Why adapting your business with technology is crucial for success.
The pace of technological innovation is faster than at any other point in history, and it will continue to accelerate. For everyday people as well as for corporations, this means one thing: you constantly have to be on the lookout for new trends and do your best to adapt.
The way a business is run has changed tremendously in the last few years, with a host of technologies entering the fray and revolutionizing everything, from sales to accounting. With the world more connected than ever and the potential rewards higher than at any other time, there has simply never been a better time to get into business.
At the same time, the business world has become so dynamic and fast-changing that it takes great flexibility and adaptability to remain in the game. Artificial intelligence (AI), machine learning and deep learning, to name a few, are constantly changing the game, and leaders must know how to take advantage of them. Otherwise, they face being left behind.
Artificial Intelligence in Market Research
AI is one of the biggest game-changers. In general terms, AI refers to a set of technologies that seek to develop machines that can think the way humans do. AI already has a wide array of applications in today’s world. AI powers many of the apps on your mobile phone and computer, including virtual assistants like Siri. The technology is used to derive insight from data that helps businesses better target their customers, and a few companies are using it to create self-driven cars.
Processing Open-Ended Data
AI is changing the way companies conduct market research. AI enables the deployment of statistical analysis techniques to massive volumes of data with the aim of distilling quantitative results.
When applied on a larger scale, this process can shorten the time it takes to analyze qualitative responses drastically, particularly when it comes to open-ended data.
Efficient Community Management
For many companies around the world, community disengagement poses a significant problem. Having a high disengagement rate is a threat to the stability of your community, but AI can help.
Behavioral predictions powered by AI can limit the risk of disengagement. Using AI, community managers can analyze a vast combination of data points about community members, including the number of logins and pages visited, to name a few. The goal is to create engagement profiles that can be compared to those of disengaged members. This way, the company can figure out which members are at risk of becoming disengaged and the community manager can give them additional support and encouragement.
Machine Learning
In the early days, AI technology relied on hard rules and algorithms. A chess software, for example, decided its next move by looking ahead at every possible series of moves and choosing the one with the best outcome. But those moves had to be entered ahead of time by a programmer. This type of AI seemed intelligent, but it could not learn based on its own experience.
Machine learning changed all that. Instead of relying on rules, a machine learning algorithm is trained by gobbling real-world data. In essence, it creates a model that looks for patterns between the data you supply and what you are trying to predict. The more information you supply, the better the accuracy—the algorithm will eventually reach the point where it can predict things it has never seen before.
Machine learning is a thriving field with bright prospects. If you are interested in a career in this sector, check out these machine learning bootcamps.
Digital Marketing
Machine learning has had a profound impact on digital marketing. It has enabled the rise of predictive marketing, a technique that uses data analytics to determine the best way to reach customers.
Using Big Data technologies, predictive marketing finds patterns in consumer behavior to predict outcomes and trends. The unique insight that companies gain can be used to improve customer engagement and boost revenue, taking much of the guesswork out of marketing.
Firms can also gain more sophisticated segmentation of data, identify campaigns and actions that are better targeted, use budgets more efficiently, and improve their lead scoring.
An effective digital marketing strategy is essential for any business, which means digital marketers are in high demand and boast great employability. If you are interested in a career in digital marketing, visit the Career Karma website for some excellent advice.
Data Science
Data is of paramount importance in today’s business world. Every day firms collect massive amounts of data, but taking advantage of it is not always easy. This is where data scientists enter the picture. A data scientist collects and analyzes company data, drawing insights that the firm uses to reach customers more efficiently and improve their bottom line.
Data scientists are highly coveted professionals and command large salaries. If you want to know how to become a data scientist, the Career Karma website can be a great resource.
If you are looking to take advantage of these technologies and trends, you will need to hire the best tech talent. To find it, you can do no better than coding bootcamps. Coding bootcamps are short but intensive coding courses that arm the student with the most advanced skills in their chosen field. Coding bootcamps grads are industry-ready; with their skills and knowledge on the cutting edge, these are the professionals you want in your company.
Author Artur Meyster is the CTO of Career Karma (YC W19), an online marketplace that matches career switchers with coding bootcamps. He is also the host of the Breaking Into Startups podcast, which features people with non-traditional backgrounds who broke into tech.