When using social media to advertise your business or sell your products, you have many tools at your disposal from data collection platforms to virtual stores to machine learning which we will be exploring today. Machine Learning can be defined as the science of getting computers to learn and act like humans do, and improve their learning over time in autonomous fashion, by feeding them data and information in the form of observations and real-world interactions.
Machine learning sounds like sci-fi technology out of the average business owner’s reach. However, that perception is incorrect; it is possible to find ways to incorporate machine learning into your business model today without completely breaking the bank.
Creating a Machine Learning system from scratch will require a large number of resources for all processes from data collection to coding to implementation. Large companies such as Google (Tensorflow) and Facebook (Fasttext) have open-sourced their own efforts, this makes it possible to incorporate machine learning into your own applications for a fraction of the cost.
Using open sourcing tools will also allow you to automate the machine learning process. The main time-consuming task is the preparation of the data. If you are able to find an open-sourced tool that uses graphical interface to transform, blend, and cleanse data then you will be able to prepare the data in a self-service fashion by eliminating the need to rely on coding or scripting by developers. This will allow you to work from an already existing framework that you can customize to fit the needs of your business without creating it from scratch and therefore saving both time and monetary resources.
Use your newly created machine learning system to work for you literally. Tweak your system to be able to analyze your data for you. Data analysis of the times and days of the week in which you acquire the highest percentage of your views, demographic profiles of your users, etc can be extremely valuable to creating and implementing new strategies. Your machine learning system can also be helpful to balance your budget and keep you on track to meet your financial goals by learning from your past actions and predicting outcomes.
The resources dedicated to machine learning will pay for themselves faster and will be easier to justify if you focus on a limited number of high ROI projects. Chat-bots, for example, can be a very high ROI project. Chat-bots offer the ability to provide customer service 24 hours a day and this can be incredibly valuable as it does not require you to pay staff to answer customers 24 hours a day. Chatbots can make a small company with a limited staff seem larger while improving customer service. Through machine learning, chatbots can learn to create an accurate and personalized experience around the clock which can directly lead to sales and therefore provide a high ROI.