We live in a world where technology is at our fingertips, whether it’s playing the latest video games on a Playstation 5 or browsing through the likes of Facebook and IG — technology is an everyday part of our lives.
When it comes to AI and machine learning, we tend to think of a futuristic world where machines are taking over and humans are fighting for survival. The reality is that data science and machine learning are already here. Netflix uses AI and a machine-learning algorithm to improve your user experience and help you choose something to watch. Fifty-one percent of Americans use a digital assistant via their smartphone, so when you’re asking Alexa to play a song or Siri to answer your questions, you’re already integrating AI into your life.
Implementing data science into your business can have huge benefits like growing your business, widening your customer pool, and creating a unique user experience to secure new leads and garner brand loyalty. Small to mid-sized companies like yours are implementing data science and machine learning right now; here’s how you can too.
Data science is the process of building and structuring datasets to give them meaning. Part of a Data Scientists' job is to write an algorithm in a coding language to accumulate and analyze data to spots trends or collect insights that humans often miss. Furthermore, AI and machine learning significantly speed up the process of gathering and analyzing data at scale.
The process of collecting and analyzing data can take days, weeks, and even months for a team of humans. In comparison, it can be done in only minutes or hours when AI or a machine-learning algorithm completes the task.
Conventional customer insight data can reveal a lot about consumer demographics and their spending behavior. Generally, customer insights give you a broad idea of who your customers are and their pain points.
For example, sourcing data from your website and social media touchpoints can give you insights on:
Data wrangling involves cleaning and restructuring data, alongside enriching it by cross-referencing it with other datasets.
In terms of customer insights, this would involve matching your customer’s email address or phone number to their payment method or social media handles to identify trends in their behavior.
Going beyond simple demographic and sales data can provide enormous benefits by meshing psychographic data to help you understand who your customers are in greater detail and what motivates their purchasing decisions. This data allows your marketing and sales teams to retarget customers to boost brand loyalty and create personalized experiences to keep customers in your pipeline.
Protect sensitive information through data science and machine learning through the process of encryption. Data privacy is essential to all companies—it helps generate trust between you and your customer; it also ensures that customers’ sensitive information such as credit card details, medical information, or the contact information isn’t misused by a third party.
Benefits of machine learning in security:
The safer your app's infrastructure is, the greater the user experience for your customers, which builds more trust. A visitor or customer that knows their private details are safe when purchasing from you is more likely to convert.
In this day and age, data is the new currency—that’s why it’s important to have data at your fingertips, no matter how big or small your company is. With quality data sources at your disposal, you can learn customer insights and spot trends ahead of the curve to create a greater customer experience and boost your bottom line.
Hire a data scientist today to help grow your business and improve data security.