As a Finance Managing Director, its very critical for you to understand developing brand strategy is extremely critical. The most important asset your company has is its brand. Quite simply, it drives the direction of your business. So you should definitely have a well thought out brand strategy in place.
Increasing competition in business develops similar products with good quality from different manufacturers. But only an effective, innovative and Membership Costs & planning can make your business and products more popular.
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Artificial Intelligence In CRM Customer Relationship Management
If you are entrepreneurial in nature owning a business is very exciting adventure. It can also be the most difficult thing for you to get into if you are not prepared.
Hollywood paints a grim picture of a future populated by intelligent machines. Terminator; A Space Odyssey, The Matrix and countless other films show us that machines are angry, they’re evil and, if given the opportunity, they will not hesitate to overthrow the human race. Films like these serve as cautionary tales about what could happen if machines gain consciousness (or some semblance of). But in order for that to happen humans need to teach machines to think for themselves. This may sound like science fiction but it’s an actual discipline known as machine learning.
Still in its infancy, machine learning systems are being applied to everything from filtering spam emails, to suggesting the next series to binge-watch and even matching up folks looking for love.
For digital marketers, machine learning may be especially helpful in getting products or services in front of the right prospects, rather than blanket-marketing to everyone and adding to the constant noise that is modern advertising. Machine learning will also be key to predicting customer churn and attribution: two thorns in many digital marketers’ sides.
Despite machine learning’s positive impact on the digital marketing field, there are questions about job security and ethics that cannot be swept under the rug. Will marketing become so automated that professional marketers become obsolete? Is there potential for machine learning systems to do harm, whether by targeting vulnerable prospects or manipulating people’s emotions?
These aren’t just rhetorical questions. They get to the heart of what the future of marketing will look like — and what role marketers will play in it.
What is Machine Learning?
You can think of machine learning as using a computer or mathematics to make predictions or see patterns in data. At the end of the day, you’re really just trying to either predict something or see patterns, and then you’re just using the fact that a computer is really fast at calculating.
You may not know it, but you likely interact with machine learning systems on a daily basis. Have you ever been sucked into a Netflix wormhole prompted by recommended titles? Or used Facebook’s facial recognition tool when uploading and tagging an image? These are both examples of machine learning in action. They use the data you input (by rating shows, tagging friends, etc.) to produce better and more accurate suggestions over time.
Other examples of machine learning include spell check, spam filtering even internet dating - yes, machine learning has made its way into the love lives of many, matching up singles using complicated algorithms that take into consideration personality traits and interests.
How Machine Learning Works?
While it may seem like witchcraft to the layperson, running in the background of every machine learning system we encounter is a human-built machine that would have gone through countless iterations to develop.
Facebook’s facial recognition tool, which can recognize your face with 98% accuracy, took several years of research and development to produce what is regarded as cutting-edge machine learning.
So how exactly does machine learning work? Spoiler alert: it’s complicated. So without going into too much detail, here’s an introduction to machine learning, starting with the two basic techniques.
Supervised learning systems rely upon humans to label the incoming data - at least to begin with - in order for the systems to better predict how to classify future input data. Gmail’s spam filter is a great example of this. When you label incoming mail as either spam or not spam, you’re not only cleaning up your inbox, you’re also training Gmail’s filter (a machine learning system) to identify what you consider to be spam (or not spam) in the future.
According to Tommy, this type of machine learning can be likened to the relationship between a parent and a young child. When a child does something positive they’re rewarded. Likewise, when “[a machine] gets it right - like it makes a good prediction - you kind of give it a little pat on the back and you say good job.”Like any child (or person for that matter), the system ends up trying to maximize the positive reinforcement, thus getting better and better at predicting.
Unsupervised learning systems use unlabeled incoming data, which is then organized into clusters based on similarities and differences in the data. Whereas supervised learning relies upon environmental feedback, unsupervised learning has no environmental feedback.
The Power of Machine Learning
A lot of what machine learning can do is yet to be explored, but the main benefit is its ability to wade through and sort data far more quickly and efficiently than any human could, no matter how clever. Tommy is currently experimenting with an unsupervised learning system that clusters landing pages with similar features. Whereas one person could go through a few hundred pages in a day, this model can run through 300,000 pages in 20 minutes.
