The Benefits of a Machine Learning Strategy
Learn more about machine learning and why it may be important to your company from Promptworks CEO Greg Sterndale.
by Greg Sterndale
As the CEO of a custom software company, I do my best to stay current on trends in product development and tools that help companies innovate and scale. Being able to recommend new techniques, languages, and tools helps Promptworks make the most of our time with clients and personally, I want to make sure that I keep an eye on what can help differentiate my talented team. One trend I have been keeping my eye on for the last few years is that of incorporating machine learning models into products - so much so that it’s a strategic focus for the team here at Promptworks. As a long-time advocate for machine learning, I’m excited to see that it’s really come to the forefront of product development.
Here are a few reasons I think machine learning is an important consideration for companies looking to innovate:
For companies that create or ingest a lot of data, machine learning opens up a lot of possibilities. Companies can better utilize their data to add monetization, reach and engage customers, make predictions, classify behavior or state, etc. In many cases, machine learning allows companies to solve problems faster and more accurately than they could with the human brain alone. In fact, machine learning is typically made more powerful and accurate the more data you have. For companies with lots of data (and skilled data science and product partners) that use machine learning to make great products, it almost feels like magic to users. While it isn’t the right solution for every problem, there are plenty of opportunities to use data and machine learning to move your business forward.
One thing machine learning does well is using data to make predictions about customers and users. You’ve likely come across this without even knowing it! Companies can use these predictive models to make recommendations (think of the last time you bought something on Amazon that was recommended to you), enhance customer experience, and increase engagement by keeping customers involved in their products and ecosystem. Whereas teams used to make these predictions by hand - or not make them at all - machine learning has expanded our ability to engage customers with new purchases, features, and tools.
You need the right team to introduce machine learning into your strategy, but when you find that partner, machine learning gives many opportunities to innovate, enhance the value of your product, and differentiate your business. Partnering with resources that understand when and how to use machine learning is crucial, as is ensuring that you have enough data to power your solutions.