30 Entrepreneurs Explain How Machine Learning and AI is Affecting Their Industries
Machine learning is taking over the running of many industries. To some, it’s a sound of rather bad news while to other businesses, it's a sign of better days ahead. We know some entrepreneurs have embraced or had experience with machine learning and AI thus we asked them what they think will impact their industries.
#1- New level of speed and precision
AI is making it possible to recruit with a whole new level of speed and precision. In the world of HR, especially when it comes to recruiting, AI and ML are redefining how companies find and hire top talent. It used to be that you'd post a job, gather applications, and manually sift through hundreds of resumes over several weeks to develop a shortlist. Now, with AI powering the process, companies can find higher-quality talent at a previously impossible speed.
Thanks to Hari Kolam, Findem!
#2- Easy personalization
Artificial Intelligence makes personalization easy. AI can be used to personalize websites, emails, and many more marketing-related activities. AI can track customers' actions and suggest actions based on their observations. For example, after making a purchase, you can get recommendations for other products you can buy from the brand. These product recommendations are personal and based on the customer's activity. Automating this process saves time and effort on the marketer's front.
Thanks to Cory Peterson, Ledlightingsupply!
#3- Gather data from customer behavior
In my experience, I have seen that Machine learning and AI have significantly impacted our industry, specifically in data analysis and customer targeting. We can gather data from customer behavior and better target our ad campaigns, resulting in higher conversion rates and improved ROI. It has also allowed us to streamline and automate processes, freeing up time for our team to focus on further innovation and growth. We have also utilized AI in product development by using predictive analysis to forecast consumer demand.
Thanks to Tom McSherry, Smuggs!
#4- Improved the efficiency
In my experience, AI and machine learning have greatly improved the efficiency and accuracy of my company's marketing campaigns. We can gather better insights into consumer behavior and precisely target specific demographics, resulting in increased sales and overall ROI. For example, AI-assisted chatbots have allowed us to provide better customer service and support, leading to improved satisfaction and retention rates.
Thanks to Sinoun Chea, ShiftWeb!
#5- Streamline our production process
AI has also helped streamline our production process by analyzing previous sales data and predicting future demand. For example, if a specific product sells well in a particular region, AI can help us forecast and increase production for that specific region to help us minimize waste and improve our supply chain management. It provided valuable insights to enhance our decision-making process and improve our overall business strategy.
Thanks to Thomas Simon, Monitask!
#6- Increased user base
As an entertainment provider, Green Light Booking is always looking for the best quality and value for its users. The user base has increased due to machine learning and AI. The user base has improved due to the best services, cost reductions, high quality, and a wide range of content available to the user. In turn, this helped both the user and us to provide them with better service and entertainment they will remember for a long time, with high-quality music and entertaining shows.
Thanks to Sally Johnson, Greenlightbooking!
#7- Quick data analysis
Machine Learning and AI have an efficient and quick analysis of the data. It also improves the customization of the customer data which helps us to fulfill our client's needs and make them feel more personalized by our service. This causes unemployment, by its efficient service we don't need any special marketing team. It reduces manpower. Al and marketing were designed with powerful tools to do special skills that attract the visuals.
Thanks to Cole South, Synchronize!
#8- They are everywhere
Well according to me, ML and AI are greatly impacting my industry. In the present time of modern technology and advancements, machine learning and Al are the need of the hour. It helps business owners to boost their interaction with their customers incredibly, such as by using chatbots. In addition to this, Artificial intelligence also helps business owners in collecting large amounts of organizational data easily and sort it into segments.
Thanks to Lessie Blue, Lessie Blue Photography!
#9- Perfect tool for offloading
AI is the perfect tool for offloading some of those repetitive tasks, so you can focus your time and energy on creativity and core business functions. Too many times though entrepreneurs get caught up in the simple, mundane tasks of running their business instead of focusing on growth and development. Getting assistants is always possible, but that creates the additional complexity of trying to hire someone and constantly manage them.
Thanks to Mark Jimenez, SensibleDollar!
#10- Information is processed fast
Additional data should enhance a machine learning algorithm's modeling. In the actual world, AI is currently struggling to execute common sense tasks. Whenever it appears to interpret one language's text to another, for example, The teacher is working and The television is working present two meanings for the word working, and while some machines will correctly translate the two using speech recognition, what works in simple cases like this usually fails in more difficult matters.
Thanks to Timothy Woods, Carnivore Style!
