You would be hard-pressed to find anyone who is aware of the ‘Internet of Things’ and isn’t aware of its key to the future. Studies suggest that by 2020, the global IoT market will be worth more than $1.3 trillion with a CAGR or 16.9%. The world has already started experiencing IoT equipped devices in homes and offices, and the number of these devices will surpass 50 billion in next three years. These figures are good enough to avow the claim that IoT market is going to get bigger with time, and the success of IoT, in the long run, will be very much determined by machine learning. Before going into details, let’s take a look at how both of these terms are related to each other.

Internet of Things & Machine Learning

IoT is nothing but the inter-networking of devices in such a way that they can send and receive data automatically without any manual interference. Due to this data automation, IoT saves a lot of time and efforts, which results in higher productivity and better user experience. Machine learning, on the other hand, is a type of artificial intelligence that enables computers to learn quickly without being programmed explicitly. It automates the data analysis process and enables computers to learn from data using novel algorithms and hidden insights.

Some of the examples of machine learning can be – self-driven cars (Tesla & Google), online product recommendations on e-commerce sites, knowing what customers are saying about any brand on Twitter/Facebook, etc.

Can Machine Learning Determine The Success of IoT?

The sole reason behind why IoT witnessed a massive success in such a quick succession is because it has the potential to make everyone’s life easier and more hassle-free than ever before. Machine learning is another in-demand technology just like the internet of things and has everything required to take the success of IoT to whole new heights.

In an IoT based environment where terabytes of data need to be analyzed for capturing value, it becomes important for it to adopt machine learning to keep up with this IoT data and generate insights from it. Machine learning is perfectly capable of taking the billions of data points, review them, analyze them and unlock patterns or recurring trends. Doing this in an enhanced way without adding to cost overheads will make machine learning a key success driver in IoT.

Are there any barriers?

Although IoT has opened new doors to success for businesses, there are many unanswered questions which need to be addressed soon. With the passage of time, the data volumes and varieties will continue to increase. In order to compile it quickly in an efficient manner, and use for attaining organizational objectives, businesses will need to learn the proper application of IoT and Machine Learning as soon as possible.

What do you think about machine learning and IoT? Are they both required for a faster business growth? Share your feedback in the comments section.

The ever-changing market trends make it difficult to organize marketing campaigns for a fairly straightforward business; however, some latest techniques can bring the desired results oriented towards user engagement and better revenue generation. Nowadays, marketing departments are engaged in discovering newer ways to make their advertising and branding campaigns more successful.

Since it is an era, where computers can do almost everything that seems magical, it is imperative to understand the market before going ahead and planning out marketing strategies to impress the target customers. In this article, you’ll read about how machine learning can improve digital ad campaigns and can assist you to reach your target audience without making many efforts.

Understand the Need of the Business

If you’re planning a marketing strategy for the digital world, then your prime goal should always stick to finalizing your target group and determining their actual needs and requirements. Undoubtedly, earning profits and expansion are the two prime missions of every business, but maintaining a close relationship with customers is also important.

What is Machine Learning and How Can It Help?

Machine learning is a wide concept with plenty of methods and applications, but it can be explained as a typical way to find solutions for problems by finding and studying recent patterns. The technique helps humans to understand the loopholes in the current process, analyze the capabilities of a module, and then creating new rules to do things better. The case of Target hiring machine learning experts for identifying buying habits of individuals, helped the company in sending out amazing offers to their potential customers based on their buying behaviors.

How Machine Learning Can Assist in Reaching Your Target Group?

If you’re planning to use machine learning capabilities to see tremendous results for your marketing campaigns, then it is important to use this artificial intelligence engine for studying patterns and determining customer behaviors. Since the web processes millions of search queries daily, the new technique can help in drawing conclusions out of millions of data points in a fraction of seconds.

Machine learning can help you study searcher’s intent, and then you can apply rules to help them reach you by just linking their needs to your offerings. A lot of computer experts simply quote that the concept makes use of computer’s fast calculations and help users to reach specific product/service by just making predictions or linking recent patterns.

All in all, it is nothing but a practical application of artificial intelligence, resulting in creating a larger scope for businesses to reach out to their prospective customers.

Conclusion

The practical application of machine learning not only helps a business to establish a close relation with customers, but can also result in increasing sales volume by recommending items based on previous purchases or buying history. Machine learning can assist in laying down a personalized shopping roadmap for every buyer, thus, helps popular brands in delivering a streamlined and hassle-free online shopping experience.

Why invest in Machine Learning

From automated solutions to consumer feedback systems, what is the one thing that integrated business technologies use to improve operations? What has emerged as a new age approach to understand clients better, enhance sales and purchase cycle, interpret clients’ pain points, or create consumer-centric products and services?

Yes, it is the use of machine learning and Big Data analytics.

Using machine learning to boost the efficacy of Big Data analytics is what will drive modern businesses into the next decade of growth and sustainability.

How it all began?

The sales and purchase cycle involves customers at every level. While making purchase decisions, consumers take quite a few aspects into account. Let’s take a look at these crucial factors:

• Recognizing needs: That’s the first thing every consumer needs to do. Recognizing the purchase needs is critical to finding the right products. Therefore, every customer needs to identify his buying needs and objectives.
• Figuring-out solutions: Once buyers are aware of their needs, they can make the right decisions. Proper identification of the problem will lead to effective solutions.
• Decision-making process: After figuring out the solutions, consumers will have the opportunity to take effective and successful decisions.

Machine learning and Big Data analytics play a vital role in this context.

Here’s what you need to know about the benefits of machine learning in understanding customer behaviors.

1. Machine learning decodes consumer behavior

Targeted and proper understanding of customers depends on studying their behaviors. Crucial insights into their behavior and actions will help you identify their preferences and choices. Machine learning and big data help you gain insights into consumer behavior in real-time. If you wish to accelerate your bottom line, it will be imperative to leverage the benefits of machine learning and big data analytics.

2. Matching products with consumer preferences

Accurate algorithms are an integral part of the machine-learning technology. These algorithms play a crucial role when it comes to determining the price points. Retailers will have the chance to determine price points and product availability, thus matching the right set of products with specific consumer choices.

Some of the leading brands are making the most of this technology and helping consumers make better purchase decisions. Machine learning reduces possibilities of getting confused while shopping, thus ensuring an unparalleled and satisfying experience.

3. Consumers can fulfill their demands

Machine learning coupled with big data analytics can present a crystal clear picture of consumer behavior. You know your consumers’ purchase behaviors in the past, which helps you anticipate their buying preferences.

With the machine learning technology, you can gather real-time customer information. From identifying the links clicked by them to finding out contents they choose for social media sharing, machine learning helps you comprehend customer behavior in details.

Parting thoughts

In an age where consumers are the most crucial parts of the sales cycle, personalized shopping experiences will be the key to promoting your brand. By helping you understand consumer behavior, the machine learning technology will take your brand to unsurpassed success.