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The Power of Predictive Analytics

Kevin Clarke June 3, 2020

The Power of Predictive Analytics

3 Reasons for Today’s Marketer to Consider AI Data Processing

Machine learning, a crucial component of artificial intelligence, has completely transformed the way that marketers think. In fact, 40% of Marketing and Sales teams report that accessing data via AI and machine learning is critical to their success. This method of data analysis enables automated model building to identify patterns and intuitively make effective decisions for your business.

Our consultants at Munvo decided to further examine the topic of machine learning through an engaging Webinar on AI, as well as a live presentation at the University of Toronto. Following these events, we want to share some of our major incentives for leveraging predictive analytics with artificial intelligence.

3 Key Benefits of Machine Learning for your Marketing Initiatives:

Minimal Data Pre-Processing

Machine learning grants you an unprecedented level of input flexibility. As opposed to conventional analytics, it can dramatically reduce data ‘cleaning’ or pre-processing, which can be incredibly time-consuming.

Thanks to the automation of data processing, there is far less overhead required for input planning and preparation. You can input an array of data without having to spend as much time verifying its quality for precision. Whether or not the input is complete or correct, AI ensures that your results are accurate, which naturally expedites your time-to-market.

Accelerated Time-to-Market

Machine learning is unique in the way that it helps professionals structure their data, making it easily transferable to just about any business practice. To stay relevant in today’s competitive climate, it is vital to distinguish yourself from competitors by virtue of iteration.

In addition to reduced pre-processing, machine leaning speeds up your project’s time-to-market through its capacity to iterate quickly. In other words, you can quantitively assess an array of algorithms to select those that best suit your use case in just a matter of minutes.

Predictive Insights at your Fingertips

Customer data, such as characteristics (demographic) and customer behaviours (history), can be synthesized effectively through machine learning. By examining individual customer profiles and transaction histories, you can harness this data to create personalized experiences for your customers.

AI accomplishes this by conducting an assessment of customer information, before instinctively applying this analysis to prospective consumers, so that you can send tailored and carefully timed offers to those who are most likely to respond well, while also looking ahead to predict and prevent any potential issues. By enabling a much deeper understanding of the relationships in your customer data, machine learning trumps conventional analytics.

As technology becomes increasingly proficient at probing and structuring data, it is essential to understand and adopt machine learning for your business needs. AI can be used to fortify the success of marketing operations across all industries – whether it relates to financial services, telecommunications, insurance, retail, travel, or entertainment. By leveraging machine learning for its input flexibility and analytics, you can work efficiently to boost the value of your next campaign.

What can machine learning do for you? Contact our experts here.