Machines Have Been Learning for A while Now
The fans of neither Tom Cruise nor Steven Spielberg would forget the duo’s 2002 sci-fi blockbuster Minority Report. In an iconic scene in the movie that portrays events occurring in 2054, a GAP store advertisement scans Tom Cruise’s retinas and immediately starts talking to him: “Welcome back to the Gap, Yakamoto, how are
those assorted tank tops working for you?” Even though Spielberg hit the bulls-eye with his prediction of the future of customer engagement, his timing was off by more than three decades since big data & analytics already help organizations connect with their customers on a personal level.
Thanks to machine learning, personalized 1:1 marketing has come a long way in a quick time, helping both the customers as well as organizations. The e-Commerce industry has adopted the technology for good, striving to ensure more and more personalized experiences and customer satisfaction.
However, as the ML algorithms have been learning for a while now, we are entering the precision phase, and it will open the doorway further to more advanced applications and use cases. For instance, ML will continue to team up with other buzzing technologies like Big Data Analytics and AI to enable more accurate decision-making in healthcare and healthcare diagnostics. While the technology opens a big bag of opportunities, especially with its precision phase, the key for organizations to leverage it will be tied to how they understand their own requirements and choose the right combination of technologies.