This is an area where Machine Learning is proving its worth in manufacturing environments, reducing downtime and saving money and was recently judged to be a 'necessary' initiative in a recent CB Insights Report on AI.
When the cost of finding new customers is so high, being able to use Machine Learning to predict which customers may be thinking about changing their loyalties is an important area that is helping businesses reduce churn.
Measuring marketing effectiveness has always been hard, but with sophisticated Machine Learning tools you can target your valuable campaign spending to be as efficient as possible, offering tailored incentives to specific customers.
Fintech is a hotbed of AI-based activity with most banks now using Machine Learning to automatically track customer spending patterns and alert them if a potentially fraudulent transaction may have occurred and determining Credit Risk.
Robotic Process Automation (RPA), is a Machine Learning approach that is increasingly being used by smart organisations to automate simple, repeatable, administrative tasks and is gaining momentum across industries.
From simple call routing to handling more complex customer queries via text and phone, Machine Learning techniques such as Natural Language Processing (NLP) can be used to free up staff to focus on more pressing and complex customer issues.