By: Brandon Liu
The benefits of machine learning and & A.I can yield untapped amounts of efficiency and productivity from a global perspective. While there certainly can be potential detriments, it is firmly believed by numerous data scientists that the implementation of machine learning can benefit industries on a global scale by enabling them to create better products specifically tailored for quality customer experiences. Rinu Gour, a data scientist who works at DataFlair, is enthusiastic about the immediate future because she believes that most corporate juggernauts of all markets, will utilize machine learning and A.I specifically to help themselves understand their consumer base better, “ML virtually consumes unlimited amount of comprehensive data. The consumed data can then be used to constantly review and modify your sales and marketing strategies based on the customer behavioral patterns” (Gour 2019).
Given that machine learning allows for industry leading companies to make reactive decision based on the processed data, consumers all over the globe will be able to purchase items that are better suited to their liking. This is primarily because the rate in which data is being processed, “the ate at which ML consumes data and identifies relevant data makes it possible for you to take appropriate actions at the right time. For instance, ML will optimize the best subsequent offer for your customer” (OutSource 2019). In other words, consumers will be able to see these global industry leaders’ best and well-suited products in real time, which eliminates the need for research and development and marketing. A great example of this is Netflix’s algorithm which implements machine learning. Their algorithm recommends shows based on each viewer’s demographics, preference and watch history, and because of this, 75% of the content these same viewers consume are from recommendations. With all these additional costs eliminated, consumers will also be able to enjoy the best of what is offered from a global perspective at a reasonable price.
Consequently, machine learning and A.I will be the driving force behind tapping into the new boundaries of efficiency for global, industry leading businesses. Machine learning allows for these businesses to process virtually limitless amounts of data in order to construct the most optimal offer to their customers based on past behavior and other variables. By doing this, these global businesses will be able to accurately predict future customer behaviors, which is used to tailor the products to the consumers’ needs.