#11- Increased the use of mobile interaction
Machine learning and AI have increased the use of mobile interaction. Microchips in smartphones already have AI built into their hardware, giving customers real-time abilities such as improved speech recognition and a translation feature. This has made many businesses thrive globally and is accessible to everyone. Machine learning and AI have boosted revenue sources for small businesses, from the exploitation and development of apps to support and grow their business.
Thanks to Kurt Uhlir, KurtUhlir!
I'd say that machine learning is changing the game regarding psychological testing and assessment. In the past, these assessments were primarily based on manual scoring by trained psychologists. However, with the advent of machine learning algorithms, we are now able to automate a lot of the scoring process. This not only saves time and money but also allows us to scale our services to a much larger audience.
Thanks to Sarah Watson, BPTLAB!
#13- Replacing the need for college counselors
In the University admissions support industry, the vast amount of online data on University profiles coupled with the increasing ease to implement supervised learning models have attracted a lot of disruptive startups into the industry. These companies are developing self-service tools for helping students 1) find their Best-fit Universities based on complex factors like students' values and personalities, and 2) know what they have to do to get into their Dream Universities.
Thanks to Ryusei Alexis Best Hayashi, Reach Best!
#14- Learn from past performance
One of the most exciting areas of machine learning is trading stocks. Traders can use algorithms that learn from past performance to make decisions about when to buy and sell stocks, as well as which stocks might be promising investments. It's been shown that these algorithms can outperform human traders by a large margin, meaning that they're better at predicting what will happen next in the market than any human could be. It can also be used for data mining, predicting customer behavior, and for fraud detection.
Thanks to Jared Floyd, Ajax Creative!
#15- Improve customer service
Machine learning and AI improve customer service by making sure that customers get the best experience. It can also help to make better predictions about what a customer may want to buy next or how they may feel about a product. Chatbots are a great way for companies to provide better customer service without having to hire more people. They can do this by answering simple questions that would otherwise be handled by a human agent. Chatbots can also be used to provide customers with product information and price quotes.
Thanks to Kamil Kowalski, LimakWay Remodeling!
#16- Eliminated tedious and time-consuming tasks
Machine learning and AI tools have made so many repetitive tasks and time-consuming tasks become so much easier that it gives us the ability to focus on the tasks and job that requires specific skills and human intelligence. in fact, as a company that makes running background checks so much easier, using machine learning helps us add specific criteria, search constraints or commands to help check several aspects of a background check together in less time, making it more effective, efficient and easier to control.
Thanks to Denise Hemke, Checkr!
#17- Marketers target their customers better
Machine Learning helps marketers target their customers better and also helps them get insights into customer behavior. It also enables companies to identify their best customers that are most likely to buy from them again. AI can help marketers understand consumer behavior by analyzing the data they have on past customers, such as what they have bought or how often they have visited the website or app. AI can also help marketers predict which potential customers are most likely to buy from them again.
Thanks to Thomas Wright, The Lipo Group!
#18- Elevated companies' marketing strategies
Artificial Intelligence definitely has its hand in the communication industry. With my company offering mass texting, mass emailing, and voice broadcasting, we've witnessed AI elevate companies' marketing strategies. For example, companies are utilizing AI to collect data from consumers that could later be used as personalized promotional text. We see this frequently with cart recovery emails/texts being sent to a consumer that has failed to checkout.
Thanks to David Batchelor, DialMyCalls!
#19- Enhanced HR and recruiting
This science has created intelligent robots capable of doing activities that are typically dependent on human expertise. The majority of human resources jobs can be onerous for small business owners, who typically lack an HR department or staff. AI and machine learning can be utilized to supplement this requirement. With the use of these technologies to eliminate repetitive chores, speed up processes, and reduce manual labor, HR technology has advanced significantly.
Thanks to Sam Underwood, Bingo Card Creator!
#20- Improved decision-making abilities
The impact of machine learning and AI varies greatly depending on the specific industry in question. However, some general trends include increased automation of tasks previously performed by humans, improved decision-making abilities thanks to better access to data and analytics, and the development of new and innovative products and services. For me, machine learning is a form of artificial intelligence that allows computers to learn from data, identify patterns and make predictions.
Thanks to Matt Gillman, SMB Compass!
#21- Number of ways
Marketing is a field that has been affected by AI and machine learning in several ways. They can be used to help with customer analytics and customer profiling, which in turn leads to more personalized marketing campaigns. The use of machine learning in marketing has seen some major advancements with many companies now applying machine learning techniques to their marketing strategies. Since cybersecurity is one of the concerns of businesses, AI can offer improved protection.
