Intelligent Business Insights with Cognitive Finance Group
If you’re an iPhone user, you’ve come across Apple’s AI. You see it when the phone identifies a caller who isn’t in your contact list (but did email you recently). Or when you swipe on your screen to get a shortlist of the apps that you are most likely to open next. Or when you get a reminder of an appointment that you never got around to putting into your calendar. Or when a map location pops up for the hotel you’ve reserved, before you type it in. Or when the phone points you to where you parked your car, even though you never asked it to. These are all techniques either made possible or greatly enhanced by Apple’s adoption of machine learning.
It is widely known that machine learning is utilised as a way to provide recommendations or suggestions on platforms such as Pandora and Spotify and with e-commerce companies such as Amazon and eBay. Machine learning and data mining are also employed within businesses to provide intelligent business insights by using predictive analytics.
Companies are beginning to be able to create adaptive pricing model depending on customer behaviour by incorporating the data that a company already has accumulated and applying predictive algorithms. Companies can also predict what future customer demand may be and adapt their inventory of product accordingly. Machine learning allows companies to take their data to the next level and develop even more intelligent insights by gathering, processing and analysing the data and improving and learning over time.
For example, companies can utilise analytics to predict customer sentiment. By analysing incoming queries from a customer base, enterprises are able to better manage their image. Additionally, by gathering data in real-time, the organisation can choose when to intervene and interact directly with customer complaints in order to increase consumer confidence and sentiment. These business insights from the data gathered can in turn be used to create and improve consumer-facing solutions.