Which companies use machine learning in manufacturing?
How intelligent companies are ahead of the game with machine learning
3. Can we aggregate many people's financial backgrounds to better spot fraud?
Improving current business processes is only the first step to effectively harnessing the power of machine learning. Previously never possible insights gained using the approach can inspire new products, services and new business methods. Entire industries can change.
Think of the retail sector. Brick and mortar stores are constantly working to reinvent themselves as they compete with each other and with online rivals. Experts say that success - and survival - in retail depends on achieving a highly personalized mix of online and in-store sales. One retail company recognized that knowing what customers are interested in and getting those products to those customers at the right time removes a lot of friction from the sales process. This requires a mix of connected devices and analysis software4.
The company developed an application that uses in-store sensors and machine learning to identify and analyze style preferences and shopping trends to provide guidance to apparel manufacturers.
Another application by the retailer helps add more options to the clothes customers have already purchased by suggesting different pieces depending on the original intended use. When a customer buys a shirt on the brand's e-commerce website, the AI-based platform also presents a menu of additional clothing and accessories to “complete the look”. This approach significantly increases sales at the point of sale. In fact, the retail company currently serves 4.5 million referrals to customers every day. Both the sensors and the applications for presenting options provide the retailer with a wide range of information about customer preferences and behaviors that are used to personalize and improve sales and service offers.
As leading retailers increasingly focus on machine learning and analytics, it is becoming clear that data is becoming the driving force behind the entire transforming industry. This trend is likely to grow as retailers such as Lowe's * Home Improvement and Amazon * Go Grocery use sensor-studded robots that monitor shelves in real time to optimize inventory. The retail example shows the opportunities created by machine learning. The difference between the companies that rely on this kind of technology and those that don't will determine who will prevail in the industry and who cannot keep up and fall victim to this enforcement.
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