Machine Learning and the Digital Marketer
As data becomes the foundation for more and more marketing decisions, digital marketers have been tasked with sorting through an unprecedented amount of data. This process usually involves hours of digging through analytics, collecting data points from marketing campaigns that span several months. And while focusing on data analysis and post-mortems is incredibly valuable, doing so takes a significant amount of time and resources away from future marketing initiatives.
As advancements in technology scale exponentially, the divide between teams that do and those that don’t will become more apparent. Those that don’t evolve will stumble and those that embrace data will grow — this is where machine learning can help.
That being said, machine learning isn’t something digital marketers can implement themselves after reading a quick tutorial. It’s more comparable to having a Ferrari in your driveway when you don’t know how to drive standard or maybe you can’t even drive at all.
Until the day when implementing a machine learning system is just a YouTube video away, digital marketers could benefit from keeping a close eye on the companies that are incorporating machine learning into their products, and assessing whether they can help with their department’s pain points. So how are marketers currently implementing machine learning to make decisions based on data rather than gut instinct? There are many many new niches in marketing that are becoming more automated.
Importance of Supply Chain Management in Modern Businesses
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Did you know that five of the biggest tech giants viz. IBM, Microsoft, Google, Facebook, and Amazon have recently formed a partnership for the research and development of Artificial Intelligence?
And these market leaders form just the top of the cream. Thousands of startups like Kwiziq, JamieAI, and Verv are blooming across the globe, investing in the development of upcoming AI era. So what is it that all these businesses have found in the potential of this technology that is driving them to hustle? And more importantly, why is it important for your business to participate and adapt to this futuristic technology?
More efficient digital assistance
Machines have since the beginning set themselves as important because of their ability to enhance human efficiency. Let's just assume what change in efficiency can be brought upon when these machines become actually intelligent; when they can make best possible decisions on their own, without being affected by the limiting constraints of human beings? There will be fewer errors, less unpredictable problems, and fewer delays, all of which will have a cumulative effect on the overall efficiency of any system.
Digital marketing at its best
Many companies are already in the process of garnering the potential power of artificial intelligence and are working with intelligent chatbots to enhance their marketing efforts. It is no wonder they have taken this route. Chatbots and other similar AI marketing solutions can take digital marketing to its extreme, where you can solve the queries of your potential customers, create interactive marketing campaigns, and resolve many repetitive and monotonous tasks without having to invest in multiple resources.
When it comes to exploration, biological boundaries of humans have always been considered as the biggest limitation. And it is not just the biological needs that have kept us from exploring inhospitable environments of space or underwater. These limitations are also in the form of our sensory perceptions. There are many wave patterns and frequencies that humans are simply unable to detect, this is why machines like the thermal camera that detects infrared waves have become so important for the seamless exploration even of our immediate environment. Machines with artificial intelligence can remove all these problems with a single stroke.
Wide application scope and new opportunities
As opposed to the most recent technological developments, AI becomes more desirable because of its far-fledging application. Since most of the present technological advances are limited to the technological ground only, the field was losing its significance in other spheres of life. But with AI, such is not the case. Its potential has made it a most sought-after invention in the areas of medical science, financial systems, air transport, heavy mechanical industries, and even art.
Unlike social media, AI is not a booming phase. It is the development of a completely new ecosystem that will change the technology as we know it today. There is no limit to what the future may hold when we come to the peak of AI development when intelligent machines will be working without the biological constraints of human bodies. It will continue to evolve at an exponential rate, solving perhaps, some of the most profound mysteries of the universe.
At present, even with all its advancements, AI can still be considered in its newborn stage, and for all those businesses that aspire to survive and thrive through this transitional shift, it is extremely important for them to adapt.
Networking has always been considered a powerful tool for improving business prospects, advancing a career, and developing ideas. Other than some brief, structured events, networking has been mostly informal and inexpensive in comparison to cost they otherwise spend on different channels. But membership is growing in many formal, long-term networking groups, and so is the price tag.
Our groups are not groups for generating sales leads, nor are they places where individuals can drop-in to gain quick advice on an immediate challenge. Members also sign a confidentiality agreement and benefits from the guided mentoring to help each other.
These groups include an experienced facilitator and use a structured discussion method to ensure appropriate participation.