clients, however, there's more than efficiency at stake. Trust and credibility must be earned, and in this regard, tone is important. As a result, many defer modes of communications to the preferences of the client. Still, it's good to have some hard and fast rules when initiating conversation. "In my opinion, the first initial introduction to your client should be met with a phone call and a follow up with a voice message," said Lisamarie Monaco, business owner and independent insurance agent. "Once you have established this, moving forward could be text messaging as needed." There are times when phone calls provide a nice customer service touch – as long as the customer is in the right mindset. Otherwise, it's usually seen as an annoyance. "Ideally, the correct time to approach a customer is within five minutes of receiving that lead as that is the time when the customer is exploring your website and thinking about your products," said Sakshi Gupta, marketing manager and leads specialist at Coirfit Mattress. "We have set this as a fixed parameter for our customer database." After that five minutes, communications are only initiated through Whatsapp, email or text message, Gupta said, allowing customers to respond in their own time. "All it takes is a simple message, and the customers reply when they have free time and are all set to have this conversation." |
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