Data is the key to business success in modern times. You may have heard of “Big Data” or “Cloud Data” recently. Why is data such big news today? Because data is power. The more data you have, the more accurate it is and the more relevant it is, the more you can use that data to predict outcomes.
Have you visited Amazon.com lately? Have you noticed that the site itself has suggestions for hundreds of products in which you may have interest? Amazon.com uses machine learning algorithms to analyze data from all of its customers in order to help figure out what products you might want to purchase. This is a great example of leveraging machine learning in your marketing efforts.
There are two primary ways that machine learning can help with data analysis:
1. Predict numbers – Machine learning can predict outcomes such as sales forecasts. It can analyze data from previous years and predict what revenue will look like in the future.
2. Categorize data – Machines can help group data into categories, attempting to find patterns in data and then categorize the data into groups.
How can machine learning apply to a CRM system? As an example, as your sales team enters opportunities into CRM, a computer then predicts how much revenue those opportunities will generate and the probability of winning those opportunities.
Machine learning is a powerful tool that allows for these types of analysis. A well-designed and diligently used CRM system can be a goldmine of valuable data which a computer can use to help predict the future of your business. The more relevant data you have, the better.
Historically, machine learning has only been attainable for big businesses because of the huge costs involved. Those times are changing and the technology will soon be affordable for businesses of all sizes.
by TopLine Results