Is Your Business Efficient? Really?
Having problems understanding client behavior? Unable to forecast appropriate demand? Inefficiencies in optimizing supply chain processes? Losing the price war with competition? Deep and machine learning AI is the future to solving these problems. All by transforming DATA into INFORMATION.
Information is not enough though. Using that information to optimize processes is what will give you the edge over competition. This is exactly what AI plug-in solutions do. However, most businesses either dream of the biggest problems to solve with AI, or they do not know what to do with AI altogether. With the right business case, and right data, AI can be used to solve myriad business problems. Let’s take a look at a few:
Most important factor for this model is competitor pricing. AI models can scrape live competition pricing and make relationships with demand generated. While competitor pricing is important, businesses must understand factors affecting pricing. These aspects include market sentiment, economic cycle, etc. AI can now track and analyse these pricing factors on a live basis to suggest optimal prices for company products.
Understanding customer churn:
AI can now be used to understand customer sentiment and client behaviour. Taking into account possible comments or feedback reported, or understanding change in patterns of website/app activity of the business, we can indicate likelihood of customer churn.
This AI can be used for the flip-side as well. Understanding client behaviour and tracking sentiment can help companies understand customer motivation, or concerns to address them efficiently as part of the customer retention strategy.
Demand Forecasting and supply chain optimization:
During these uncertain times, it's extremely hard for companies to understand demand patterns, and successfully forecast demand. Due to this, companies also find it increasingly difficult to manage supply chain processes efficiently. This leads to wasted resources, and uncoordinated business operations. With AI, market sentiment, and past data can be analysed to forecast demand and optimize supply chain and operation processes in light of predictions.
Managing and addressing online customer reviews:
There are oceans worth of online reviews and feedback, and analyzing each one is no simple task. These reviews are spread across different web pages, websites, and mediums as well. Additionally, poly-textual, unstructured texts make it all the more difficult for companies to address and resolve these concerns. However, this is exactly where AI empowers businesses again. AI and deep learning algorithms can summarize, analyse and contextualize customer reviews alongside general market sentiment. This information deems to be extremely useful for large product companies especially.
One of the greatest concerns businesses have is affordability for these sophisticated solutions. Neuralastic provides bespoke development of models specific to the needs of each company, collects, curates, and trains data for the models, and even hosts them for as low as $149/month. Make your business more efficient and empower it with AI and ML to scale rapidly.