There’s a lot to cover when it comes to machine learning. We’ve previously talked about what machine learning is and how it relates to market research. But as technology continues to improve, and the possibilities for more sophisticated machine learning along with it, what does that mean for the future? We’ve already seen some of the possibilities with artificial intelligence (AI) and self driving cars, but machine learning will have a significant impact on a variety of technologies and industries.
The thing about machine learning is that while it has existed for some time, its full potential is just now being realized. Similar to its influence on market research, machine learning will continue to influence other realms utilizing data and insights. Getting its start through predictive analytics, it will continue to improve forecasting, data analysis, and real time results. While more data is becoming available, teams will work towards conducting machine learning with less data— less data means fewer expenses. More machine learning experts will emerge and apply their expertise by
- Increasing automation of data collection and analysis
- Creating more AI systems in apps, wearable devices, TVs, etc.
- Conducting collaborative learning between machine learning systems (think Internet of Things)
- Implementing neural networks through more complex machine learning systems
As the these trends continue, many industries will be impacted, not just market research. As machine learning becomes more easily applied, many industries will take advantage of the opportunities it provides with other solutions— as we mentioned in our webinar on innovations for zero-based budgeting. Take accounting for example. Machine learning will be able to take over some of the more mundane tasks of accounting like auditing of expense submissions, risk assessments, invoice categorizations, or bank reconciliations. Finance is already being impacted by machine learning through the use of trading services software that utilize it to execute trades on a daily basis. It will also have a large impact on the predictive analytics of stock trading by analyzing current and historical data to make predictions and influence future trades.
But one of the industries to be impacted most, outside of market research, is marketing. Digital marketing tools have already been utilizing machine learning to test and gather real time results of digital campaigns and utilize those results for quicker optimizations. Just look at how Google is using machine learning to change how ranking in search results is determined by checking out the article below. Brands that can adapt and learn to use machine learning within marketing, market research, and other areas of their business will give them a major competitive edge.