Machine learning is the brand new concept capable of transforming our lifestyle including the conventional means of the workflow. Even though we are still lurking in the early phases of machine learning but there are well-known multinationals reorganizing themselves to stay ahead of the game through innovation management.
I have been lucky enough to see the transformation of Walmart and led me to inquire all the possible ways it is introducing ML into action. Businesses that did not start digitally, now have to alter their thinking pattern for every segment of their business operations.
Therefore, always remember these 4 essential tips before getting started.
Your customers must be given the highest priority
Learn as much as possible about your customers that guarantee revenue. Collect data about them that further assists in living up to the promise made by the brand. Wal-Mart’s promises to sell products at affordable prices; hence, also improving the lifestyle of its customers.
Customizing shopping experience through ML can deliver the brand promise. Machine learning can design unique experiences for customers based on their respective needs and purchase history.
Small investments can cover a large distance
The beginning of machine learning concept can initiate in the form of a startup with a specific problem you intend to solve. The later phase involves utilizing cloud services from Google or Microsoft; moreover, tools are open-sourced and your engineers may have already connected those to your data.
Simply a smartphone app capable of scanning barcodes can turn the entire checkout process faster for customers as they will be able to carry out everything by themselves without relying on employees.
Automate internal operations
By automating internal operations, this improves workflow, as well as radically changes working behavior of employees.
Simply said, shoes come in numerous sizes and sorts; starting from trekking to casual or canvas shoes, sorting them into appropriate category becomes terribly complex; furthermore, when there are 80+ million products, the process can be exhausting.
ML can identify a large number of items by itself as products are placed on the counter for sale. Data analysts at Walmart are currently feeding the machine with tonnes of data so it can also detect additional items.
Adopt technology for machine learning
Adoption of the latest technology is equally important as learning about customers’ consumption pattern. World of today is rapidly changing, and in order to survive, we must learn to use and adopt technology as fast as possible.
There are existing companies that have integrated ML into their customer support, search engine functionality, demand forecast and supply chain networks. Machine learning could be added to our existing methods; however, it is best to restructure the whole process from the scratch for overcoming complexities.