Thanks to Jimmy Huh, JH SEO!
#22- Create content much faster
In my opinion, machine learning and artificial intelligence are a boon for all business organizations. While conducting everyday business activities, I use many tools powered by artificial Intelligence and machine learning. It helps my employees create content much faster, increases productive output, and improves work quality. In addition, my company uses artificial intelligence to communicate with clients. If a new client asks repeated questions, the smart chatbot extracts results from the database and instantly displays the matching results.
Thanks to Radhika Gupta, One Digital Land!
#23- Will put a lot of content marketers out of a job
This is something I’ve been thinking about for a while, and it pains me to say it but I think eventually AI will put quite a lot of content marketers/writers out of a job. A lot of companies currently use artificial intelligence for semi-automated processes such as email marketing, project management, and diary management. However, when it comes to marketing AI, the generated editorial is already here. There are already five or six websites that given the right keywords and concepts will generate a pretty decent blog post.
Thanks to Shane McEvoy, Flycast Media!
#24- More efficient meetings
Google hopes to improve how we spend our time in meetings so that we can be more productive, in a similar vein to Microsoft. In the modern world, you might need to set up a new meeting only to find out that information if you forget a crucial date when taking notes. Google, however, believes that a different approach will be necessary to resolve this issue. Google is encouraging the adoption of a digital whiteboard in the future, such as its own Jamboard, to let us take notes much more effectively and never miss a crucial bit of information.
Thanks to Eleanor Fletcher, The Best Brisbane!
#25- New opportunities
The rise of machine learning (ML) and artificial intelligence (AI) is transforming many industries, including real estate. These technologies are providing new opportunities for automating repetitive tasks, analyzing large data sets, and making better predictions. For real estate professionals, this means that some traditional roles and tasks are being automated or replaced by AI-powered solutions. Overall, AI and ML are changing the way that the real estate industry operates.
Thanks to Jennifer Spinelli, Watson Buys!
#26- Allows insurers to make predictions
The merciless onslaught of sophisticated algorithms via AI is having a major impact on the insurance world. Insurance is based on data and future predictions. Machine Learning (a subset of AI) allows insurers to make predictions with greater certainty and accuracy. New data sources (e.g. from wearable devices) can be used to make more accurate risk assessments relating to policyholder behavior leading to claims. AI is therefore leading to insurers having the ability for much more granular risk assessment.
Thanks to Dr. Mark Farrell, ProActuary!
#27- Positive and negative
Artificial intelligence machines, also known as AI machines, have been hugely relevant in industries nowadays. It has several positive effects on the company that help them achieve its objectives. One of the good impacts it does is it makes business production faster, provides efficient customer service, and helps them fix issues effectively. However, despite this, it allows hundreds of people to lose their job. It is quite alarming as this AI is beneficial for businesses but detrimentally affect people's lifestyle.
Thanks to Jean Will, NiaWigs!
#28- Machines lessen complicated tasks
It’s no doubt that learning and AI machines lessen complicated tasks and ensure the company’s cybersecurity against threats. It automates labor-intensive processes, reduces labor costs while improving quality, and can operate without interruption. Therefore, learning and AI machines are significant assets in the industry. On the other hand, investing in such technology also posit threats if not monitored or maintained properly. System structures were only created. Therefore, there’s a high possibility that it can be hacked if no extensive security is implemented.
Thanks to Geoff Gallagher, Save U Legal!
#29- Improved backend processes
By combining AI and IT, costs can be reduced, and time saved. On the other hand, AI algorithms learn and evolve. This enables more efficient work and improved backend processes with deep learning networks. Data-driven investment decisions, such as when to buy and sell stocks, can also be made. Machines excel at predicting stock market behavior because they can process massive amounts of data in a short time. This makes them extremely valuable in our industry.
Thanks to Laurice Constantine, Casadar!
#30- Revolutionizing ophthalmic clinical trials
AI is revolutionizing ophthalmic clinical trials by helping pick out the patients most likely to benefit from a treatment. We are developing tools for AI and deep learning to analyze retinal images of past patients who progressed to severe vision loss. This learning can then be applied to images of future patients, with the machine picking out which ones should take part in a trial based on their chances of vision loss. Another great contribution of this technological advancement is the optimization of the logistic route.
Thanks to Dr. George Magrath, Lexitas!